Problem 15 PlaidLad Furniture Co. sold ten table/chair sets to Hats Off Restaurant on January 1, 20X8 for $10,000 with terms 2/10, n/30. Hats Off also purchased dishware from Venice Depot on January 15, 20X8 for $5,000 with term 2/10, n/30. Hats Off paid Plaidlad on January 6, 20X8 and Venice Depot on January 26. 20X8. Required: gross method. 1.Record the transactions for Hats Off Restaurant using the 2.Record the transactions for Hats Off Restaurant using the net method.

Problem 15 PlaidLad Furniture Co. sold ten table/chair sets to Hats Off Restaurant on January 1, 20X8 for $10,000 with terms 2/10, n/30. Hats Off also purchased dishware from Venice Depot on January 15, 20X8 for $5,000 with term 2/10, n/30. Hats Off paid Plaidlad on January 6, 20X8 and Venice Depot on January 26. 20X8. Required: gross method. 1.Record the transactions for Hats Off Restaurant using the 2.Record the transactions for Hats Off Restaurant using the net method.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 29CE: Unearned Sales Revenue Brand Landscaping offers a promotion where a customers lawn will be mowed 20...

See similar textbooks

Similar questions

Question 3:A supplier sells Hipoint-brand pens to stationary shops. The annual demand isapproximately 24,000 pens. The supplier pays SR5 for each pen and estimates that theannual holding cost is 30 percent of the pen's value. It costs approximately SR350 to placean order. The supplier currently buys 1000 pens per orderi. Determine the annual ordering and inventory cost (in SR) for current orderquantity.ii. Determine the economic order quantity (EOQ).iii. Determine the total annual cost for the EOQ
H 1 On 8/5/24, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $350. The cost of 2 shipping the dining sets amounted to $1,800 and was paid for by Famous Furniture. On 12/31/24, the consignee reported the sale of 30 dining sets 3 at $850 each. The consignee remitted payment for the amount due after deducting a 6 % commission, advertising expense of $600, and installation 4 and setup costs of $780. The total profit on units sold for the consignor is 5 $22,590.00 $10,290.00 $12,090.00 $19,890.00 6 7 8 19 10 a. b. C. d. L
PA3. 9.1 Prepare journal entries for the following transactions from Forest Furniture. 3 Sold 2 couches with a sales price of $2,450 per couch to customer Norman Guzman. Norman Guzman paid with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.5% usage fee based on the total sale per transaction. The cost for this sale is $1,700 per couch. 6 Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. The cost of the sale is $800. 9 Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Montgomery paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.4% usage fee based on the total sale per transaction. The cost for this sale is $29 per light. 12 Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less any usage fees. 15 Fund Max made a cash payment of 25% of the total due to Forest Furniture for the transaction from…
31 PROBLEMS Problem 2-1 (IAA) Miracle Company manufacturers a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. of m Data with respect to the premium offer are summarized below. 2020 2021 3,600,000 390,000 5,000 4,200,000 580,000 9,000 Sales Purchase of premium, P50 per plate Number of plates distributed as premiums Estimated number of plates to be distributed in subsequent period Distribution cost P20 per plate 2,000 3,000 Required: Prepare journal entries that would be made in 2020 and 2021 to record sales, premium purchases and redemptions, and year-end adjustments.
Problem 2-13 (IAA) Clam Company offers customers a pottery cereal bowl if they send in three boxtops from its products and P10. The entity estimated that 60% of the boxtops will be redeemed. During the current year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P25. 1. What is the premium expense for the current year? a. 2,025,000 b. 6,075,000 c. 4,550,000 d. 1,650,000 2. What is the liability for outstanding premiums at year-end? a. 250,000 b. 375,000 c. 625,000 d. 875,000
PB7. LO 6.4Review the following sales transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers made a cash sale of 40 fishing poles to customer Billie Dyer at a price of $55 per pole. The cost to April is $33 per pole. Oct. 5 April Anglers sells 24 fishing poles to customer Billie Dyer at a price of $52 per pole on credit. The cost to April is $30 per pole. Terms of the sale are 2/10, n/30, invoice date October 5. Oct. 12 Billie returns seven of the fishing poles from the October 4 purchase to April Anglers for a full refund. April returns these poles to their inventory at the original cost per pole. Billie also discovers that 6 of the fishing poles from the October 5 purchase are the wrong color but keeps them since April granted an allowance of $18 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts.
Golden furniture purchased 500 office chairs at RO 60 each from Silver Furniture. The supplier offers a trade discount of 10% on invoice price. The amount of trade discount will be a. 30,000 b. No trade discounts c. 3,000 d. 27,000
QUESTION 1 An animal shelter plans to sell T-shirts bearing their logo at an upcoming crafts fair. They find a supplier who charges $2.85 a piece for orange T-shirts. Printing the logo on the shirt requires an additional $0.70 per shirt. The group places an order for 300 T-shirts and pays a shipping fee of $22 upon receiving the T-shirts. The journal entry on the receipt date should include: a. A credit to inventory of $877 O b. A děbit to inventory of $855 O c. A credit to inventory of $1,065 O d. A debit to inventory of $1,087
PA1. LO 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul. 3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Jul. 5 Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any…
Record the following sales transactions of Money Office Supplies. Apr. 4 Made a cash sale to a customer for 15 chairs at a sales price of $80 per chair. The cost to Money Office Supplies is $55 per chair. Shipping charges are an extra $4 cash per chair and are not subject to discount. Terms of the sale are FOB Shipping Point. Apr. 9 Sold 20 chairs on credit for $85 per chair to a customer. The cost per chair to Money Office Supplies is $50 per chair. Shipping charges are an extra $4.50 cash per chair and are not subject to discount. Terms of the sale are 3/10, n/30, FOB Destination, invoice dated April 9. Apr. 19 The customer pays in full for their purchase on April 9.
Question 1 1-pts You own Souvenir Gallore, a souvenir shop on Lane Avenue. You would like to do an ABC analysis based on annual dollar usage. You sell the following list of retail items in your store. Annual demand Items Unit cost (units) Greeting cards 10,000 $1.50 Key chains 975 $15.50 Candleholders 700 $35.00 Caps 775 $19.50 Calendars 350 $32.00 Watches 380 $25.00 The annual dollar usage of watches is $ and the ABC class that watches belong to is G Search or type URL 23 2$ & 3 7 8. E R T Y U < CO
PB15. LO 6.7 Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Bella Davies. Apr. 5 Dish Mart made a cash sale of 22 sets of cutlery to Bella Davies for $330 per set. The cost per set to Dish Mart is $125 per set. Apr. 9 Dish Mart sells 14 sets of cutlery to Bella Davies on credit for $345 per set, with a cost to Dish Mart of $120 per set. Terms of the sale are 2/15, n/60, invoice date April 9. Apr. 13 Bella discovers 9 of the cutlery sets are damaged from the April 9 sale and returns them to Dish Mart for a full refund. Apr. 14 Bella purchases 18 sets of cutlery for $275 per set on credit, at a cost to Dish Mart of $124 per set. Terms of the sale are 2/10, n/60, invoice date April 14. Apr. 15 Bella discovers that 5 of the cutlery sets from the April 14 purchase and 10 of the cutlery sets from the April 5 purchase are missing a few spoons but keeps them since Dish Mart granted an…