At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci presented a $5-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Chris paid cash for his purchase. Assume that Seifert Stores Inc. sold $40,000,000 of merchandise in March and that 1,400,000 of the $2-off coupons were redeemed. The cost of the merchandise sold was $23,600,000. a. Journalize on March 31, the March sales for Seifert Stores Inc. If an amount box does not require an entry, leave it blank. Mar. 31 Mar. 31 b. Assume that Seifert Stores Inc. sold $33,500,000 of merchandise in April and that 440,000 of the $2-off coupons were redeemed. The cost of the merchandise sold was $19,100,000. Journalize on April 30 the April sales of Seifert Stores Inc. If an amount box does not require an entry, leave it blank. Apr. 30 Apr. 30 00 000 00000 c. Assume that Seifert Stores Inc. sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert Stores Inc. estimates that 15% of the $2-off coupons printed in February will be redeemed before they expire April 30. What is the balance of Estimated Coupons Payable on April 30? Apr. 30 d. Journalize the expiration of the remaining coupons on April 30. If an amount box does not require an entry, leave it blank.
At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci presented a $5-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Chris paid cash for his purchase. Assume that Seifert Stores Inc. sold $40,000,000 of merchandise in March and that 1,400,000 of the $2-off coupons were redeemed. The cost of the merchandise sold was $23,600,000. a. Journalize on March 31, the March sales for Seifert Stores Inc. If an amount box does not require an entry, leave it blank. Mar. 31 Mar. 31 b. Assume that Seifert Stores Inc. sold $33,500,000 of merchandise in April and that 440,000 of the $2-off coupons were redeemed. The cost of the merchandise sold was $19,100,000. Journalize on April 30 the April sales of Seifert Stores Inc. If an amount box does not require an entry, leave it blank. Apr. 30 Apr. 30 00 000 00000 c. Assume that Seifert Stores Inc. sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert Stores Inc. estimates that 15% of the $2-off coupons printed in February will be redeemed before they expire April 30. What is the balance of Estimated Coupons Payable on April 30? Apr. 30 d. Journalize the expiration of the remaining coupons on April 30. If an amount box does not require an entry, leave it blank.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5PB: The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms...
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Answer complete question, answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off
coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc.
accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed
the following selected transactions:
Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost
Seifert Stores Inc. $80. Marci presented a $5-off coupon, which she
clipped out of the local newspaper. Marci used her VISA card for the
purchase.
18. Sold merchandise to Chris Johnson with a list price of $50 that cost
Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes
the $2-off coupon. Chris paid cash for his purchase.
Assume that Seifert Stores Inc. sold $40,000,000 of merchandise in March and
that 1,400,000 of the $2-off coupons were redeemed. The cost of the merchandise
sold was $23,600,000.
a. Journalize on March 31, the March sales for Seifert Stores Inc. If an amount
box does not require an entry, leave it blank.
Mar. 31
Mar. 31
b. Assume that Seifert Stores Inc. sold $33,500,000 of merchandise in April and
that 440,000 of the $2-off coupons were redeemed. The cost of the merchandise
sold was $19,100,000. Journalize on April 30 the April sales of Seifert Stores Inc.
If an amount box does not require an entry, leave it blank.
Apr. 30
Apr. 30
000
c. Assume that Seifert Stores Inc. sold $25,000,000 of merchandise in February,
which generated 12,500,000 printed sales receipts. The merchandise sold cost
$16,500,000. Siefert Stores Inc. estimates that 15% of the $2-off coupons printed
in February will be redeemed before they expire April 30. What is the balance of
Estimated Coupons Payable on April 30?
d. Journalize the expiration of the remaining coupons on April 30. If an amount
box does not require an entry, leave it blank.
Apr. 30
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