Presented below is information from Culver Computers Incorporated.July 1Sold $14,100 of computers to Larkspur Company with terms 3/15, n/60. Culver uses the gross method to record cashdiscounts.10Culver received payment from Larkspur for the full amount owed from the July 1 transaction.17Sold $108,100 in computers and peripherals to The Clark Store with terms of 3/10, n/30.30The Clark Store paid Culver for its purchase of July 17.Prepare the necessary journal entries for Culver Computers. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

DateAccount TitleDebitCreditJuly 1Accounts Receivable - Larkspur Company14,100 Sales Revenue…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of merchandise for P59,000 for cash. Paid for the repair of one air-conditioning unit, P3,280. Collected a customer’s account, P15,880 How much was the total amount credited to Cash?
Choose the correct answer: 12. On November 10 of the current year, Al-Kamil Co. sold carpet to a customer for OR 8,000 with credit terms 2/10, n/30. Al-Kamil uses the gross method of accounting for cash discounts. What is the correct entry for Al-Kamil on November 10? Select one: a. Accounts receivable 8,000 Sales 8,000 b. Accounts receivable 8,000 cash discounts 160 Sales 7,840 c. Accounts receivable 7,840 cash discounts 160 Sales 8,000 d. Accounts receivable 7,840 Sales…
Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $9,000 of the merchandise, receiving a credit memo. Journalize Warwick’s entries to record (a) the purchase, (b) the merchandise return, and (c) the payment within the discount period of ten days, and (d) payment beyond the discount period of ten days. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions. Chart of Accounts CHART OF ACCOUNTS Warwick’s Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment…
Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $35,200, terms n/30. The cost of the merchandise sold is $21,100. Showcase Co. issues a credit memo for $6,000 as a price adjustment prior to Balboa Co. paying the original invoice. a. Journalize Balboa Co.’s entry for the purchase. b. Journalize Balboa Co.’s entry for the credit memo. c. Journalize Balboa Co.’s entry for the payment of the invoice.
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July 1 Sold $21,600 of computers to Robertson Company with terms 3/15, n/60. Windsor uses the gross method to record cash discounts. Windsor estimates allowances of $1,404 will be honored on these sales. 10 Windsor received payment from Robertson for the full amount owed from the July transactions. 17 Sold $216,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Windsor for its purchase of July 17. Prepare the necessary journal entries for Windsor Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record sales revenue.) (To record allowance for sales returns.) Debit Credit
On June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…
Presented below is information from Novak Computers Incorporated. July 1 10 17 30 Sold $25,600 of computers to Robertson Company with terms 3/15, n/60. Novak uses the gross method to record cash discounts. Novak estimates allowances of $1,664 will be honored on these sales. (Novak records these estimates at point of sale.) Prepare the necessary journal entries for Novak Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Novak received payment from Robertson for the full amount owed from the July transactions. Sold $256,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. The Clark Store paid Novak for its purchase of July 17. Date July 1 V July 17 July 10 V July 30 V Account Titles and Explanation…
The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $2,200 sales price in cash. The goods cost Bear's $1,200. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $7,600 (total); terms 3/10, n/30. The goods cost Bear's $4,300. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bear's $4,900. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory…
May 24 Sold merchandise on account to Old Town Cafe, $36,010. The cost of goods sold was $22,050. Sept 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash ir full payment. Dec. 7 Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables
The following journal entry was included in the accounting records of Ostrosky Corporation on March 20: Debit Accounts payable $4,000, Credit Merchandise Inventory $40, Credit Cash $3,960 Based on this journal entry, it is likely that the company: A. Sold inventory for cash B. Collected cash for the inventory sold on credit and recorded a 1% sales discount C. Purchased inventory for cash D. Paid for the inventory purchased on credit and took advantage of the 1% purchase discount
Journalize the following transactions in the accounts of BBH inc., a wholesaler of arcade cabinets that uses the allowance method of accounting for uncollectible receivables: May 24 - Sold merchandise on account to Big Castle $18,450. The cost of goods sold was $11,000. 30 - Received $6,000 from Big Castle and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 - Reinstated the account of Big Castle that had been written off on September 30 and received $12,450 cash in full payment

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