Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 5, Problem 5.25BE
1.
To determine
To journalize: The transactions of Company NJ for the month of July.
2.
To determine
To compute: Gross sales revenue for the month of July.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
E5-13A. (Learning Objectives 1, 2: Apply GAAP for proper revenue recognition; accountfor sales allowances) Lakewood Jewelry sells to retailers who then resell the products.Lakewood does not offer sales discounts for early payment; it asks that customers pay infull within 15 days or at the point of sale with a credit card. The company had the followingselected transactions during July:July 2July 3July 16July 17July 19July 30Sold $50,000 of merchandise to Oceanside Jewels on account.Sold $10,000 of merchandise to Brilliant Crystals, which paid by credit card.The credit card company charges Lakewood a fee of 2% on credit card sales.Oceanside Jewels paid the balance of what it owed for the purchase on July 2.Sold $65,000 of merchandise to Precious Stones on account.Precious Stones noticed that some of the merchandise received was damaged, so itreturned $5,000 worth of merchandise to Lakewood.Precious Stones paid the balance of what it owed for the purchase on July 17.Requirements1.…
Current Attempt in Progress
On May 10, Sunland Company sold merchandise for $5.800 and accepted the customer's Best Business Bank MasterCard. At the end
of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges
a 4.5% service charge for credit card sales.
Prepare the entry on Sunland Company's books to record the sale of merchandise. (Omit cost of goods sold entries.) (List all debit
entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation
May 10
eTextbook and Media
Save for Later
Debit
Credit
Attempts: 0 of 2 used
Submit Answer
Analyze:
What were the total cash receipts during March?
can you help me how to do it, please?
Chapter 5 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 5 - A doctor for the Benson Family Practice performs a...Ch. 5 - On March 15, Maxwell Plush sold and shipped...Ch. 5 - Prob. 3QCCh. 5 - What is the financial impact on a company when a...Ch. 5 - Prob. 5QCCh. 5 - Which of the following statements is true? a....Ch. 5 - Duncan Corporation began 2018 with a balance in...Ch. 5 - Use the following information to answer questions...Ch. 5 - Jackson Company had the following information in...Ch. 5 - If uncollectible accounts are determined by the...
Ch. 5 - Refer to Question 10. Using the...Ch. 5 - Refer to Question 10. Using the...Ch. 5 - Accounts Receivable has a debit balance of 2,500,...Ch. 5 - Swan Corporation received a four-month, 8%, 1,650...Ch. 5 - What is the maturity value of a 30,000, 12%,...Ch. 5 - If the adjusting entry to accrue interest on a...Ch. 5 - Net credit sales total 1,264,800. Beginning and...Ch. 5 - From the following list of accounts, calculate the...Ch. 5 - Prob. 5.1ECCh. 5 - LO 1 (Learning Objective 1: Apply GAAP for proper...Ch. 5 - LO 1 (Learning Objective 1: Record a credit card...Ch. 5 - LO 1, 2 (Learning Objectives 1, 2: Apply GAAP for...Ch. 5 - Prob. 5.4SCh. 5 - (Learning Objective 3: Account for sales...Ch. 5 - (Learning Objective 4: Account for accounts...Ch. 5 - LO 5 (Learning Objective 5: Evaluate...Ch. 5 - LO 5 (Learning Objective 5: Evaluate...Ch. 5 - LO 6 (Learning Objective 6: Account for notes...Ch. 5 - LO 6 (Learning Objective 6: Account for notes...Ch. 5 - Prob. 5.11SCh. 5 - LO 7 (Learning Objective 7: Evaluate liquidity...Ch. 5 - LO 1, 2 (Learning Objectives 1, 2: Apply GAAP for...Ch. 5 - Prob. 5.14AECh. 5 - Prob. 5.15AECh. 5 - LO 1, 2, 3 (Learning Objectives 1, 2, 3: Apply...Ch. 5 - LO 4, 5 (Learning Objectives 4, 5; Account for...Ch. 5 - LO 5 (Learning Objective 5: Apply GAAP for...Ch. 5 - LO 4, 5 (Learning Objectives 4, 5: Account for...Ch. 5 - LO 5 (Learning Objective 5: Apply GAAP to...Ch. 5 - LO 5 (Learning Objective 5: Apply GAAP to...Ch. 5 - LO 6 (Learning Objective 6: Apply GAAP for notes...Ch. 5 - Prob. 5.23AECh. 5 - Prob. 5.24AECh. 5 - Prob. 5.25BECh. 5 - Prob. 5.26BECh. 5 - Prob. 5.27BECh. 5 - LO 1, 2, 3 (Learning Objectives 1, 2, 3: Apply...Ch. 5 - LO 4, 5 (Learning Objectives 4, 5: Account for...Ch. 5 - LO 5 (Learning Objective 5: Apply GAAP for...Ch. 5 - LO 4, 5 (Learning Objectives 4, 5: Account for...Ch. 5 - LO 5 (Learning Objective 5: Apply GAAP to...Ch. 5 - LO 5 (Learning Objective 5: Apply GAAP to...Ch. 5 - LO 6 (Learning Objective 6: Apply GAAP for notes...Ch. 5 - Prob. 5.35BECh. 5 - Prob. 5.36BECh. 5 - Fairmont Company has shipped goods to Willowbook...Ch. 5 - Prob. 5.38QCh. 5 - Prob. 5.39QCh. 5 - On April 3, a customer returned 600 of merchandise...Ch. 5 - Maple Grove Legal Association performs legal...Ch. 5 - Under the allowance method for uncollectible...Ch. 5 - Prob. 5.43QCh. 5 - Refer to Q5-43. The net receivables on the balance...Ch. 5 - Prob. 5.45QCh. 5 - Prob. 5.46QCh. 5 - Prob. 5.47QCh. 