On June 1, 2020, Cheyenne sold 90 washer/dryer units without installation to Laplante Rentals for $63,900. Laplante is a newer customer and is unsure how this product will work in its older rental units. Cheyenne offers a 60-day return privilege and estimates, based on prior experience with sales on this product, 4% of the units will be returned. Prepare the journal entries for the sale and related cost of goods sold on June 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
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COGS is calculated using the formula, COGS = Beginning inventory + Purchases – Ending inventory
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- Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $520 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 1 Required:1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used.2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $800 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.Ivanhoe Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases $3000 of products (cost $1500). Assuming that based on prior experience, estimated returns are 10%. The journal entry to record the expected sales return and cost of goods sold includes a O debit to Cash and a credit to Sales Revenue of $3000. O debit to Cost of Goods Sold and credit to Inventory for $1500. O debit to Sales Returns and Allowance of $300 and a credit to Allowance for Sales Returns and Allowances of $150. O credit to Estimated Inventory Returns of $150.
- Prepare journal entry to record the expected sales return and cost of goods sold? Pinpong curtains sells with an unconditional sales return if its customers are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases 4,000 of products (cost 2,000). Assuming that based on prior experience, estimated returns are 20%.Luke sells machines, and also offers installation and technical support services. The individual selling prices of each product are shown below. Sale price of goods $75 Installation $25 A year’s service $50 Company X bought a machine on 1 May 2018 and was charged a reduced price of $100. Luke only offers discounts when customers purchase a package of products together. According to IFRS 15 Revenue from Contracts with Customers, how much should be recorded in revenue for the year ended 31 December 2019? Answer should be rounded to the nearest $.Hewitt Enterprises is a business that buys and sells printers at a profit and has the following information available for the month of June 2020: There were 100 printers in the warehouse on 1Jun On 10Jun, 50 printers were bought from Printing Traders at R50 per printer. Another purchase of 50 printers were made from the same company for the same price on 20Jun 80 printers were sold during the month. The selling price for one printer is R90. Calculate the gross profit of Hewitt Enterprise for the month of June 2020
- Francona inc sold bobblehead dolls with a cost of $267,000 to retailers on account and recorded sales revenue of $445,000 on February 29, 2020. Francona Inc. allows retailers to return bobbleheads that do not sell in 8 months after sale. Past experience shows that the normal return rate is 20%. By Sept. 1, 2020 retailers returned bobbleheads to Francona and were granted credit of $66,000. On June 18, Plesac Corp. sent $55,000 of merchandise on consignment to Clevinger Co; Plesac paid cash for the $3,000 shipping freight costs. Clevinger paid $1,200 for local advertising, which is reimbursable from Plesac. By Dec. 31, 75% of the merchandise had been sold for $80,000. Clevinger notified Plesac, retained commission of 10%, and remitted the cash due to Plesac on Dec. 31. Prepare Plesac's necessary journal entries for June 18 and Dec. 31. Prepare Francona's necessary journal entries for February 29, Sept. 1, and Sept. 30, assuming Francona prepares financial statements on Sept. 30…Francona inc sold bobblehead dolls with a cost of $267,000 to retailers on account and recorded sales revenue of $445,000 on February 29, 2020. Francona Inc. allows retailers to return bobbleheads that do not sell in 8 months after sale. Past experience shows that the normal return rate is 20%. By Sept. 1, 2020 retailers returned bobbleheads to Francona and were granted credit of $66,000. Prepare Francona's necessary journal entries for February 29, Sept. 1, and Sept. 30, assuming Francona prepares financial statements on Sept. 30 of each year.! Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2024. The units have a list price of $600 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, "/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash…
- Botanic Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2018, a customer purchases $4,000 of products (cost $2,000). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the expected sales return and cost of goods sold includes A. a debit to Allowance for Sales Returns of $800 and a credit to Cost of Goods sold of $400. B. debit to Cash and a credit to Sales Revenue of $4,000 C.credit to Estimated Inventory Returns of S400 D.debt to Cost of Goods Sold and credit to Inventory for $2,000! Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 220 units to Thomas Company on November 17, 2024. The units have a list price of $400 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, ¹/30 - Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the gross method of accounting for cash discounts is used.Carla Vista Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases on account $3500 of products (cost $1750). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the expected sales return includes a debit to Cash and a credit to Sales Revenue of $3500. debit to Sales Returns and Allowance of $700 and a credit to Allowance for Sales Returns and Allowances of $700. credit to Estimated Inventory Returns of $350. debit to Cost of Goods Sold and credit to Inventory for $1750.