Gordon’s Grocers purchases bread from Buddy’s Bread Company at $1.95 per loaf. Gordon’s recently engaged in a customer service contract with Buddy’s to purchase 109,000 loaves of Buddy’s bread. Buddy offered credit to Gordon’s at terms of 3/15, n/45. Buddy expects Gordon to pay within the discount period. Required: If an amount box does not require an entry, leave it blank. Question Content Area Prepare the journal entry to record the sale using the net method. Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)
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Gordon’s Grocers purchases bread from Buddy’s Bread Company at $1.95 per loaf. Gordon’s recently engaged in a customer service contract with Buddy’s to purchase 109,000 loaves of Buddy’s bread. Buddy offered credit to Gordon’s at terms of 3/15, n/45. Buddy expects Gordon to pay within the discount period.
Required:
If an amount box does not require an entry, leave it blank.
Question Content Area
Prepare the
Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)
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- Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: Question Content Area Prepare the journal entry to record the sale using the net method Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17
- Prepare journal entries for the following transactions from Restaurant Depot. Nov. 8 Customer Miles Shandy purchased 230 pans at $40 per pan, costing Restaurant Depot $22 per pan. Terms of the sale are 2/10, n/30, invoice dated November 8. Nov. 17 Miles Shandy pays in full with cash for his purchase of November 8. If an amount box does not require an entry, leave it blank. Round intermediate and final answers to nearest whole dollar. Nov. 8 - Sale on credit Nov. 8 - Cost of sale Nov. 17 00Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choicePurchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $27,300, terms n/30. The cost of the merchandise sold is $16,400. Showcase Co. issues a credit memo for $4,900 as a price adjustment prior to Balboa Co. paying the original invoice. a. Journalize Balboa Co.’s entry for the purchase. If an amount box does not require an entry, leave it blank. fill in the blank 7347abf3d02200a_2 fill in the blank 7347abf3d02200a_3 fill in the blank 7347abf3d02200a_5 fill in the blank 7347abf3d02200a_6 b. Journalize Balboa Co.’s entry for the credit memo. If an amount box does not require an entry, leave it blank. fill in the blank ec7c47fae008fad_2 fill in the blank ec7c47fae008fad_3 fill in the blank ec7c47fae008fad_5 fill in the blank ec7c47fae008fad_6 c. Journalize Balboa Co.’s entry for the payment of the invoice. If an amount box does not require an entry, leave it blank.…
- Purchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $25,300, terms n/30. The cost of the merchandise sold is $15,200. Showcase Co. issues a credit memo for $4,300 as a price adjustment prior to Balboa Co. paying the original invoice. a. Journalize Balboa Co.'s entry for the purchase. If an amount box does not require an entry, leave it blank. B8 Merchandise Inventory Accounts Payable-Showcase Co. Feedback b. Journalize Balboa Co.'s entry for the credit memo. If an amount box does not require an entry, leave it blank. 88 Accounts Payable-Showcase Co. Merchandise Inventory Feedback C. Journalize Balboa Co,'s entry for the payment of the invoice. If an amount box does not require an entry, leave it blank. Accounts Payable-Showcase Co. Cash vQUESTION 1 An animal shelter plans to sell T-shirts bearing their logo at an upcoming crafts fair. They find a supplier who charges $2.85 a piece for orange T-shirts. Printing the logo on the shirt requires an additional $0.70 per shirt. The group places an order for 300 T-shirts and pays a shipping fee of $22 upon receiving the T-shirts. The journal entry on the receipt date should include: a. A credit to inventory of $877 O b. A děbit to inventory of $855 O c. A credit to inventory of $1,065 O d. A debit to inventory of $1,087Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer with credit terms of 2/20, n/60. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:
- K Davis Woodworking accepts credit cards at its store. Davis' credit card processor charges a fee of 3% of the total amount of any credit sale. Assume that Reese Bird purchases $10,500 of custom furniture and pays with a VISA card. Make the entry that Davis would make to record the sale to Bird. (You do not need to make the cost of goods sold entry in this exercise.) (Record debits first, then credits. Exclude explanations from any journal entries. Assume that since this is a custom order, no refunds or returns are allowed.) Date Journal Entry Accounts Debit Credit 7 cree 0 ForBennett 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.Help Save & Exit Submit TB MC Qu. 07-148 (Algo) MacKenzie Company sold... Mackenzie Company sold $560 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 2.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: Multiple Choice Debit Cash of $560 and credit Sales $560. Debit Cash of $560 and credit Accounts Receivable $560. Debit Accounts Receivable $560 and credit Sales $560. Debit Cash $548.80; debit Credit Card Expense $11.20 and credit Sales $560. < Prev 15 of 20 Next 15 tv MacBook Air DII DD F2 F3 F4 F5 F7 F8 F9 #3 24 & * 3 6. 7 8 W R Y