Prepare the entries for transaction below and indicate what journal it is 2 Aug business sold merchandize inventory to micro universe co. For $4800, terms: 3/10, n/60 FOB. The merchandize had cost $3000
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Prepare the entries for transaction below and indicate what journal it is
2 Aug business sold merchandize inventory to micro universe co. For $4800, terms: 3/10, n/60 FOB. The merchandize had cost $3000
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- 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?Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?Prepare the entries for transaction below and indicate what journal it is 19 august sold merchandize that cost $3600 to ultracity co. For $5000 under the credit terms of 3/15, n/60, FOB
- 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.EcoMart Merchandising uses the perpetual inventory system. EcoMart Merchandising sold fair trade merchandise for $1500, with credit terms n/30, invoice dated October, 1. The cost of merchandise is $900. The entries to book this transaction is as follows: OA. Dr. Accounts Receivable 1,500; Cr. Sales 1,500 Dr. Merchandise Inventory 1,500; Cr. Cost of Goods Sold 1,500 OB. Dr. Cash 1.500: Cr. Sales 1.500 Dr. Merchandise Inventory 900; Cr. Cost of Goods Sold 900 Oc. Dr. Sales 900; Cr. Accounts Receivable 900 Dr. Cost of Goods Sold 1,500; Cr. Merchandise Inventory 1,500 OD. Dr. Accounts Receivable 1,500; Cr. Sales 1,500 Dr. Cost of Goods Sold 900; Cr. Merchandise Inventory 900Landon Jewelers uses the perpetual inventory system. On April 2, Landon sold merchandise with a cost of $3,500 for $8,000 to a customer on account with terms of 1/15, n/30. The journal entry to record the cost of goods sold would be:
- Complete the necessary journal entries for the company below. a. ABC Co purchased $1,000 of inventory on account. Credit Terms 2/10, n/30. X/X b. ABC Co paid for shipping of $50 for the purchase. (FOB Shipping Point) X/X c. ABC Co. returned $400 of the purchased. X/X d. ABC Co. paid the bill within the discount period. X/XPrepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. Apr. 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. Apr. 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.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
- Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system. 1/10/2020 : Purchased 240 units for $220 each inclusive GST on credit. 3/10/2020 : Returned 12 units to the supplier. 7/10/2020 : Sold 50 units for $380 each plus GST on credit. 10/10/2020 : Customer returned 5 of the units, the returned units were sent back to inventory.Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $18e, is returned to inventory. Apr. Apr. 8 Sold merchandise for $1,000, with credit terms of 1/1e, n/30; invoice dated April 8. Cost of the merchandise is $70e. Apr. 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 4 5. 6 Sold merchandise for $3,000, with credit terms n/30. Note: Enter debits before credits.Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit terms n∕30; invoice dated April 1. The cost of the merchandise is $1,800. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. 8 Sold merchandise for $1,000, with credit terms of 1∕10, n∕30; invoice dated April 8. Cost of the merchandise is $700. 11 Received payment for the amount due from the April 1 sale less the return on April 4.