On March 5, Blowout Sales makes $22,500 in sales on account. The cost of the merchandise sold is $16,825. Journalize the sales and recognition of the cost of merchandise sold.
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On March 5, Blowout Sales makes $22,500 in sales on account. The cost of the merchandise sold is $16,825. Journalize the sales and recognition of the cost of merchandise sold.
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- Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?On May 1, Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms net 45. The cost of the goods sold was $19,500. The entry to journalize the sale will include a
- Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 $28,000 Merchandise inventory, November 30 46,000 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000The following were selected from among the transactions completed by Essex Company during March of the current year: Mar. 2. Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500. 8. Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400. 11. Received payment on account for the sale of March 2 less the discount. 20. Received payment on account for the sale of March 8. Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank. Mar. 2 Accounts Receivable-Parsley Co. fill in the blank 2 fill in the blank 3 Sales fill in the blank 5 fill in the blank 6 2 Cost of Goods Sold fill in the blank 8 fill in the blank 9 Inventory fill in the blank 11 fill in the blank 12 8 Accounts Receivable-Tabor Co. fill in the blank 14 fill in the blank 15…On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a cost of $20,000. v What is the entry to record this sale? A. Dr. Account receivable 20,000; Cr. Sales 20,000 B. Dr. Account receivable 50,000; Cr. Sales 50,000 Dr. Cost of good sold 20,000; Cr. Merchandise inventory 20,000 C. Dr. Sales 50,000; Cr. Account receivable 50,000 D. Dr. Cash 50,000; Cr. Sales 50,000 Activate Wine « Question Go to Settings to Moving to another question will save this response.
- On March 2. Metlock Company sold $936,300 of merchandise to Ivanhoe Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571.70o. On March 6, Ivanhoe Company returned $110,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,200. On March 12, Metlock Company received the balance due from Ivanhoe Company. Debit Credit Date Account Titles and Explanation ck if you would like to Show Work for this question: Open Show Work Versia I Q 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. %23 3/1 hp 米 fe 4+ pr IOI 144 & 24 4. 6. L. 8. { E R T. Y U D F G H K C alt ctrl V Σ 3.Presented below are transactions related to Splish Brothers Inc.. 1. On December 3, Splish Brothers Inc. sold $586,700 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $391,300. 2. On December 8, Sheffield Co. was granted an allowance of $28,000 for merchandise purchased on December 3. 3. On December 13, Splish Brothers Inc. received the balance due from Sheffield Co. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. using a perpetual inventory system.CAN SOMEONE HELP ME FILL OUT THE " PURCHASES JOURNAL? The chart of accounts of Crane Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July 1 Purchased merchandise from Eby Company $8,240. 2 Received freight bill from Shaw Shipping on Eby purchase $360. 3 Made sales to Fort Company $1,970 and to Hefner Bros. $2,160. 5 Purchased merchandise from Getz Company $3,150. 8 Received credit on merchandise returned to Getz Company $340. 13 Purchased store supplies from Dayne Supply $740. 15 Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,340. 16 Made…
- April 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,880. April 4 The customer in the April 1 sale returned $560 of merchandise for full credit. The merchandise, which had cost $336, is returned to inventory. April 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Sold merchandise for $4,800, with credit terms n/30. Note: Enter debits before credits. Date April 01 General Journal Debit CreditThe following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance.Prepare journal entries to record each of the following sales transactions of a merchandising company. Assume a perpetual inventory system and use of the gross method (beginning inventory equals $9,000). June 1 Sold 50 units of merchandise to a customer for $150 per unit under credit terms of 2∕10, n∕30, FOB shipping point, and the invoice is dated June 1. The 50 units of merchandise had cost $100 per unit. 7 The customer returns 2 units purchased on June 1 because those units did not fit its needs. The seller restores those units to its inventory (as they are not defective) and credits Accounts Receivable from the customer. 11 The seller receives the balance due from the June 1 sale to the customer less returns and allowances. 14 The customer discovers that 10 units have minor damage but keeps them because the seller sends a $50 cash payment allowance to compensate.