5 - Questions 5-48 through 5-51 use the following...Ch. 5 - Prob. 5.49QCh. 5 - Prob. 5.50QCh. 5 - Prob. 5.51QCh. 5 - Prob. 5.52QCh. 5 - A company with net credit sales of 960,000,...Ch. 5 - A company sells on credit terms of 2/10, n/30 and...Ch. 5 - (Learning Objectives 1, 2: Apply GAAP for proper...Ch. 5 - (Learning Objectives 1, 3: Apply GAAP for proper...Ch. 5 - (Learning Objectives 1, 4, 5, 6: Apply GAAP for...Ch. 5 - (Learning Objective 5: Apply GAAP for...Ch. 5 - (Learning Objectives 5, 7: Apply GAAP for...Ch. 5 - (Learning Objective 6: Apply GAAP for notes...Ch. 5 - Prob. 5.61APCh. 5 - (Learning Objectives 1, 2, 3, 4, 5: Apply GAAP for...Ch. 5 - (Learning Objectives 1, 2: Apply GAAP for proper...Ch. 5 - Prob. 5.64BPCh. 5 - Prob. 5.65BPCh. 5 - (Learning Objective 5: Apply GAAP for...Ch. 5 - Prob. 5.67BPCh. 5 - Prob. 5.68BPCh. 5 - (Learning Objectives 1, 7: Show how to speed up...Ch. 5 - (Learning Objectives 1, 2, 3, 4, 5: Apply GAAP for...Ch. 5 - Prob. 5.71CEPCh. 5 - Prob. 5.72CEPCh. 5 - Prob. 5.73CEPCh. 5 - Prob. 5.74SCCh. 5 - Prob. 5.75DCCh. 5 - Prob. 5.76DCCh. 5 - Strasburg Loan Company is in the consumer loan...Ch. 5 - Prob. 1FFCh. 5 - Focus on Analysis Under Armour, Inc. LO 1, 4, 7...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Subject : Accountingarrow_forwardBennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. Transaction Account Debit Credit 1. 2. Feedback Area Feedback Question Content Area b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. Transaction Account Debit Credit 1. 2.arrow_forwardThe following information has been presented to you for 2018 by Wonder Projects Limited: September October November Rand Rand Rand Cash revenue 200 000 220 000 240 000 Credit revenue 120 000 180 000 190 000 Purchases (all credit) 130 000 140 000 120 000 Additional information: Collection of credit revenue: 50% in the month of invoice 30% one month after invoice 15% two months after invoice and the balance written off as irrecoverable. Purchases are on credit and are paid for one month after the purchase, less 5% Rent income amounts to R10 000 per The rent will increase by 8% on 1 October 2018. A fixed deposit of R150 000 will mature on 31 October 2018. Interest of R15 000 will also be received on this A new computer will be purchased on 3 September 2018 for R25 000 Salaries amount to R20 000 per A 10% increase will take effect on 1 October 2018. The owner is expected to take R5 000 cash from the business on 20 October…arrow_forward
- On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 3% service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day. Journalize the sales and recognition of expense as a single journal entry. If an amount box does not require an entry, leave it blank. Mar. 4arrow_forwardOn May 10, Blossom Company sold merchandise for $4,500 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 3.4% service charge for credit card sales. Prepare the entry on Blossom Company's books to record the sale of merchandise. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation May 10 Accounts Receivable Sales Revenue Service Charge Expense eTextbook and Media: Debit 4500 I Credit 4500arrow_forwardOn March 5, Zulu Company Sold $20,000 of Merchandise to a customer on Credit with Terms of 3/10, n/30. Record the journal entry if the customer pays cash to the amount due on March 20 Use the editor to format your answerarrow_forward
- You are to enter the following items in the books of K-Mart Limited. July 1 Balance brought forward from last month: Cash ¢2,095; Bank ¢8,240. July 1 Credit purchases from: K Hill ¢380; M Norman ¢500; N Senior ¢106. July 3 Credit sales to: E Rigby ¢510; E Phillips ¢246; F Thompson ¢356. July 5 Credit purchases from: R Morton ¢200; J Cook ¢180; D Edwards ¢410; C Davies ¢66. July 8 Credit sales to: A Green¢307; H George ¢250; J. Ferguson ¢185. July 10 Returns outwards to: M Norman ¢30; N Senior ¢16. July 12 Returns inwards from: E Phillips ¢18; F Thompson ¢22. July 14 Credit sales to: E Phillips ¢188; F Powell ¢310; E Lee ¢420. July 14 Credit purchases from: C Ferguson ¢550; K Envoy ¢900. July 16 Returns inwards from: E Phillips ¢27; E Rigby ¢30. July 17 Returns outwards to: J Cook ¢103; C Davies ¢101. July 20 Cash sales ¢3,100. July 24 Took ¢200 out of the cash till and paid it into the bank. July 26 F Bell paid us by cheque ¢194. July 30 We paid for postage stamps in cash ¢80.arrow_forwardOn June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…arrow_forwardFuture Tech's cash register total for June 4 is $13,650. All sales are subject to a 5% sales tax. Record the entry for sales taxes payable and sales. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Round answers to O decimal places, eg. 25,000) Date Account Titles and Explanation Jun 4 Debit Creditarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengagePrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License