FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Prepare journal entries for the following transactions from Barrels Warehouse.
Jul.
Sold 2,000 barrels with a sales price of $40 per barrel to customer Luck's Vineyard:
Vineyards paid with cash.
The cost for this sale is $20 per barrel.
Jul.
Sold 1,400 barrels with a sales price of $32 per barrel to customer Paramount Appa
3
Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30
for this sale is $19 per barrel.
Jul.
Sold 1,400 barrels with a sales price of $30 per barrel to customer Melody Shareho
paid using her MoneyPlus credit card.
The cost for this sale is $17 per barrel. MoneyPlus Credit Card Company charges Bi
Warehouse a 2% usage fee based on the total sale per transaction.
Jul.
MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse
8
transaction from July 5, less any usage fees.
Jul.
Paramount Apparel paid its account in full with a cash payment, less any discounts.
13
If an amount box does not require an entry, leave it blank.
88
Jul. 1
To record sale of barrels
88
Jul. 1
To record cost of sale
Jul. 3
To record sale of barrels
Jul. 3
To record cost of sale
Jul. 5
To record sale of barrels
II II II II
II II II 1IO
Transcribed Image Text:paid using her MoneyPlus credit card.
The cost for this sale is $17 per barrel. MoneyPlus Credit Card Company charges B
Warehouse a 2% usage fee based on the total sale per transaction.
Jul.
MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehous
8
transaction from July 5, less any usage fees.
Jul.
Paramount Apparel paid its account in full with a cash payment, less any discounts
13
If an amount box does not require an entry, leave it blank.
Jul. 1
To record sale of barrels
Jul. 1
To record cost of sale
Jul. 3
To record sale of barrels
Jul. 3
To record cost of sale
Jul. 5
To record sale of barrels
88
Jul. 5
To record cost of sale
Jul, 8
To record cash payment, less usage fee
Jul. 13
To record cash payment, less discount
II II II III II II III
II II II III II II III
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