Utilizing the revenue journal below, journalize the following five transactions of Porshe Creations: a. On March 20, Porshe sells 35 cell phone covers to Xtreme at $5.50 per cover on Invoice No. 900. b. On March 21, Porshe sells 15 cell phone covers to Sidekick for S8.50 per cover on Invoice No. 928. c. On March 22, Porshe sells 33 cell phone covers to Rock-On at S5.00 per cover on Invoice No. 958. d. On March 26, Porshe sells 220 cell phone covers to Micro at $4.50 each on Invoice No. 979. e. On March 29, Porshe sells 15 cell phone covers to Charmers for $8.75 each on Invoice No. 997.

Utilizing the revenue journal below, journalize the following five transactions of Porshe Creations: a. On March 20, Porshe sells 35 cell phone covers to Xtreme at $5.50 per cover on Invoice No. 900. b. On March 21, Porshe sells 15 cell phone covers to Sidekick for S8.50 per cover on Invoice No. 928. c. On March 22, Porshe sells 33 cell phone covers to Rock-On at S5.00 per cover on Invoice No. 958. d. On March 26, Porshe sells 220 cell phone covers to Micro at $4.50 each on Invoice No. 979. e. On March 29, Porshe sells 15 cell phone covers to Charmers for $8.75 each on Invoice No. 997.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 as a price adjustment prior to Balboa Co. paying the original invoice on March 29. Journalize Showcase Co.’s entries for (a) the sale, including the cost of the merchandise sold; (b) the credit memo; and (c) the receipt of the check for the amount due from Balboa Co. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
On June 1, Target sold 100 HP laptops to UCF for $500 each with terms of 3/15, n30. On June 11, UCF paid their invoice and took the discount. What journal entry (debit and credit) should Target record on June 11? (Select all answers that apply) O Debit Sales Discounts $1,500 O Credit Sales Revenue $48,500 O Credit Sales Discounts $1,500 O Debit Accounts Receivable $48,500 O Credit Accounts Receivable $50,000 O Debit Cash $48,500 O Debit Accounts Receivable $50,000 O Credit Accounts Receivable $48,500 O Credit Sales Revenue $50,000 O Debit Cash $50,000 ASUS f4 f5 f6 X f7 f9 f10 f11 4. 5 6 7 8. 图

Presented below are selected transactions of Pina Colada Company. Pina Colada sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $13,600, terms 6/10, n/30. 3- Dodson Company returned merchandise worth $1,200 to Pina Colada. Pina Colada collected the amount due from Dodson Company from the March 1 sale. Pina Colada sold merchandise for $3,000 in its retail outlet. The customer used his Pina Colada credit card. Pina Colada added 1.0% monthly interest to the customer's credit card balance. 9 15 31 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.) Date Account Titles and Explanation Debit Credit 111
Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $10,000 of credit and debit card sales on April 30, 2023. 9. 10. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Joumalize the sales transaction for the restaurant. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Journalize the sales transaction for the restaurant. 9. Suppose Pagan's processor charges a 1% fee and deposits sales net of the fee. Journalize the sales transaction for the restaurant. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Apr. 30 10. Suppose Pagan's processor charges a 1% fee and deposits sales using the gross method. Joumalize the sales transaction for the restaurant. Date Apr. 30 Accounts and Explanation Debit Credit
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Dish Mart made a cash sale of 14 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $430 per set. Terms of the sale are 10/15, n/60, invoice date March 9. Mar. 13 Emma discovers 8 of the dish sets are damaged from the March 9 sale and returns them to Dish Mart for a full refund. Mar. 14 Dish Mart sells 7 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $410 per set. Terms of the sale are 10/10, n/60, invoice date March 14. Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase and 7 of the dish sets from the March 5 sale are missing a few dishes but keeps them since Dish Mart granted an allowance of $220 per…
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: • Lamplight purchases 25 light fixtures for $25 each on August 1, invoice date August 1, with no discount terms. Lamplight returns 5 light fixtures (receiving a credit amount for the total purchase price per fixture of $25 each) on August 3. • Lamplight purchases an additional 15 light fixtures for $10 each on August 19, invoice date August 19, with no discount terms. • Lamplight pays $130 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?
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.
entxies Jounal Green Company sells goods to Thumb Inc. on account on January 1, 2017.The goods have a sales price of $312,000 (cost $164,000).The terms of sale are net 30.lf Thumb pays within 5 days, it receives a cash discount of $12,000.Past history indicates that the cash discount will be taken.
3. On March 3, Greentree Appliances sells $480,000 of its receivables to Naomi Factors, Inc. Naomi Factors assesses a finance charge of 6% of the amount of receivables sold. Prepare the entry on Greentree Appliance's books to record the sale of the receivables. List two advantages to Greentree to using a factor. Date Account Titles and Explanation Ref Debit Credit EXTRA CREDIT: List two advantages to Greentree due to using a factor.
ok DS Unlimited has the following transactions during August. August 6 Purchases 52 handheld game devices on account from GameGirl, Incorporated, for $110 each, terms 2/10, n/60. August 7 Pays $310 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl seven game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 32 game devices purchased on August 6 for $130 each to customers on account. The total cost of the 32 game devices sold is $3,670.00. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.)
The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $1,850 on account; the cost of these goods to NGS was $920. October Sold merchandise to Kelly Fast Nail Gallery for $478 on account; the cost of these goods to NGS was $210. November Sold merchandise to Raea Gooding Wellness for $320 on account; the cost of these goods to NGS was $200. December Received $1,230 from Ashley Welch Beauty for payment on its account. Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system. 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 3%; two months, 5%, three months, 20%; more than three months, 30%. 3. The Allowance for…