Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a Nov. cash refund. 10 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet 1 2 3 4 6 8 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. Note: Enter debits before credits. Date General Journal Debit Credit Nov 01

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A noninterest-bearing note is issued on February 12 of a non-leap year in the amount of $14,250. It has a term of 10 months. It is sold on September 22 with a negotiated interest rate of 2%. Determine the proceeds of the sale. Add 3 days grace period. Select one: a. $14184.71 b. $12193.87 c. none d. $13189.29 Check

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Exercise 7-2 (Static) Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental- charges a 2.5t fee. Prepare journal entries to record the above credit card transactions of Levine Company. View transaction list View journal entry worksheet No Date General Journal 1 April 08 Credit card expense 2 April 08 Cost of goods sold Merchandise inventory 3 April 12 Cash Credit card expense Sales Debit Credit 336 6,000 6,000 140 4 April 12 Cost of goods sold 3,500 Merchandise inventory 3,500

Entries for Uncollectible Receivables, using Alowance Method 1. EX.08.01 Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of 2 EX 08.02 ALGO accounting for uncollectible recelvables: 3. EX.08.03 ALGO May 24 Sold merdchandise on account to Old Town Cafe, $10,200. The cost of goods sold was $7,300. Sept. 30 Received $3,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. 4. EX.08.04 ALGO Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $7,200 cash in full payment. 5. EX.08.06 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable-old Town Cafe 6. EX 08.07 May 24-sale 7. EX.08.20 ALGO Sales v 8. PRO8.02A BLANKSHEET Cost of Goods Sold v Inventory v May 24-cost Sept. 30 Cash Allowance for Doubtful Accounts Accounts Receivable-old Town Cafe v Dec. 7-reinstate Accounts…

Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system and the gross method. July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. July 3 Paid $125 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,300 for $1,700 cash. July 9 Purchased merchandise from Leight Company for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $200 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due from Creek Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company within the…

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Chapter 12 Homework eBook Show Me How Print Item Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228. 3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229. 5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230. 7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231. ACCOUNTS RECEIVABLE DEBIT Page: 1 SALES TAX PAYABLE CREDIT > SALE NO. POST. REF. SALES CREDIT DATE TO WHOM SOLD М.d 1 1 М. d 2 2 М.d М.d 4 4 3.