E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1 Bennett Retailers had the following transactions in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 4/10, n/30. Sold two items of merchandise to Customer C, who charged the $600 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,400 (total); terms 4/10, n/30. Net sales Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid the November 20 invoice in full. Required: Compute net sales for the two months ended December 31. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.

E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1 Bennett Retailers had the following transactions in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 4/10, n/30. Sold two items of merchandise to Customer C, who charged the $600 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,400 (total); terms 4/10, n/30. Net sales Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid the November 20 invoice in full. Required: Compute net sales for the two months ended December 31. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.

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

A-8
Subject:- accounting
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable
Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Purchases on account, P800,000; terms: 5; 2/20; n/30. FOB shipping point, freight prepaid, P5,000. Mar 15 - Returned merchandise from Mar 2 purchases amounting to P20,000 Mar 20 - Paid purchases made on March 2 Mar 31 - Purchased goods on account P180,000. FOB destination, freight prepaid P14,000 Required: Journalize the above transactions using PERIODIC МЕТНOD
am. 103.
Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…
Credit Card Sales Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged. 1
Prime book entries?
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
33) Muscat company mart has the following sales transactions for the month of April 2018. April 6 Sold goods on credit to Nizwa mart: 50 Kettles @ RO 30each 60 electrical equipment @ RO 15 each Trade discount of 3% and Shipping cost of RO 350 April 8 Sold goods to JK mart and received cash of RO 7,500 Calculate the Total amount which is transferred to Sales daybook during the month of April 2018? a. RO 7,500 b. RO 2,328 c. RO 2,678 d. RO 2,400
a. net sales for Dec 2018 b. cost of good sold for Dec 2018 c. net income for Dec 2018
On October 4, 2008, Terry Corporation had credit sales transactions of P2,800 from merchandise having cost P1,900. The entries to record the day's credit transactions include a