Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
Question
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Chapter 5, Problem 5.8EX

A.

To determine

Sales is an activity of selling the merchandise inventory of a business.

To Record: The sale transactions of the company.

B.

To determine

To Record: The sale transactions of the company.

C.

To determine

To Record: The sale transactions of the company.

D.

To determine

To Record: The sale transactions of the company.

E.

To determine

To Record: The payment of credit card expense.

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Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account. $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450 representing a service fee paid for processing MasterCard , VISA, and American Express Sales.
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a.  Sold merchandise for cash, $22,250. The cost of the merchandise sold was $13,350. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  b.  Sold merchandise on account, $11,880. The cost of the merchandise sold was $7,130. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  c.  Sold merchandise to customers who used MasterCard and VISA, $118,400. The cost of the merchandise sold was $71,040. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  d.  Sold merchandise to customers who used American Express, $35,660. The cost of the merchandise sold was $21,400. (Record the sale first.)…
Sales related transactions including the use of credit cards Journalize the entries for the following transactions: A. Sold merchandise for cash, $16,950. The cost of the merchandise was sold at $10,170 (record the sale first.) ______ ______ ______ ______ B.Sold merchandise on account, $ 14,490. The cost of the merchandise sold was $8,690. (Record sale first.) ______ ______ ______ ______ C. Sold merchandise to customers who used MasterCard and Visa $113, 190. The cost of the merchandise sold was $67,910. (Record the sale first.) _____ _____ _____ _____ D. Sold merchandise to customers who used American Express, $43,100. The cost of the merchandise sold was $25,860. (Record the sale first.)  _____ _____ _____ _____ E. Paid $5,250 to the national clearing House Credit company for service fees for processing mastercard, visa, and American Express sales. ______ ______

Chapter 5 Solutions

Corporate Financial Accounting

Ch. 5 - Gross profit During the current year, merchandise...Ch. 5 - Purchases transactions Hoffman Company purchased...Ch. 5 - Prob. 5.3BECh. 5 - Prob. 5.4BECh. 5 - Prob. 5.5BECh. 5 - Prob. 5.6BECh. 5 - Determining gross profit During the current year,...Ch. 5 - Prob. 5.2EXCh. 5 - Prob. 5.3EXCh. 5 - Purchase-related transactions A retailer is...Ch. 5 - Purchase-related transactions The debits and...Ch. 5 - Prob. 5.6EXCh. 5 - Purchase-related transactions Journalize entries...Ch. 5 - Prob. 5.8EXCh. 5 - Customer refund Senger Company sold merchandise of...Ch. 5 - Prob. 5.10EXCh. 5 - Sales-related transactions After the amount due on...Ch. 5 - Prob. 5.12EXCh. 5 - Prob. 5.13EXCh. 5 - Determining amounts to be paid on invoices...Ch. 5 - Prob. 5.15EXCh. 5 - Purchase-related transactions Based on the data...Ch. 5 - Prob. 5.17EXCh. 5 - Prob. 5.18EXCh. 5 - Prob. 5.19EXCh. 5 - Normal balances of merchandise accounts What is...Ch. 5 - Income statement and accounts for merchandiser For...Ch. 5 - Income statement for merchandiser The following...Ch. 5 - Determining amounts for items omitted from income...Ch. 5 - Multiple-step income statement On March 31, 2018,...Ch. 5 - Multiple-step income statement The following...Ch. 5 - Prob. 5.26EXCh. 5 - Adjusting entry for customer refunds, allowances,...Ch. 5 - Prob. 5.28EXCh. 5 - Adjusting entry for inventory shrinkage Omega Tire...Ch. 5 - Prob. 5.30EXCh. 5 - Closing entries; net income Based on the data...Ch. 5 - Closing entries On July 31, the close of the...Ch. 5 - Rules of debit and credit for periodic inventory...Ch. 5 - Journal entries using the periodic inventory...Ch. 5 - Identify items missing in determining cost of...Ch. 5 - Cost of goods sold and related items The following...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Prob. 5.39EXCh. 5 - Closing entries using periodic inventory system...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Single-step income statement and balance sheet...Ch. 5 - Prob. 5.7APRCh. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Prob. 5.10APRCh. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Prob. 5.6BPRCh. 5 - Prob. 5.7BPRCh. 5 - Prob. 5.8BPRCh. 5 - Prob. 5.9BPRCh. 5 - Appendix Periodic inventory accounts,...Ch. 5 - Palisade Creek Co. is a merchandising business...Ch. 5 - Continuing Company Analysis-Amazon: Asset turnover...Ch. 5 - Home Depot: Asset turnover ratio The Home Depot...Ch. 5 - Kroger: Asset turnover ratio The Kroger Company, a...Ch. 5 - J. C. Penney: Asset turnover ratio J. C. Penney...Ch. 5 - Prob. 5.1TIFCh. 5 - Communication Suzi Nomro operates Watercraft...
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