Crazy Computer Store sells a back-to-school bundle that consists of a laptop computer, printer, and tablet to a customer for $2,400. Crazy Computer also sells the products on a stand-alone basis for the following amounts: the laptop for $1,800, the printer for $350, and the tablet for $500. The customer receives a $250 discount for buying the three products as a bundle. Crazy Computer normally sells the laptop and printer as a package for a price of $1,900. The tablet is normally not discounted. Required: 1. How should the transaction price be allocated among the products? 2. Prepare the journal entry when Crazy sells a back-to-school bundle for cash.

Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Dish Mart made a cash sale of 14 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $430 per set. Terms of the sale are 10/15, n/60, invoice date March 9. Mar. 13 Emma discovers 8 of the dish sets are damaged from the March 9 sale and returns them to Dish Mart for a full refund. Mar. 14 Dish Mart sells 7 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $410 per set. Terms of the sale are 10/10, n/60, invoice date March 14. Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase and 7 of the dish sets from the March 5 sale are missing a few dishes but keeps them since Dish Mart granted an allowance of $220 per…

Bonita Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1.   Bonita Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $506. The standalone selling price of the tablet is $234 (the cost to Bonita Company is $167). Bonita Company sells the Internet access service independently for an upfront payment of $324. On January 2, 2020, Bonita Company signed 90 contracts, receiving a total of $45,540 in cash. 2.   Bonita Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $612. Bonita Company provides the 3-year tablet service plan as a separate product with a standalone selling price of $155.…

Mei-Ling will buy the. items listed below.  She has a score-valued card worth $150.  The store offers her a 5% discount if she uses her credit card to pay for any part of the purchase.  What is the total cost of the purchase after Mei-Ling uses her stored-value card prior to using her credit card? Round to the nearest cent. Item.                              Cost($) circular area rug.             324.60 ceiling fan                       179.99  a $504.59  b $479.36  c $354.59  d $336.86

Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: Question Content Area Prepare the journal entry to record the sale using the net method Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)

A photographer buys some merchandise with a list price of $5,000. If the supplier offers trade discount rates of 20/15/5, find the trade discount (in $). (Find the single equivalent discount first.)

Comfy Home sells gift cards which can be loaded with any amount greater than $10, in increments of $5. Which of the following statements best describes the nature of gift card sales? Gift cards represent an asset because the company is entitled to receive revenues from future sales that will be paid for with gift cards. Gift cards represent an asset because the company will get to keep the cash from all gift cards that expire before they are redeemed. O Gift cards represent a liability because the company has an obligation to provide goods to customers at a future date. Gift cards represent owners' equity because the company can recognize revenue as soon as the gift cards are sold.