Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and

3 answers
Question:

Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, End of Month; invoice dated April 1. The cost of the merchandise is $1,400.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Answers

Apr 01

Dr Accounts receivable $2,000

Cr Sales $2,000

Apr 01

Dr Cost of goods sold $1,400

Cr Merchandise inventory $1,400

Apr 04

Dr Sales returns and allowances $500

Cr Accounts receivable $500

Apr 04

Dr Merchandise inventory $350

Cr Cost of goods sold $350

Apr 11

Dr Cash $1,500

Cr Accounts receivable $1,500

Explanation:

Preparation of the journal entries to record each of the following sales transactions of a merchandising company

Apr 01

Dr Accounts receivable $2,000

Cr Sales $2,000

Apr 01

Dr Cost of goods sold $1,400

Cr Merchandise inventory $1,400

Apr 04

Dr Sales returns and allowances $500

Cr Accounts receivable $500

Apr 04

Dr Merchandise inventory $350

Cr Cost of goods sold $350

Apr 11

Dr Cash $1,500

Cr Accounts receivable $1,500

($2,000-$500)

[tex]6.250 \div 900[/tex]

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

[tex]capital * (1+0.045)^{28} = 48,613.24[/tex]

now clearing the formula to solve for capital we got:

[tex]capital = \frac{48,613.24}{(1+0.045)^{28}}[/tex]

and we reach the answer investment = $14,174.20

Similar Solved Works

3 answers

Q 11.40: Woolley Cloth Distributors issued 25,000 shares of $10 stated value no par stock in exchange

Q 11.40: Woolley Cloth Distributors issued 25,000 shares of $10 stated value no par stock in exchange for land with an advertised price of $318,000. The stock is currently trading for $12 per share. Journalize the entry to recognize the exchange....
4 answers

Find and equivalent franction for 20/100

Find and equivalent franction for 20/100 [tex]Find and equivalent franction for 20/100[/tex]...
3 answers

If Neptune’s mass were reduced, what could be done to maintain the same force of gravitational attraction between Neptune and the

If Neptune’s mass were reduced, what could be done to maintain the same force of gravitational attraction between Neptune and the Sun?...
4 answers

1) How did Beethoven developedremarkablemusical ability?​

1) How did Beethoven developedremarkablemusical ability?​...
10 answers

What is the equation of a line that passes through the points (0,5) and (4,8)? write your answer in slope intercept form.

what is the equation of a line that passes through the points (0,5) and (4,8)? write your answer in slope intercept form....
10 answers

Visit any job portal and find 3 job listings for Mexico written in Spanish. Try to interpret as much

Visit any job portal and find 3 job listings for Mexico written in Spanish. Try to interpret as much of the ads as you can before you use an online dictionary or the translate feature to understand the job requirements better. Then, write a short paper in English comparing the requirements for any t...
4 answers

HELP ME PL :(Why is it important that Americans are able to change and add to our Constitution?

HELP ME PL :( Why is it important that Americans are able to change and add to our Constitution?...
10 answers

NEED HELP please answer quickly!

NEED HELP please answer quickly! [tex]NEED HELP please answer quickly![/tex]...
3 answers

When is superficial anatomy most useful?for looking deep within the human bodyfor examining the outside

When is superficial anatomy most useful? for looking deep within the human body for examining the outside features of the body for examining the inside features of the body for examining the functioning of the body...
7 answers

6c-d=-210c – 3 = -10 help me to solve this equation​

6c-d=-210c – 3 = -10 help me to solve this equation​...
10 answers

Write a rule to describe the functionshown. Х|y-6 -4-3 -20O32

Write a rule to describe the function shown. Х | y -6 -4 -3 -2 0 O 3 2...
4 answers

Gimme ur favorite color if its the same as mine urs will be the brainliest. heres 30 extra points hehe

gimme ur favorite color if its the same as mine urs will be the brainliest. heres 30 extra points hehe...
10 answers

Which pair of figures shows a dilation with a scale factorof 1 centered at the origin?

Which pair of figures shows a dilation with a scale factor of 1 centered at the origin? [tex]Which pair of figures shows a dilation with a scale factor of 1 centered at the origin?[/tex]...
3 answers

Make the equation equal fe(no3)3+kscn —> fe(scn)3 + k(no3)3

Make the equation equal fe(no3)3+kscn —> fe(scn)3 + k(no3)3...
4 answers

At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $10. A summary of purchases

At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $10. A summary of purchases during the current period follows. During the period, Chen sold 2,800 units. Units Unit Cost CostBeginning Inventory 1,000 $ 10 $ 10,000Purchase #1 1,800 11 19,800Purchase ...
4 answers

What is the definition of a mixed market economy?

What is the definition of a mixed market economy?...
8 answers

I need this for math thanks

I need this for math thanks [tex]I need this for math thanks[/tex]...
3 answers

Which of the following patterns would you observe if you started at sea level and traveled upward through

Which of the following patterns would you observe if you started at sea level and traveled upward through the earth's atmosphere to an elevation of 100 km? choose one or more: a. a progressive decrease in temperature b. decreasing pressure c. changes from warming trends to cooling trends at distin...
3 answers

Amotorcycle slows down uniformly from a speed of 21 m/s to rest in 6.0s. how far did it travel during this time?

Amotorcycle slows down uniformly from a speed of 21 m/s to rest in 6.0s. how far did it travel during this time?...
3 answers

What did lester b pearson do for the military

What did lester b pearson do for the military...

-- 0.055584--