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?
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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?
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- Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer with credit terms of 2/20, n/60. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:Shatner Importers, Inc. sells coffee pots for $120 each. On November 12, the company sold to a customer on account with terms of /15, n/30. The customer paid for 20 of the coffee pots on November 27 and paid for the remaining on 11th. Provide the necessary journal entries for Shatner to record these transactions under both the most-likely-amount and expected-value methods. For the most-likely-amount method, assume both that the customer will take the discount and won't take the discount. For the expected-value approach, assume that the customer is70% likely to take the discount and ignore any constraints on variable consideration. (Ignore the journal entry that would typically be necessary to record the reduction of inventory and cost of goods sold.) Round to two decimal places.b. Provide a comparison of the impact on the income statement for each method. begin by recording the transactions under the most-likely-amount method, assuming that the customer will take the…Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.5% service charge for sales on its credit card. Access deducts a 3.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $500 of merchandise on credit (that had cost $250) to Natara Morris. 5 Sold $6,800 of merchandise (that had cost $3,400) to customers who used their Zisa cards. 6 Sold $5,616 of merchandise (that had cost $2,808) to customers who used their Access cards. 8 Sold $4,890 of merchandise (that had cost $2,445) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $395 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…
- Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 5.5% service charge for sales on its credit card. Access deducts a 4.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris. 5 Sold $7,100 of merchandise (that had cost $2,840) to customers who used their Zisa cards. 6 Sold $6,152 of merchandise (that had cost $2,461) to customers who used their Access cards. 8 Sold $4,300 of merchandise (that had cost $1,720) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $739 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…A small retailer allows customers to use two different credit cards in charging purchases. The CC Bank Card assesses a 4.6% service charge for credit card sales. The VIZA Card assesses a 3.8% charge on sales for using its card. This retailer also has its own store credit card. As of Feb 28 month-end, the retailer earned $65 in net interest revenue on its own card. Prepare journal entries to record the following selected credit card transactions. Feb. 2 Sold merchandise for $3,000 (that had cost $1800) and accepted the customer’s CC Bank Card. Feb. 6 Sold merchandise for $2200 (that had cost $1500) and accepted the customer’s VIZA Card. Feb 28 Recognized the $65 interest revenue earned on its store credit card for January.Consider the following transaction: On March 6, Fun Cards sells 590 card decks with a sales price of $10 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. А. Payment is made using a credit, in-house асcount. В. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. 88 A. Mar. 6 To record sale of card decks Mar. 6 To record cost of sale B. Mar. 6 To record sale of card decks, 3% credit card fee 88 Mar. 6 To record cost of sale II II 1II I0
- Blossom’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Blossom’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. June 3 Sold books on account to Reading Rainbow for $2,600. The cost of the books sold was $1,700. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020. 24 Received payment in full from Rapp Books. 28 Sold books on account to Baeten Bookstore for $1,100. The cost of the books sold was $970. 30 Granted Baeten Bookstore $110 credit for books returned costing $66. Journalize the transactions for the month of June for Blossom’s Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the…Consider the following transaction: On March 6, Fun Cards sells 560 card decks with a sales price of $10 per deck to Padma Singh. The cost to Fun Cards is $3 per deck Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. A. Mar. 6 Mar. 6 B. Mar. 6 Mar. 6 To record sale of card decks To record cost of sale To record sale of card decks, 3% credit card fee To record cost of sale 38Bennett Retailers had the following transactions in November and December: November 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,500 (total); terms 3/10, n/30. November 25 Sold two items of merchandise to Customer C, who charged the $800 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3 percent credit card fee. November 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $10,000 (total); terms 3/10, n/30. November 29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. December 6 Customer D paid the account balance in full. December 20 Customer B paid the November 20 invoice in full. Required: Compute net sales for the two months ended December 31. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.
- Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: 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)Prepare journal entries for the following transactions of Dulce Delights. Apr. 10 Sold 350 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia paid using her in-house credit account; terms 2/10, n/30. The cost for this sale to Dulce Delights is $4.50 per bucket. Apr. 13 Sold 310 ice cream buckets with a sales price of $13.50 per bucket to customer Selene Arnold. Selene paid using her Max credit card. The cost for this sale to Dulce Delights is $4.50 per bucket. Max Credit Card Company charges Dulce Delights a 5% usage fee based on the total sale per transaction. Apr. 20 Livia Diaz paid her account in full with a cash payment, less any discounts. Apr. 25 Max Credit Card Company made a cash payment in full to Dulce Delights for the transaction from April 13, less any usage fees. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. Apr. 10 To record sale of ice cream buckets 0C Apr. 10 To…On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 Account Name Debit Credit Cash 4,000 Sales Discounts 40 Accounts Receivable 3,960 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000