A firm uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020 it received full payment for the June 1 sale. Prepare the required journal entries (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…
A: 1. Gross profit Amount $ Sales Sales…
Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…
A: Income statement is the financial statement that depicts and shows an entity's profitability.
Q: The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31,…
A: Formula: Net sales = Sales - sales discount - sales returns
Q: Seed Enterprise gathered the following information from its accounting records for the year ended…
A: The net account receivables is calculated as gross account receivables minus allowance for…
Q: Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of…
A: Under gross method, the discount is treated at the time of receipt of payment.
Q: Upsilon Inc. began operations in the fourth quarter of 2019. For the first quarter ended March 31,…
A: Cost of Merchandise inventory on January 1, 2020 = Selling price of Merchandise inventory on January…
Q: Which one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR…
A: Sales means amount of goods that are sent or sold to some other parties. It can be on cash basis or…
Q: Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a…
A: As per net method, the payment is made net of the discount amount if the payment is made within 15…
Q: The December 31, 2020 statement of financial position of YOYO Company showed accounts receivable of…
A: Net sales for the year = Ending accounts receivable +Amount collected + Accounts written off -…
Q: Bramble Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of…
A: As the questions aksed has more than 1 question, the first question is answered. If you want the…
Q: On December 1, 2019, Lynch Incorporated sold $17,000 of merchandise with terms 2/10, n/EOM. On…
A: Journal is the book of original entry in which all the financial transactions of the business are…
Q: Joseph Corporation a mobile phone wholesaler sells mobile phones to PhoneTech Ltd, a mobile phone…
A: Journal entry is record of Transaction in Accounting records In Case of Net Method to record…
Q: Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending…
A: The average age of inventory is the average number of days it takes for a firm to convert inventory…
Q: Eastman Corporation sells merchandise with a list price of $13,000 on February 1, 2019, with terms…
A: SOLUTION- A JOURNAL IS THE COMPANY'S OFFICIAL BOOK IN WHICH ALL TRANSACTIONS ARE RECORDED IN…
Q: On April 4, 2021, LASTNATOBEYBE, Inc. sold goods on account to a customer for P1,000,000, terms were…
A: Factoring means where the account receivables has been sold to outside agency against commission and…
Q: The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31,…
A: Net Sales = Sales - Sales return and allowances - Sales discount = 103400 - 8200 - 1195 = 94005
Q: Frederick, a wholesaler, has the following information relating to the year ended 31 March 2020: (a)…
A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…
Q: On December 1, 2019, Lynch Incorporated sold $21,000 of merchandise with terms 2/10, n/EOM. On…
A: Cash Discounts: Some sellers allow deductions to their customers so that they can motivate their…
Q: On January 1, 2020, the ledger of Sheridan Luggage contains the following liability accounts…
A: Answer) Journal Date Account Titles and Explanation Debit Credit Jan'5 Cash…
Q: On January 1, 2019, Import Properties Inc. reported the following balances on its statement of…
A: Allowance for doubtful debt is an account that records the amount of receivables expected to be…
Q: Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales…
A: gross method of recording sales - the sales transaction is recorded at its gross price without…
Q: The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020,…
A: Income Statement:-It consists of expenses and revenue which results in Net income or loss. It is a…
Q: The following accounts and their balances appear in an unadjusted trial balance of BT21 Company as…
A: Cost of goods sold = Sales - gross profit = 50000 - 50000*40% = P30,000
Q: Sara Company sold merchandise on credit with a list price of P105,000 and a trade discount of 10%.…
A: Trade discount = list price x trade discount rate = P105,000 x 10% = P10,500 Net sales = list price…
Q: Goods costing $20,000 are purchased on account on April 1, 2021, with credit terms 2/10 n/30. On…
A: Given that, $20,000 are purchased on account on April 1, 2021 credit terms 2/10 n/30 On April 3, a…
Q: What is the correct amount of accounts payable? Delish Company is a wholesale distributor of…
A: Accounts payable is a current liability arises from the inventory purchases on credit. This account…
Q: The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31,…
A: Sales: Sales refer to the revenues earned by the business organization during the accounting period…
Q: Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Discount=Sale×4%=$45,000×4%=$1,800
Q: A business A uses periodic inventory system. On Nov 15, 2021, the business A sold merchandise to…
A: Solution: It is assumed that company is using gross method of accounting for purchase and sales.
