Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.
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Read through the information below for selected transactions during the month of December, 2021 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached .
Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.
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- The debits and credits for four related entries for a sale of 15,000, terms 1/10, n/30, are presented in the following T accounts. Describe each transaction.Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.
- Sampson Co. Sold merchandise to Batson Co., on account, $46,0000, terms 2/15, n/45. The cost of the merchandise sold is $38,500. Batson Co. paid the invoice within the discount period. Prepare the entries for Sampson Co. for a) the sale of the merchandise and, b) the receipt of payment from Batson.Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore Co. and Blue Star Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.July 1) Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Wilson Company was $1,860. July 3) Paid $1,005 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $6,100 cash. July 8) The cost of the merchandise sold was $3,700. July 9) Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $900 credit memorandum from Lee Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Griffin Company within the discount period. July 19) Sold merchandise to Garcia Company for $5,600…
- Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale? O Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000 O Accounts Receivable-Stanton, debit $19,600; Sales, credit $19,600, and Accounts Receivable-Stanton, debit $500; Cash, credit $500 O Accounts Receivable-Stanton, debit $20,100; Sales, credit $20,100 O Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000, and Delivery Expense, debit $500; Cash, credit $500Record the following transactions for adcok 1.on April 12 sold$11000 of merchandise to milton inc ..term 2/10,n/30 2.on April 15 Milton returned $2000 of merchandise 3.on April 22 Milton paid for the merchandiseSales-related transactionsSayers Co. sold merchandise on account to a customer for $80,000 terms2/10, n/30. The cost of the goods sold was $58,000. Journalize Sayers' entries to record (A) the sale, (B) the receipt of payment within thediscount period, and (C) the receipt of payment beyond the discountperiod of ten days.
- On May 1, Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms net 45. The cost of the goods sold was $19,500. The entry to journalize the sale will include aDollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $55 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable-Stanton, debit $55; Sales, credit $55 b.Accounts Receivable-Stanton, debit $297; Sales, credit $297, and Accounts Receivable-Stanton, debit $55; Cash, credit $55 c.Accounts Receivable-Stanton, debit $355; Sales, credit $355 d.Accounts Receivable-Stanton, debit $55; Sales, credit $55, and Transportation Out, debit $300; Cash, credit $300