On June 15, Mike Wholesale Jewelry received an order for 500 pieces of Jewelry. The order was paid for when Waldorf Jewelry presented the order. The merchandise was shipped on June 30 and arrived July 3 at the place of business. Mike's Wholesale Jewelry has a return policy that allows a customer to return merchandise for up to 30 days for a full refund with no questions asked. Mike's Wholesale Jewelry has a return rate around 5%. The jewelry sells for $50 each and costs $20 each. 1. Using the FASB Codification, Show Mike's management the journal entries 1. at the time of the order takes place, 2. at the time the customer received the order and 3. when the 30 days return period has expired.

MARYJANE, IN., a grocery business, operates a customer loyalty program. MARYJANE grants its program members points when they spend a specified amount of purchases. The points have no expiry date, and they can use the points for further purchases. During 2021, the customers earned 80,000 points, but management expects that 75% of these points will be redeemed. The stand-alone selling price of each loyalty point is estimated at Php 20. The sales during 2021 amounted to Php 6,800,000 on stand-alone selling price. On December 31, 2021, 28,800 points have been redeemed. In 2022, the management revised its expectations and now expects 85% of the points to be redeemed. In 2022, the 12,000 points were redeemed. a. 1,367,481 b. 1,200,000 c. 1,020,000 d. 1,295,238 What amount of the transaction price should be allocated to the groceries?

Alfredo Company purchased a new 3-D printer for $900,000. Although this printer is expected to last for ten years, Alfredo knows the technology will become old quickly, and so they plan to replace this printer in three years. At that point, Alfredo believes it will be able to sell the printer for $13,000. Calculate yearly depreciation using the double-declining-balance method. Round final answers to nearest whole dollar amount. Year 1 Year 2 Year 3 000

Shatner ​Importers, Inc. sells coffee pots for $120 each. On  November ​12, the company sold  to a customer on account with terms of ​/15, ​n/30. The customer paid for 20 of the coffee pots on November 27 and paid for the remaining on 11th. Provide the necessary journal entries for Shatner to record these transactions under both the​ most-likely-amount and​ expected-value methods. For the​ most-likely-amount method, assume both that the customer will take the discount and​ won't take the discount. For the​ expected-value approach, assume that the customer is​70% likely to take the discount and ignore any constraints on variable consideration.​ (Ignore the journal entry that would typically be necessary to record the reduction of inventory and cost of goods​ sold.) Round to two decimal places.b. Provide a comparison of the impact on the income statement for each method.  begin by recording the transactions under the​ most-likely-amount method, assuming that the customer will take the…

On March 15th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in the amount of $2,500. The merchandise was not what they ordered, but they agreed to keep it for a reduction in price. Jewelry Wholesalers offered them a 10% reduction. What is the journal entry to record this transaction? Debit Accounts Payable/Jewelry Wholesalers, $250; credit Purchases Returns and Allowances $250 Debit Accounts Payable/Jewelry Wholesalers, $2,500; credit Purchases Returns and Allowances, $2,500 Debit Purchases, $2,500; credit Accounts Payable/Jewelry Wholesalers, $2,500 Debit Purchases, $250; credit Accounts Payable/Jewelry Wholesalers, $250

Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his June billing cycle is $1,147.56. During the billing cycle he purchased a printer cartridge for $47.78, books for $281.37 and gasoline for $16.65. He made a payment of $1,200. If the account applies the unpaid balance method, what are the finance charge and the new balance? The finance charge is $. The new balance is $ (Round to the nearest cent as needed.)

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 12 sets of dishes at a price of $600 per set to customer Emma Purcell. The cost per set is $500 to Dish Mart. Mar. 9 Dish Mart sold 20 sets of dishes to Emma for $550 per set on credit, at a cost to Dish Mart of $450 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 8 sets of dishes to Emma for $570 per set on credit, at a cost to Dish Mart of $400 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…

Walter's widgets received a bill for merchandise with a net price of $7,170.26. Walter is offered a 2% cash discount if he pays within 10 days of the invoic date. he doesn't have enought to pay the full amount, so he makes a partial payment of $4,000 on day 9.  Find the amount credited for the partial payment and find the outstanding balance. Amount credited: ________? Outstanding balance:________?

On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.

Record the transactions on the books of Martinez corporation.