Record the following transactions for Just Laptops. The company uses a perpetual inventory system. Mar 3 Bought laptops for $7,200 from Mouse Brand Computers. Terms were 1/10, n/30. 8 Sold a laptop for $720 on account. Cost was $400. Terms were 1/15, n/45. 11 Paid for the computers purchased from Mouse Brand Computers. 14 Sold 5 laptops. The regular price was $4,000 (all 5). Just Laptops gave a quantity discount of 5% and the customer paid cash. The total cost was $2,000. 20 The customer who purchased the laptop on March 8 paid in full.
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Record the following transactions for Just Laptops. The company uses a perpetual inventory system.
|
Mar 3 |
Bought laptops for $7,200 from Mouse Brand Computers. Terms were 1/10, n/30. |
|
8 |
Sold a laptop for $720 on account. Cost was $400. Terms were 1/15, n/45. |
|
11 |
Paid for the computers purchased from Mouse Brand Computers. |
|
14 |
Sold 5 laptops. The regular price was $4,000 (all 5). Just Laptops gave a quantity discount of 5% and the customer paid cash. The total cost was $2,000. |
|
20 |
The customer who purchased the laptop on March 8 paid in full. |
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- Friends Appliance uses a perpetual inventory system. The following are three recent merchandising transactions: May 10 Purchased 10 televisions from Sony Center on account. Invoice price, 30,000 per unit. The terms of purchase were 2/10, n/30. May 15 Sold one of these televisions for 35,000 cash. May 18 Sold Two of these television for 37,000 on Account. The credit term is 2/10, n/30. May 20 Paid the account payable to Sony Center within the discount period. May 25 Friends received cash of two televisions with in discount period. Instructions Prepare journal entries to record these transactions assuming that Friends records purchases of merchandise at: Net cost Gross invoice price Assume that Friends did not pay Sony Center and received cash within the discount period. Prepare journal entries to record this payment and receipt assuming that the original liability and Asset had been recorded at: Net cost Gross invoice pricePrepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $20,000 of merchandise, which cost $15,000, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,000 of merchandise, which cost $3,000, on an assortment of bank credit cards. These cards charge a 4% fee.Small Musical Shop uses the perpetual inventory system. On April 2, Small Musical sold merchandise for $50,000 to a customer on account with terms of 2/15, n/30. The allowance and returns on this sale amounted to $2,000 and $8,000, respectively. The inventory return was worth $4,320. The cost of goods sold was $27,000. On April 20, Small Musical received payment from the customer. Calculate the amount of gross profit.
- Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. Journal Entry Worksheet 1.Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 2.Record the cost of the sale, $31,000. 3.Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4.Record the cost of the sale, $4,000.Pets Unlimited sells pet supplies to retailers. The company uses a perpetual inventory. Journalize the following transactions for the company: June 1 Sold merchandise for $6,250 with terms 2/10, n/30. Inventory cost was $5,000. 5 Sold merchandise for $10,000 with terms 3/10, n/30. Inventory cost was $6,000. 11 Received a check from the customer paying the balance due within the discount period.Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. These cards charge a 4% fee.Please use the numbers in my question and place correct solution on journal sheet as rrequested in the assignment please.
- GameGirl, Incorporated, has the following transactions during August. August & Sold 50 handheld game devices for $100 each to DS Unlimited on account, terms 1/10, net 60. The cost of the 50 game devices sold van $80 each. August 10 DS Unlimited returned five game devices purchased on August 6 since they were defective. August 14 Received full amount due from DS Unlimited. Required: Prepare the transactions for GameGirl, Incorporated, assuming the company uses a perpetual inventory system. The items returned on August 10 were considered worthless to GameGirl and were discarded. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 3 Record DS Unlimited returning five game devices purchased on August 6 since they were defective. Note: Enter debits before credits. Dats August 10 Sales Returns Record entry General journal Accounts Receivable Clear entry Debit 480 Credit 480 View…Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n∕15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee’s account was from a credit sale last year. 18 Received Morris’s check in full payment for the June 4 purchase. Required Prepare journal entries to record the preceding transactions and events.Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Prepare journal entries to record the above selected credit card transactions of Levine Company. View journal entry worksheet View transaction list No Date General Journal Debit Credit Apr 08 Cash Credt card expense Sales 2 Apr 08 Cost of goods sold Merchandise inventory Apr 12 Cash Credit card expense Sales Apr 12 Cost of goods sold Merchandise inventory
- Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions of Levine Company. Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer’s Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer’s Continental Card. Continental charges a 2.5% fee.RMPW makes and sells premium Ultimate Ale and related products.All purchases and sales are made On credit . RMPW uses the perpetual inventory system. They also use the 3-way match to verify invoices and record purchases. Analyze the events below and complete the requirements. 1. June 15: Shipped and billed (sold) 50 cases of ale to Eagles bar for $500. Prepare invoice number 200. The ale cost RMPW $300. 2. July 17: Received $2,000 from Longhorn (customer) for goods that were delivered and billed the prior month. 3. July 31: Received invoice for $1000 from TD Hops for raw materials that have been received and ordered. RMPw performed the 3 way match. (Assume RMPW records purchases when they perform the 3way match) Requirements: for each event identify A) account (s) debited B) account (s) credited C) the special journal used to record the event D) any subsidiary ledgers updated from the event.Debby Ventures uses the perpetual inventory system and had the following sales transactions during June: March 2 Sold merchandise to Ricky Store on credit for $7,800, terms 2/15, n/60. The items sold had a cost of $3,900. March 4 Ricky Store returned merchandise that had a selling price of $ 500. The cost of the merchandise returned was $250. March 13 Ricky Store paid for the merchandise sold on June 2 less the return, taking any appropriate discount earned. Prepare the journal entries that Debby Ventures must make to record these transactions