On June 3, 2020, Nash Company sold to Ann Mount merchandise having a sales price of $7,200 (cost $4,320) with terms of n/60, f.o.b. shipping point. Nash estimates that merchandise with a sales value of $720 will be returned. An invoice totaling $140 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount returned to Nash $300 of merchandise containing flaws. Nash estimates the returned items are expected to be resold at a profit. The freight on the returned merchandise was $23, paid by Nash on June 8. On July 16, the company received a check for the balance due from Mount. Prepare journal entries for Nash Company to record all the events in June and July.  The journal entries required are: To record sales To record cost of goods sold To record sales returns To record cost of goods returned To record the freight cost

On August 5, 2021, Cullumber Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $470 each. The cost of shipping the dining sets amounted to $4800 and was paid for by Cullumber Furniture. On December 30, 2021, the consignee reported the sale of 40 dining sets at $970 each. The consignee remitted payment for the amount due after deducting a 5% commission, advertising expense of $720, and installation and setup costs of $900. The amount cash received by Cullumber furniture is OOOO $36140. $38800. $35240. $36860.

On January 4, 2019, Dunbar Company purchased, on credit, 2,000 television sets at $700 each. Terms of the purchase were 2/10, n/30. Dunbar paid for 20% of these sets on January 13 and the remaining 80% on February 1. Required: 1. Prepare the journal entries on Dunbar Company’s books, assuming that it uses the net price method to record its merchandise. (Dunbar uses a perpetual inventory system.)  2. Next Level  Discuss the conceptual advantage of the net price method compared to the gross price method.

On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Happy Sales; terms 1/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $25,000. Wilson paid $2,000 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $5,000 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $4,200. On May 20, Wilson mailed a cheque to Happy for the amount owed on that date. Happy received and recorded the cheque on May 21. Required: a. Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual inventory system. View transaction list 1 Record the purchase of merchandise on credit; terms 1/10, n/90. 2 Record the payment of shipping charges on purchased merchandise. 3 Record the return of unacceptable merchandise. 4 Record the payment of balance within the discount period. b. Present the journal entries that Happy Sales…

On July 2, 2021, Windsor Company sold to Sue Black merchandise having a sales price of $11,100 (cost $6,660) with terms of 2/10. n/30. f.o.b. shipping point. Windsor estimates that merchandise with a sales value of $810 will be returned. An invoice totaling $130, terms n/30, was received by Black on July 6 from Pacific Delivery Service for the freight cost. Upon receipt of the goods, on July 3, Black notified Windsor that $400 of merchandise contained flaws. The same day, Windsor issued a credit memo covering the defective merchandise and asked that it be returned at Windsor’s expense. Windsor estimates the returned items to have a fair value of $150. The freight on the returned merchandise was $20 paid by Windsor on July 7. On July 12, the company received a check for the balance due from Black.     Prepare journal entries for Windsor Company to record all the events noted above assuming sales and receivables are entered at gross selling price. (Credit account titles are…

On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Wildhorse pays the freight costs of $590 on June 11. Damaged goods totaling $350 are returned to Novak for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system.   how do i prepare a entrie transaction for the items that i have attached?

On October 9, 2020, Steven Company purchased $4,500 of product on account from Bryant Company on with credit terms of 2/15 n/30. The product cost Bryant Company $3,750. The freight terms were F.O.B. shipping point, the cost was $125 and the freight was paid in cash to ABC Trucking Company on Oct 12, 2020. On October 15, Bryant Company purchased $2,000 of product from Mitchell Company, with credit terms of 3/10, n/60. The product cost Mitchell Company $1,200. The freight terms were F.O.B. destination. the cost was $75 and the freight was paid in cash to ABC Trucking Company on October 16. On October 17, Steven Company paid for the purchase made on October 9. On October 30, Bryant Company paid for the purchase made on October 15. Prepare the journal entries for Steven, Bryant, and Mitchell Companies. Calculate the gross margin on Bryant’s sale to Steven Company and on Mitchell’s sale to Bryant Company.

On May 11, 2023, Wilson Purchasing purchased $24,000 of merchandise from Happy Sales; terms 3/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $19,000. Wilson paid $1,400 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $3,800 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,000. On May 20, Wilson mailed a cheque to Happy for the amount

Please answer the question correctly. Thank you.

Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $800 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10 n / 30 . Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.   Please step by step answer