Consider the following transactions for RC Photo: • September 2 RC Photo Shop sold $44,700 of camera equipment on account, credit terms 3/15, n/EOM. . September 12 RC Photo Shop received a sales returns totaling $1,100 for damaged goods from the customer. . September 18 RC Photo Shop receives payment from the customer on the amount due, less the return and discount. Journalize the purchase transactions assuming RC Photo Shop uses the periodic inventory system.

Consider the following transactions for RC Photo: • September 2 RC Photo Shop sold $44,700 of camera equipment on account, credit terms 3/15, n/EOM. . September 12 RC Photo Shop received a sales returns totaling $1,100 for damaged goods from the customer. . September 18 RC Photo Shop receives payment from the customer on the amount due, less the return and discount. Journalize the purchase transactions assuming RC Photo Shop uses the periodic inventory system.

Name: Consider the following transactions for RC Photo:• September 2 RC Pho
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Consider the following transactions for RC Photo:• September 2 RC Photo Shop sold $44,700 of camera equipment on account, credit terms 3/15,n/EOM..September 12 RC Photo Shop received a sales returns totaling $1,100 for damaged goods from thecustomer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,900 with terms 2/10, net 30. The cost of the goods sold was $9,685. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.
1
Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764
Create General Journal entries
help with working
Only typed solution
On April5, a customer returns 20 bicycles witha sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account . The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system
On April 3, a customer returned $600 of merchandise that had been purchased withcash to Ryan Supplies. Ryan’s cost of the goods returned was $200. Which journal entry orentries should Ryan prepare? (No sales discount was offered for early payment.)a. One entry to debit Cash and credit Sales Refunds Payable for $600; another entry todebit Inventory Returns Estimated and credit Inventory for $200.b. One entry to debit Sales Refunds Payable and credit Cash for $600; another entry todebit Inventory and credit Inventory Returns Estimated for $200.c. One entry to debit Sales Revenue for $600 and credit Cash for $600.d. One entry to debit Sales Revenue for $400, debit Refund Expense for $200, and creditCash for $600.
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Current Attempt in Progress Prepare the necessary journal entries to record the following transactions, assuming Cullumber Company uses a perpetual inventory system. (a) Cullumber sells $57,500 of merchandise, terms 1/10, n/30. The merchandise cost $39,220. (b) The customer in (a) returned $5,300 of merchandise to Cullumber. The merchandise returned cost $3,710. (c) Cullumber received the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Transactions Account Titles and Explanation (a) (To record credit sale.) (To record cost of goods sold.) Debit Credit SU