The following are selected transactions of Kingbird Company. Kingbird sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 15 31 -/1 = : Sold merchandise on account to Dodson Company for $10,600, terms 2/10, n/30. Dodson Company returned merchandise with a sales price of $600 to Kingbird. Kingbird collected the amount due from Dodson Company from the March 1 sale. Kingbird sold merchandise for $600 in its retail outlet. The customer used his Kingbird credit card. Kingbird added 2.0% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

MF2  9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination.   Analysis Component:   As the senior purchaser for Belton Company, you are concerned that the purchase discounts you have negotiated are not being taken advantage of by the accounts payable department. Calculate the cost of the lost discount regarding the July 9 purchase. Assume a 6% interest rate. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume 365 days a year.)

Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice number 5703. May 5 Purchased $2,100 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $1,134 to J. Dryer for $1,644, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $284 to R. Lamb for $454, terms n/30, invoice number 5705. May 16 Received $1,611 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $470 to T. Taylor for $738, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date Account Debited SALES JOURNAL Invoice Number Accounts Receivable Debit Sales…

True or False FE11An increase in Purchases Discounts is made by debiting the account FE12Net sales and gross sales are the same - FE13Sales Discounts is a revenue account with a debit balance -FE14Sales Returns and Allowances increase with a debit - FE15F.O.B. shipping point means that the seller of the goods is responsible for covering the shippingcosts -

A2

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Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $340 to B. Facer for $510 cash, invoice number 5703. May 5 Purchased $2,550 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $918 to J. Dryer for $1,331, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $230 to R. Lamb for $368, terms n/30, invoice number 5705. May 16 Received $1,304 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $390 to T. Taylor for $612, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date May 07 May 12 May 25 SALES JOURNAL Account Debited Invoice Number J. Dryer R.…