Customer return and refundOn December 28, 20Y3, Silverman Enterprises sold $18,500 ofmerchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, 20Y3, Silverman prepared itsadjusting entries, yearly financial statements, and closing entries. OnJanuary 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memofor returned merchandise. The invoice amount of the returnedmerchandise was $4,000 and the merchandise originally cost Silverman Enterprises $2,350. (a) Journalize the entries by Silverman Enterprises torecord the December 28, 20Y3. sale, (b) Journalize the entries bySilverman Enterprises to record the merchandise returned by BeasleyCo. on January 3. 20Y4. (c) Journalize the entry to record the receipt ofthe amount due by Beasley Co. on January 7, 20Y4.

Sales Journal, Cash Receipts Journal, and General Journal Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,741; and Accounts Receivable, $1,058.25. Beginning customer account balances were Thompson Group, $1,058.25. Mar. 1   Sold merchandise to Able & Co., $1,800, plus sales tax. Sale No. 33C. 3   Sold merchandise to R. J. Kalas, Inc., $2,240, plus sales tax. Sale No. 33D. 5   Able & Co. returned merchandise from Sale No. 33C for a credit (Credit Memo No. 66), $30, plus sales tax. 7   Made cash sales for the week, $3,160, plus sales tax. 10   Received payment from Able & Co. for Sale No. 33C less Credit Memo No. 66. 11   Sold merchandise to Blevins Bakery, $1,210, plus sales tax. Sale No. 33E. 13   Received payment from R. J. Kalas, Inc. for Sale No. 33D. 14   Made cash sales for the week, $4,200, plus sales…

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 January 8, FDN Trading sold merchandise with an invoice price of P72,000 on terms 3/10, n/30. Two days after, P22,000 worth of merchandise returned was received. The account was paid on January 18. How much was the sales discount?

Subject: accounting

Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and November 5, for a cash refund. 10 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $210 and cost $105; the items were not damaged and were returned to inventory. returns $100 of defective merchandise purchased on November 1, and paid for on Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet 2 3 4 5 6 7 > Dollar Store purchases merchandise for $1,500 on…

On June 3, Pearl Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 3/10, n/60, f.o.b. shipping point. An invoice totaling $95, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Pearl Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.

Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system)      Accounts Payable........................      25,000                Purchase Discounts.............................750                Merchandise Inventory........................24,250   Accounts Payable............................25,000                Merchandise Inventory......................... 750                Cash....................................................24,250   Accounts Payable.................................  25,000  Merchandise Inventory.............................. 750                               Cash....................................  5,750   Accounts Payable............................... 25,000           Merchandise Inventory............................25,000

summarizing the transactions affecting the accounts receivable Credible Company provided the following T-account Problem 4-2 (IAA) for the current year: Accounts Receivable 600,000 Collections from customers 5,300.000 6,000,000 Writeoff Jan. 1 balance 35,000 Charge sales Shareholders' - subscriptions Deposit on contract Claims against common 40,000 Merchandise returns 200,000 Allowances to customer for shipping damages Collections on carrier claims 40,000 25,000 120,000 100,000 Collection on subscriptions 10,000 50,000 carrier for damages IOUS from employees Cash advance to affiliates 100,000 Advances to a supplier 50,000| Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.

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.