Record sale of gift cards totaling $8,000. The cards are redeemable for merchandise within one year of the purchase date. Note: Enter debits before credits. Date January 02 General Journal Debit Credit
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- Prepare the entries for transaction below and indicate what journal it is 21 august issued a $600 credit memo to ultracity co. For an allowance on good sold on august 19, 2020The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?
- Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyas
- eBook Show Me How Question Content Area Accounts receivable turnover and days’ sales in receivables For two recent years, Robinhood Company reported the following: Line Item Description 20Y9 20Y8 Sales $7,906,000 $6,726,000 Accounts receivable: Beginning of year 600,000 540,000 End of year 580,000 600,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round your answers to one decimal place. b. Determine the days’ sales in receivables for 20Y9 and 20Y8. Assume 365 days in a year. Round intermediate calculations and final answers to one decimal place.Entries for notes payable Bennett Enterprises issues a $504,000, 30-day, 8 %, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize Bennett Enterprises' entries to record: the issuance of the note. the payment of the note at maturity. 1. 2. Question Content Area b. Journalize Spectrum Industries' entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. 2.Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750. Apr. Apr. Apr. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list
- 4 eBook Print References Complete the following: (Use Table 71) Date goods are received Invoice June 18 Terms 1/10, n/30 Last day of discount period Final day bill is due (end of credit period)* CengageNOwv2 | Online teachir x d21 mnsu - Bing x |+ O https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSes. Problem 9-94B (Algorithmic) Note Computations and Entries (Straight Line) On January 1, 2020, Benton Corporation borrowed $930,000 with a 10-year, 8.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $915,500 was recelved when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2020. 2020 Jan. 1 Record issuance of notes at discount 2. Prepare the necessary journal entry at June 30, 2020. If required, round amounts to the nearest dollar. 2020 June 30 Record interest expense 3. Prepare the necessary journal entry at December 31, 2020. If required, round amounts to the nearest dollar. 2020 Dec. 31 11:36 AM a 4/6/2021Journal entry worksheet 2 3 4 Sold merchandise for $8,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general journal