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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Journalize the following transactions using the allowance method of accounting for uncollectible receivables.
April 1 Sold merchandise on account to Jim Dobbs, $6,000. The cost of the merchandise is $7,200. If an amount box does not require an entry, leave it blank.
April 1 | fill in the blank 84396d094fddfdf_2 | fill in the blank 84396d094fddfdf_3 | |
fill in the blank 84396d094fddfdf_5 | fill in the blank 84396d094fddfdf_6 | ||
April 1 | fill in the blank 84396d094fddfdf_8 | fill in the blank 84396d094fddfdf_9 | |
fill in the blank 84396d094fddfdf_11 | fill in the blank 84396d094fddfdf_12 |
June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank.
June 10 | fill in the blank 19ebf5fd6006061_2 | fill in the blank 19ebf5fd6006061_3 | |
fill in the blank 19ebf5fd6006061_5 | fill in the blank 19ebf5fd6006061_6 | ||
fill in the blank 19ebf5fd6006061_8 | fill in the blank 19ebf5fd6006061_9 |
Oct. 11 Reinstated the account of Jim Dobbs and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank.
Oct. 11 | fill in the blank 6fc496fbe079fdb_2 | fill in the blank 6fc496fbe079fdb_3 | |
fill in the blank 6fc496fbe079fdb_5 | fill in the blank 6fc496fbe079fdb_6 | ||
Oct. 11 | fill in the blank 6fc496fbe079fdb_8 | fill in the blank 6fc496fbe079fdb_9 | |
fill in the blank 6fc496fbe079fdb_11 | fill in the blank 6fc496fbe079fdb_12 |
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- E9.3arrow_forwardPharoah Company sells merchandise on account for $3600 to Morton Company with credit terms of 2/14, n/30. Morton Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Pharoah Company make upon receipt of the check? Cash 2940 Sales Returns and Allowances 600 Sales Discounts 60 Accounts Receivable 3600 Cash 2940 Sales Returns and Allowances 660 Accounts Receivable 3600 Cash 3000 Accounts Receivable 3000 Cash 3528 Sales Discounts 72 Sales Returns and Allowances 600 Accounts Receivable 3000arrow_forwardAPPLYING THE CONCEPTS: Purchases and sales in action This is a list of purchases and sales transactions that occurred in the month of November. Correctlyjournalize these transactions below. Use Smart Entry when dropdowns are not available. Forcompound entries, if amount box does not require an entry, leave it blank. If required, round to the nearest cent. November 1 Purchased inventory on account with credit terms 2/10, n/30, $4900. November 2 Paid freight-in costs FOB shipping point, $200. November 6 Returned part of inventory purchased on 11/1 for a credit, $980. November 8 Sold inventory on credit, terms 2/10, n/30, $3600. November 10 Paid one half of the amount due for the purchase on 11/1. November 15 Accepted return of part of inventory sold on 11/8 for credit, $720. November 16 Paid the remaining balance of the amount due for the purchase on 11/1. November 17 Collected in full for the sale on 11/8.arrow_forward
- Please do not give solution in image format thankuarrow_forwardnces Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,500 (that had cost $6,282) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $9,800 (that had cost $6,350) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list View journal entry worksheet i No 1 2 3 4 Date April 08 April 08 April 12 April 12 Cash Credit card expense Sales Cost of goods sold Merchandise inventory Cash Credit card expense Sales Cost of goods sold Merchandise inventory General Journal Debit 8,160 340 6,000 9,555 245 6,350 Credit 8,500 6,000 9,800 6,350 Ⓒarrow_forwardJournalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Mar. 1 Sold merchandise on account, $77,100 with terms 2/10, n/30. The cost of the merchandise sold was $42,750. 9 Received payment less the discount. 13 Issued a $2,500 credit memo for damaged merchandise. The customer agreed to keep the merchandise. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation-Equipment 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment REVENUE 410 Sales 610 Rent Revenue EXPENSES 510 Cost of…arrow_forward
- Create general journal entries.arrow_forwardEntries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold merchandise on account to Beijing Palace Co., $18,900. The cost of the merchandise sold was $11,200. Aug. 30. Received $8,000 from Beijing Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible. Dec. 8. Reinstated the account of Beijing Palace Co. that had been written off on August 30 and received $10,900 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. May 1-sale May 1-cost Aug. 30 Dec. 8-reinstate Dec. 8-collection. 10 0 0000 0000 0 00arrow_forwarda. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. a1. Account Titles Record the cost of the sale. a2. Debit Credit Account Titles Debit Credit b. Received check from Brown Co., $300, less 3% discount. (Assume $300 was the gross amount of the sale.) Account Titles Debit Credit b. c. Cash sales, $104. The cost of merchandise was $59. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Account Titles Debit Credit c1. Record the cost of the sale. Transactions a. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28. b. Received check from Brown Co., $300, less 3% discount. c. Cash sales, $104. The cost of merchandise was $59. d. Issued credit memorandum no. 2 to Troy Co. for defective…arrow_forward
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