Q: The balance in Teem Corporation's accounts payable at December 31, 2020 was P1,400,000 before any…
A: F.O.B. Shipping Point means the ownership of the goods will be transferred to the buyer of goods as…
Q: Hong Cha-young Company began operations late in 2020. For the first quarter ended March 31, 2020,…
A: Accounts Payable:- It is a current liabilities which has to be paid within a year and it appears in…
Q: Seifert Supply Company sold merchandise to a customer on December 1, 2020 for $100,000. The…
A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…
Q: The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31,…
A: 1.Net Sales $ Sales…
Q: On December 1, 2018, Davenport Company sold merchandise to a customer for $20,000. In payment for…
A: Compute the interest income for 2018.
Q: Tucker Ltd uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Introduction: Journal: Recording of business transactions in a chronological order. First step in…
Q: During 2021, its first year of operations, Hollis Industries recorded sales of $10,600,000 and…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: On January 1, 2019, Import Properties Inc. reported the following balances on its statement of…
A: FIrstly we shall calculate the gross accounts receivable on December 31, 2019 and then reduce…
Q: During the year ended December 31, 2020, Kelly's Camera Equlpment had sales revenue of $170,000, of…
A: Bad debts expense = Credit sales x 2% 85000*2% = $1,700
Q: Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending…
A: Here, Note: As nothing is mentioned in the question regarding no. of days in an year, we are…
Q: On January 10, 2020, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30.…
A: >Notes receivables are the notes issued by the customer or borrower and accepted by the lendor or…
Q: Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end…
A: Given information is: The adjusted trial balance of Lopez Company shows the following data…
Q: The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020,…
A: Income statement: It presents a company’s total income and expenditure and whether the company is…
Q: The following series of transactions occurred during 2020 and 2021 when Jenna Corp. sold merchandise…
A: The journal entries keep the record for daily transactions of the business.
Q: Grouper Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The…
A: 1. Net Method - Under the net method of recording accounts receivables when a company makes sales,…
Q: On June 30, 2021, the Esquire Company sold some merchandise to a customer for $30,000. In payment,…
A:
Q: Ward Company’s usual sales terms are net 60 days, FOB shipping point. Sales, net of returns and…
A: Net sales are calculated by deducting the returns or allowance from the total sales.
Q: On June 30, 2021, the Esquire Company sold some merchandise to a customer for $30,000. In payment,…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: Riverbed Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
A firm uses the gross method to record sales made on credit.
On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020 it received full payment for the June 1 sale.
Prepare the required
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalStarlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020, Sheridan received full payment for the June 1 sale. Prepare the required journal entries for Sheridan Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
- Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $62,000 with terms 3/15, n/45. On June 12, 2025, Blossom received full payment for the June 1 sale. Prepare the required journal entries for Blossom Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 10 CreditRestin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $55,000 with terms 4/15, n/45. On June 12, 2020, Sheffield received full payment for the June 1 sale.Prepare the required journal entries for Sheffield Co.
- Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $45,000 with term 2/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: A. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 37800 Sales (Revenue) 37800 B. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 73800 Sales (Revenue) 73800 C. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Sales (Revenue) 37800 Receivable 37800 D. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Cash 37800 Sales (Revenue) 37800
- On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms 1/10, n/30. On December 1, Suzan Corp. writes-off as uncollectable the balance due from Sam Inc. Direct write-off method to account for uncollectible accounts is used. The journal entry to record December 1 transaction will include: Credit Accounts Receivable $45,000. Credit Sales Revenue $45,000. Debit Sales Discount $450. Credit Bad Debt Expense $45,000 None of the aboveCarla Co, uses the gross method to record sales made on credit. On June 1, 2020, it made sales of S 45,000 with terms 4/15, n/45. On June 12, 2020, Carla received full payment for the June 1 saleRead through the information below for selected transactions during the month of December, 2021 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached . Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.