Journalize the entries for the following transactions: Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000. Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200. Sold merchandise to customers who used MasterCard and VISA, $115,200. The cost of the merchandise sold was $70,000. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000. Received an invoice from National Credit Co. for $5,600, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Journalize the entries for the following transactions: Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000. Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200. Sold merchandise to customers who used MasterCard and VISA, $115,200. The cost of the merchandise sold was $70,000. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000. Received an invoice from National Credit Co. for $5,600, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

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...

See similar textbooks

Similar questions

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.
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400. The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610. The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d. Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.
Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200, which were added to the invoice. b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000. c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co. d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (b). The cost of the merchandise was $1,200. e) Received amount due from Jangle Co. within the discount period. f) Received amount due, less return and discount from Comet Co. g) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (h). The cost of the merchandise was $1,200. i) Received amount due from Jangle Co. within the discount period. j) Received amount due, less return and discount from…
Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account. $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450 representing a service fee paid for processing MasterCard , VISA, and American Express Sales.
Journalize the following merchandise transactions:a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the merchandise sold was $55,500.b. Received payment less the discount.c. Issued a credit memo for returned merchandise that was sold for $10,400 terms n/30.The cost of the merchandise returned was $6,500.
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,250. The cost of the merchandise sold was $13,350. (Record the sale first.) fill in the blank fill in the blank fill in the blank fill in the blank b. Sold merchandise on account, $11,880. The cost of the merchandise sold was $7,130. (Record the sale first.) fill in the blank fill in the blank fill in the blank fill in the blank c. Sold merchandise to customers who used MasterCard and VISA, $118,400. The cost of the merchandise sold was $71,040. (Record the sale first.) fill in the blank fill in the blank fill in the blank fill in the blank d. Sold merchandise to customers who used American Express, $35,660. The cost of the merchandise sold was $21,400. (Record the sale first.)…
Merchandise with a sales price of $3,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a: a.debit to Accounts Receivable for $3,000 b.debit to Cash for $3,000 c.debit to Customer Refunds Payable for $60 d.credit to Sales for $2,940
Sales related transactions including the use of credit cards Journalize the entries for the following transactions: A. Sold merchandise for cash, $16,950. The cost of the merchandise was sold at $10,170 (record the sale first.) ______ ______ ______ ______ B.Sold merchandise on account, $ 14,490. The cost of the merchandise sold was $8,690. (Record sale first.) ______ ______ ______ ______ C. Sold merchandise to customers who used MasterCard and Visa $113, 190. The cost of the merchandise sold was $67,910. (Record the sale first.) _____ _____ _____ _____ D. Sold merchandise to customers who used American Express, $43,100. The cost of the merchandise sold was $25,860. (Record the sale first.) _____ _____ _____ _____ E. Paid $5,250 to the national clearing House Credit company for service fees for processing mastercard, visa, and American Express sales. ______ ______
Merchandise with a sales price of $5,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a A. Debit to Customer Refunds Payable for $102 B. Credit to Sales for $4,998 C. Debit to Cash for $5,100 D. Debit to Accounts Receivable for $5,100
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. Journal Entry Worksheet 1.Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 2.Record the cost of the sale, $31,000. 3.Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4.Record the cost of the sale, $4,000.
Abbey Co. sold merchandise to Gomez Co. on account, $10,400, terms 2/15, net 30. The cost of the goods sold is $7,280. Abbey Co. issued a credit memo for $3,000 for merchandise returned that originally cost $2,100. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?