SodaPro sells flavored water products to customers. SodaPro offers a promotion whereby current customers can receive $10 off their next purchase of a pallet of water, which retails for $ 3 0 0. This $ 10 promotion can only be redeemed once for each customer order. A convenience store places an order on 1/1/X 1 for two pallets of water and requests that the promotion be applied to its purchase. Soda Pro delivers the product on 1/3/X1. Research and document the appropriate accounting by SodaPro for this transaction.
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- A musical group plans to sell T-shirts bearing their logo at an upcoming concert. They find a supplier who charges $2.50 per plain T-shirt. Printing the logo on the shirt requires a set-up charge of $50 for the order plus $0.75 per shirt. The group places an order for 200 T-shirts and pays a shipping fee of $15 upon receipt. What is the total dollar amount that should be debited to the inventory account for the 200 T-shirts?A vendor is running a promotion whereby a consumer who purchases three boxes of golf balls at P20 per box in a single transaction receives an offer for one free box of golf balls if the customer fills out a request form and mails it to the vendor before a set expiration date (a mail-in rebate). The vendor estimates, based on recent experience with similar promotions, that 80% of the customers will complete the mail-in rebate required to receive the free box of golf balls. How much of the transaction price is allocated to the mail-in rebate?A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case. The customer pays with a Merill credit card. Merill charges a usage fee to the company of 5% of the total sale. Record the sales entry for this purchase?
- Crazy Computer Store sells a back-to-school bundle that consists of a laptop computer, printer, and tablet to a customer for $2,400. Crazy Computer also sells the products on a stand-alone basis for the following amounts: the laptop for $1,800, the printer for $350, and the tablet for $500. The customer receives a $250 discount for buying the three products as a bundle. Crazy Computer normally sells the laptop and printer as a package for a price of $1,900. The tablet is normally not discounted. Required: 1. How should the transaction price be allocated among the products? 2. Prepare the journal entry when Crazy sells a back-to-school bundle for cash.Joe's is a small ice-cream shop located near the local university's baseball field. Joe's serves walk-in customers only. The shop carries 26 flavors of ice cream. Customers can buy cones, sundaes, or shakes. When a customer pays for an individual purchase, a sales transaction usually includes just one item. When a customer pays for a family or grou purchase, however, a single sales transaction includes many different items. All sales must be paid for at the time the ice cream is served. Joe's maintains several banking accounts but deposits all sales receipts into its main checking account. Please draw a REA diagram with cardinalities.Runway Discount (“Runway” or the “Company”) is a privately held online retailer that sells discounted high-end fashion. In an effort to increase its sales and customer base, Runway implemented a customer referral marketing campaign (the “Refer-a-Friend Program”) whereby existing customers can refer friends to Runway and receive a $25 credit towards the purchase of future merchandise. The terms of the program are as follows: Runway offers existing customers (the “Existing Customer”) a $25 credit (the “$25 Referral Credit”) if the Existing Customer refers a friend (the “New Customer”) to Runway’s Web site and the New Customer purchases merchandise from Runway. After a purchase is made by the New Customer, the Existing Customer receives a$25 credit to be applied to a future purchase from Runway. The $25 Referral Credit represents the fair value of the cost Runway would pay to acquire a new customer from an unrelated third party or marketing firm who is not a purchaser of its products.…
- Runway Discount ("Runway" or the "Company") is a privately held online retailer that sells discounted high-end fashion. In an effort to increase its sales and customer base, Runway implemented a customer referral marketing campaign (the "Refer-a-Friend Program") whereby existing customers can refer friends to Runway and receive a $25 credit towards the purchase of future merchandise. The terms of the program are as follows: Runway offers existing customers (the "Existing Customer") a $25 credit (the "$25 Referral Credit") if the Existing Customer refers a friend (the "New Customer") to Runway's Web site and the New Customer purchases merchandise from Runway. After a purchase is made by the New Customer, the Existing Customer receives a$25 credit to be applied to a future purchase from Runway. The $25 Referral Credit represents the fair value of the cost Runway would pay to acquire a new customer from an unrelated third party or marketing firm who is not a purchaser of its products.…You buy goods for $3,000 and receive a voucher for $500 off your next purchase within 30 days. Based on historical experience, the vendor estimates that 90% of its customers use these vouchers. How much revenue should the vendor recognize immediately at the time of your original purchase?A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case. The customer pays with a Merill credit card. Merill charges a usage fee to the company of 5% of the total sale. What is the sales entry for this purchase?
- Maple Woodworking accepts creditcards at its store. Maple’s credit card processor charges a fee of 2% of the total amount of anycredit sale. Assume that Ralph Stone purchases $9,000 of custom furniture and pays with aVISA card. Make the entry that Maple would make to record the sale to Stone. (You do notneed to make the cost of goods sold entry in this exercise.)Gordon’s Grocers purchases bread from Buddy’s Bread Company at $1.95 per loaf. Gordon’s recently engaged in a customer service contract with Buddy’s to purchase 109,000 loaves of Buddy’s bread. Buddy offered credit to Gordon’s at terms of 3/15, n/45. Buddy expects Gordon to pay within the discount period. Required: If an amount box does not require an entry, leave it blank. Question Content Area Prepare the journal entry to record the sale using the net method. Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due?