Jan. 3Brown's Repair paid $19,200 on its account.4Custom Repair paid $1,200 on its account that had previously been written off.8Jen's Auto Body purchased $3,600 of merchandise on account.9Antique Auto Repair paid cash for $1,400 of merchandise.18Jen's Auto Body returned $800 of merchandise.19Luxury Autos paid $13,200 on its account.2220Jen's Auto Body paid $24,800 on its account.23Brown's Repair purchased $5,200 on account.25Custom Repair purchased $10,600 of merchandise on Visa.26Luxury Autos purchased $19,600 of merchandise on account.31Sunland determined that the Best Auto Repair account receivable was not collectible.(a)Record the above transactions. Ignore credit card fees and any entries to merchandise inventory and cost of goods sold for thepurposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debitSUPP

January 3: Brown's Repair paid $19,200 on its account.The entry debits (increases) the cash account…

Answered: Jan. 3 Brown's Repair paid $19,200 on…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
July 2 Sold $60,000 of merchandise to Odom Jewels on account. July 3 Sold $13,000 of merchandise to Brennan Crystals, which paid by credit card. The credit card company charges Woodshine a fee of 3% on credit card sales. July 16 Odom Jewels paid the balance of what it owed for the purchase on July 2. July 17 Sold $25,000 of merchandise to Powell Stones on account. July 19 Powell Stones noticed that some of the merchandise received was damaged, so it returned $4,000 worth of merchandise to Woodshine. July 30 Powell Stones paid the balance of what it owed for the purchase on July 17. Woodshine Jewelry sells to retailers who then resell the products. Woodshine does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale with a credit card. The company had the following selected transactions during July: LOADING... (Click the icon…
On April 1, 2020 Sony Company sold merchandise worth $10,000 to Dan Company, terms 4/10, n/30. On April 4 Dan returned merchandise valued $500 and on April9 Dan paid the account in full. Sony Company records the following entry on April 4, 2020: * Debit Cash 10,000 and Credit Sales Revenue $10,000. O Debit Accounts Receivable $10,000 and Credit Sales Revenue $10,000. O Debit Cash $9,500 and Sales Discount $500 and Credit Accounts Receivable $10,000. Debit Sales Return and Allowance $500 and Credit Accounts Receivable $500. None of the above. On April 9 sales discount is equal to:
Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts. 20-1 Feb. 16 Sold merchandise on account to Biggs and Daughters, $16,000. Mar. 23 Sold merchandise on account to Lloyd Place, $12,800. June 8 Received $12,000 from Biggs and Daughters and wrote off the remainder owed on the sale of February 16 as uncollectible. Sept. 27 Received $7,000 from Lloyd Place and wrote off the remainder owed on the sale of March 23 as uncollectible. Nov. 18 Reinstated the account of Biggs and Daughters, which had been written off on June 8, and received $4,000 cash in full settlement. 20-2 Jan. 11 Reinstated the account of Lloyd Place, which had been written off on September 27 of the previous year, and received $5,800 cash in full settlement. CHART OF ACCOUNTS Lee and Chen Distributors General Ledger ASSETS 101 Cash 122 Accounts ReceivableAccounts Receivable/Biggs and DaughtersAccounts Receivable/Lloyd Place…
31. Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? a.$31,400 b.$30,772 c.$10,500 d.$7,972
Kiner Corp. purchases $36,000 of merchandise on account from Schell Co., terms 2/10, n/30. What is the entry on Kiner's books to record the payment of the invoice within the discount period? Debit Cash for $35,280; Credit Accounts Payable for $35,280 Debit Inventory for $720 and Debit Cash for $35,280; Credit Accounts Payable for $36,000 Debit Accounts Payable for $36,000; Credit Cash for $35,280 and Credit Inventory for $720 Debit Accounts Payable for $35,280; Credit Cash for $35,280
Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764
Pharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of 2/15, n/30. Riverbed Company returns $150 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?
Pharoah Company sells merchandise on account for $3600 to Morton Company with credit terms of 2/14, n/30. Morton Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Pharoah Company make upon receipt of the check? Cash 2940 Sales Returns and Allowances 600 Sales Discounts 60 Accounts Receivable 3600 Cash 2940 Sales Returns and Allowances 660 Accounts Receivable 3600 Cash 3000 Accounts Receivable 3000 Cash 3528 Sales Discounts 72 Sales Returns and Allowances 600 Accounts Receivable 3000
On November 30, Petrov Company has $127,000 of accounts receivable and uses the perpetual inventory system. December 4 Sold $7,810 of merchandise (that had cost $4,998) to customers on credit, terms n/30. December 9 Sold $17,780 of accounts receivable to Main Bank. Main charges a 6% factoring fee. December 17 Received $4,296 cash from customers in payment on their accounts. December 27 Borrowed $10,160 cash from Main Bank, pledging $13,208 of accounts receivable as security for the loan. (1) Prepare journal entries to record the above transactions. (2) Which transaction would most likely require a note to the financial statements?
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $9,000. The cost of the merchandise is $7,000. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable Accounts Receivable Sales Sales April 1 Cost of Goods Sold Cost of Goods Sold Inventory Inventory June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Cash Cash Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Accounts Receivable-Jim Dobbs Oct. 11 Reinstated the account of Jim Dobbs and received $6,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Accounts Receivable-Jim…
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $9,000. The cost of the merchandise is $7,000. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable Accounts Receivable Sales Sales April 1 Cost of Goods Sold Cost of Goods Sold Inventory Inventory June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 - Select - - Select - - Select - - Select - - Select - - Select - Oct. 11 Reinstated the account of Jim Dobbs and received $6,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Allowance for…

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