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: 1 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 Appi 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 5 paid using her MoneyPlus credit card.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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: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
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
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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