* CengageNOWv2 | Online teach x5Cengage LearningSat 11:08 PMow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocatore8inprogress-faise- YouTubeHLogo Gold Body J..Oregon Trail Map ...Emagnetic packagi.Señor WoolyHow to Email Your...S All CUNY LibrarAccounts Recelvable-Parsley Co.Мaг. 2Sales vCost of Merchandise Sold vMar. 2Merchandise InventoryAccounts Receivable-Tabor Co. VMar. 8Sales vCost of Merchandise Sold vMar. 8Merchandise InventoryCash vMar. 11Sales vAccounts Receivable-Parsley Co. /CashMar. 20Accounts Receivable-Tabor Co. /00 00 00 00 000 0000 00 00 00 I00 00 magnetic packagi..Señor Woolyみ三How to Email Your...еВookS All CUNY Libraries...CalculatorGross method for sales discountsThe following were selected from among the transactions completed by Essex Company during March of the current year:Mar.2. Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500.8. Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400.11. Received payment on account for the sale of March 2 less the discount.20. Received payment on account for the sale of March 8.Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave itblank.Accounts Receivable-Parsley Co.B8Mar. 2Sales vCost of Merchandise Sold /Mar. 2Merchandise Inventory vAccounts Receivable-Tabor Co. vMar. 8SalesCost of Merchandise Sold vMar 8

Discount on payment received from Parsley Co. = Amount receivables x discount rate = $32,000 x 1% =…

The following were selected from among the transactions completed by Essex Company during March of the current year: Mar. 2. Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500. 8. Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400. 11. Received payment on account for the sale of March 2 less the discount. 20. Received payment on account for the sale of March 8. Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank.

The following were selected from among the transactions completed by Essex Company during March of the current year: Mar. 2. Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500. 8. Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400. 11. Received payment on account for the sale of March 2 less the discount. 20. Received payment on account for the sale of March 8. Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank.

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 5PB: The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms...

See similar textbooks

Similar questions

The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), 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.
Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, 1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid 93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, 135.78.
Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
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.
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.
Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $19,600 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,280 to G. Seles for $3,400 on credit subject to a $49 sales discount if paid by the end of the month. 14 Purchased $430 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $450 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $590 to D. Air for $1,220 cash. 28 Purchased store supplies from Porter's for $128 cash. 29 Paid Krause, Inc., $19,600 cash for the merchandise purchased on May 1. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Cr. Inventory Dr. Terms Office Supplies Dr. Other Accounts Dr.
Prepare the journal entries for the following transactions. Use Peso (Php) sign. Dec. 3 Purchased merchandise on account from Hillsboro Co., list price $38,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, and paid the fright of $340. Purchased merchandise on account from Deepwater Co. $18,750, terms FOB destination, 2/10, n/30. Sold merchandise on account to Zion Co. list price $27,000, trade discount 35%, terms 2/10, n/30. The cost of the merchandise sold was $14,000. Returned $3,000 of merchandise purchased on Dec. 5 from Deepwater Co. Paid Hillsboro Co. on account for purchase of Dec. 3, less discount. 15 13 Paid Deepwater Co. on account for purchase of Dec. 5, less return of Dec. 7 and discount. 16 Received cash on account from sale of Dec. 6 to Zion C., less discount. Sold merchandise cash $58,000. The cost of merchandise sold was $43,800. Sold merchandise on account to Smith River Co., $15,400, terms 2/10, n/30. The cost of the merchandise sold was $9,000 Sold…
Dog Merchandise with a sales price of $5,200 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a a. debit to Sales Discounts for $104 b. debit to Cash for $5,200 c. credit to Sales for $5,096 d. debit to Accounts Receivable for $5,076
A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period (Round your answer to the nearest dollar)? Oa. $22,308 Ob. $21,862 Oc. $22,880 Od. $28,600
Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a a. debit to Cash for $1,100 Ob. debit to Accounts Receivable for $1,058 c. debit to Sales Discounts for $22 d. credit to Sales for $1,078
Merchandise with a sales price of $5,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Accounts Receivable for $5,566 Ob. credit to Sales for $5,586 Oc. debit to Sales Discounts for $114 Od. debit to Cash for $5,700 券

es All Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. November 3 The company purchased $3,800 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $1,003 to J. Than for $1,102 on credit, subject to a $22 sales discount if paid by the end of the month. November 9 The company borrowed $3,075 cash by signing a note payable to the bank. November 13 J. Ali, the owner, contributed $4,375 cash to the company. November 18 The company sold merchandise costing $160 to B. Cox for $285 cash. November 22 The company paid Hart Company $3,800 cash for the merchandise purchased on November 3. November 27 The company received $1,080 cash from 3. Than in payment of the November 7 purchase. November 30 The company paid salaries of $1,900 in cash. CASH RECEIPTS JOURNAL Date Account Credited Cash…