Please answer the question the way you see it. Thank you gross method,.n a Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated AprFOB shipping point.April 3 Paid $300 cash for shipping charges on the April 2 purchase.April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600.April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandiApril 18 Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated18, and FOB destination.After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 oweApril 21 the April 18 purchase.April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.View transaction listJournal entry worksheetint2 347ferencesPurchased $4,600 of merchandise from Lyon Company with credit terms of2/15, n/60, invoice dated April 2, and FOB shipping point.Note: Enter debits before credits.DateGeneral JournalDebitCreditApr 02Prev1 of 5 ENext >MacBook AirF2F5F7@%232$&3467QWETYPADFGHKCVVR gross method.Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2FOB shipping point.April 2April 3 Paid $300 cash for shipping charges on the April 2 purchase.April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600.April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.Anril 19 Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated Apri18, and FOB destination.April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 owed onthe April 18 purchase.April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.View transaction listJournal entry worksheet346<>encesPaid $300 cash for shipping charges on the April 2 purchase.Note: Enter debits before credits.DateGeneral JournalDebitCreditApr 03McGrawHill1 of 5PrevNext >MacBook Air888DII%23$へ&234678QWERT.YFGJKくCcommarしの>の

The practice of recording financial activity for the first time in the books of accounts is known as…

ross method. Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dat FOB shipping point. April 2 April 3 Paid $300 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned mer Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice 18, and FOB destination. April 18 April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,- the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

ross method. Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dat FOB shipping point. April 2 April 3 Paid $300 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned mer Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice 18, and FOB destination. April 18 April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,- the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5PA: The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.
Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, 680 plus 54.40 sales tax (invoice no. D446). b. Bauer returned 105.50 of the merchandise. Issued credit memo no. 114 for 113.94 (105.50 for the amount of the sale plus 8.44 for the amount of the sales tax).
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.