Question 1Superfan retails one type of premium computer fans which it sells for $72.6 (GST Inclusive) per unit.The following events took place during the month of September 2021:September 8 Superfan purchased 100 fans at $38.5 (GST Inclusive) per unit in cash.September 15 SuperFan purchased 160 fans at $37.4 (GST Inclusive) per unit on credit.September 20 Superfan sold 330 fans to FansAreUs on credit.September 23 FansAreUs returned 30 fans sold on 20 September which were damaged and writtenoff by SuperFan.September 30 Stocktake revealed 28 fans on hand.Additional information:1. Superfan had 100 fans valued at $3,100 on hand on 1 September 2021. It uses the movingaverage cost flow assumption and the perpetual inventory method to account for its inventorymovement.2. The opening balance for the allowance for doubtful debts account was $250 credit on 1September 2021. SuperFan assumes 2% of all monthly net credit sales to be irrecoverable.Required: Record September 2021 transactions including any adjustment(s) in the General Journalbelow. Round moving average cost of inventory per unit to 2 decimal points. Round double-entries toa full dollar. GST needs to be accounted for. Narrations are not required.Dr (S)Cr (S)DateAccounts||

Journal Entry The basic accounting work is to journalize the required transaction into both debit…

Answered: Question 1 Superfan retails one type of…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 47BE: Percentage of Credit Sales Method Ruby Red manufactures, markets, and distributes citrus flavored...

See similar textbooks

Similar questions

Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.
Pianos Unlimited sells pianos to customers. The company contracts with a supplier who provides it with replacement piano keys. There is an agreement that Pianos Unlimited is not required to provide cash payment immediately, and instead will provide payment within thirty days of the invoice date. Additional information: Pianos Unlimited purchases 400 piano keys for $7 each on September 1, invoice date September 1, with discount terms 2/10, n/30. Pianos Unlimited returns 150 piano keys (receiving a credit amount for the total purchase price per key of $7 each) on September 8. The company purchases an additional 230 keys for $5 each on September 15, invoice date September 15, with no discount terms. The company pays 50% of the total amount due to the supplier on September 24. What amount does Pianos Unlimited still owe to the supplier on September 30? What account is used to recognize this outstanding amount?
Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
Sales Price Cost to CBS Product per-package, per unit per-package, per unit Electronic hardware package Desktop computer Tablet computer Landline telephone 4-in-1 printer $1,200 $620 750 400 300 60 150 60 350 100 Date Transactions 2018 CBS sells 10 electronic hardware packages to a customer at a sales price of $1,200 each. The customer pays immediately with cash. July 1 July 7 CBS sells 20 desktop computers to a customer on credit. The credit terms are n/15 with an invoice date of July 7. The following entries occur. July 17 the customer makes full payment on the amount due from the July 7 sale. August 1 a customer purchases 56 tablet computers on credit. The payment terms are 2/10, n/30, and the invoice is dated August 1 August 10 The customer pays their account in full. September 1 CBS sold 250 landline telephones to a customer who paid with cash. On September 3, the customer discovers that 40 of the phones are the wrong color and returns the phones to CBS in exchange for a full…
II Tirso Trading is a distributor of beauty products. To attract customers it offers its goods on credit terms of 2/10, n/30. The business engaged in the following selected transactions during April: 2020 1 Sold merchandise to David's Salon on account for P8,400, 12% VAT included. 3 Sold merchandise to Jessie Mendez on account, P3, 500, plus 12% VAT. 5 Authorized an allowance of P560, VAT included, to be credited to the account of David's Salon, who reported that merchandise from the sale of April 1 was defective. 6 Sold merchandise for P 2,250, VAT excluded, to Ricky Reyes. Terms: 50% down, balance on account. 8 Record various cash sales for the day amounting to P5,600, VAT included. 10 David's Salon made a partial payment of 50% Apr 12 Received a check from Jessie Mendez for the amount due. 17 Received a check from Ricky Reyes for the amount due. 30 David's Salon isssued a 15-day, 12% note for the overdue account. REQUIRED; ANALYZE AND MAKE THE JOURNAL ENTRIES FOR FOLLOWING…
Product Sales Price Cost to CBS per-package, per unit per-package, per unit Electronic hardware package Desktop computer Tablet computer Landline telephone 4-in-1 printer $1,200 750 $620 400 300 60 150 60 350 100 Date Transactions 2018 CBS sells 10 electronic hardware packages to a customer at a sales price of $1,200 each. The customer pays immediately with cash. July 1 July 7 CBS sells 20 desktop computers to a customer on credit. The credit terms are n/15 with an invoice date of July 7. The following entries occur. July 17 the customer makes full payment on the amount due from the July 7 sale. August 1 a customer purchases 56 tablet computers on credit. The payment terms are 2/10, n/30, and the invoice is dated August 1 August 10 The customer pays their account in full. September CBS sold 250 landline telephones to a customer who paid with cash. On September 3, the customer 1 discovers that 40 of the phones are the wrong color and returns the phones to CBS in exchange for a full…
eBook Consider the following transaction: On March 6, Fun Cards sells 570 card decks with a sales price of $9 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
Marr Trading purchases and sells a single product called ALGA. Opening inventories of ALGA 1 March 2019 was 400 units at a total cost of RM1,200. The sale price of ALGA per unit is RM7. T transactions during the month are as follows: 1 Date Purchase Sale Unit Total (RM) (Unit) 2 March 5,500 24,500 7 March 7,000 20,000 13 March 2,200 19 March 4,000 12,000 22 March 2,600 28 March 2,000 Required: (a) Prepare a store ledger card of ALGA for March 2019 using the first-in, first-out (FIFO) method of pricing issues. (b) Calculate the value of inventory for the financial year ended 31 March 2019. (c) Prepare extracts from the Statement of Profit and Loss for the year ended 31 March 2019.
Product Price per Unit $400 Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3. CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund,, June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance…
4. Review the following sales transactions for Birdy Birdhouses and record any required journal entries. Aug. 10 Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $70 each in exchange for cash. The cost to Birdy is $46 per birdhouse. Aug. 12 | Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit. The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date August 12. Julia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund. Julia also discovers that 10 of the birdhouses from the August 12 purchase are painted the wrong color but keeps them since Birdy granted an allowance of $24 per birdhouse. Julia Aug. 14 Aug. 20 pays her account in full from the August 12 purchase, less any returns, allowances, and/or discounts.
33) Muscat company mart has the following sales transactions for the month of April 2018. April 6 Sold goods on credit to Nizwa mart: 50 Kettles @ RO 30each 60 electrical equipment @ RO 15 each Trade discount of 3% and Shipping cost of RO 350 April 8 Sold goods to JK mart and received cash of RO 7,500 Calculate the Total amount which is transferred to Sales daybook during the month of April 2018? a. RO 7,500 b. RO 2,328 c. RO 2,678 d. RO 2,400
UNIVERSAL APPLIANCES uses a perpetual system The following are the recent merchandising transactions : 2017 Dec 17 Purchased 10 juicer machines from Westpoint on credit. Invoice price, $300 per unit, for a total of $3,000. The terms of purchase were 2/10, n/30. Dec 18 Sold two of these units for $450 each. Dec 27 Paid the account payable to Westpoint within te discount period. Required : Record journal entries assuming that UNIVERSAL APPLIANCES records purchases at : Net Cost Gross Invoice Price Assume that UNIVERSAL APPLIANCES did not pay within discount period. Record journal entries for making payment on Dec 29 at : Net Cost Method Gross Invoice Price Method

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS