Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.5% service charge for sales on its credit card. Access deducts a 3.5% service charge for sales on its card. Mayfair completes the following transactions in June.
June
4
Sold $500 of merchandise on credit (that had cost $250) to Natara Morris.
5
Sold $6,800 of merchandise (that had cost $3,400) to customers who used their Zisa cards.
6
Sold $5,616 of merchandise (that had cost $2,808) to customers who used their Access cards.
8
Sold $4,890 of merchandise (that had cost $2,445) to customers who used their Access cards.
13
Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $395 balance in McKee’s account stemmed from a credit sale in October of last year.
18
Received Morris’s check in full payment for the purchase of June 4.
Required:Prepare journal…
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 5.5% service charge for sales on its credit card. Access deducts a 4.5% service charge for sales on its card. Mayfair completes the following transactions in June.
June
4
Sold $600 of merchandise on credit (that had cost $240) to Natara Morris.
5
Sold $7,100 of merchandise (that had cost $2,840) to customers who used their Zisa cards.
6
Sold $6,152 of merchandise (that had cost $2,461) to customers who used their Access cards.
8
Sold $4,300 of merchandise (that had cost $1,720) to customers who used their Access cards.
13
Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $739 balance in McKee’s account stemmed from a credit sale in October of last year.
18
Received Morris’s check in full payment for the purchase of June 4.
Required:Prepare journal…
Bennett Retailers had the following transactions in November and December: November 20 Sold 20
items of merchandise to Customer B at an invoice price of $6,500 (total); terms 3/10, n/30. November 25
Sold two items of merchandise to Customer C, who charged the $800 (total) sales price on her Visa credit
card. Visa charges Bennett Retailers a 3 percent credit card fee. November 28 Sold 10 identical items of
merchandise to Customer D at an invoice price of $10,000 (total); terms 3/10, n/30. November 29
Customer D returned one of the items purchased on the 28th; the item was defective and credit was
given to the customer. December 6 Customer D paid the account balance in full. December 20 Customer
B paid the November 20 invoice in full. Required: Compute net sales for the two months ended
December 31. Note: Do not round your intermediate calculations. Round your answer to the nearest
whole dollar amount.
Chapter 7 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 1QSCh. 7 - Solstice Company determines on October 1 that it...Ch. 7 - Solstice Company determines on October 1 that it...Ch. 7 - The following list describes aspects of either the...Ch. 7 - Gomez Corp. uses the allowance method to account...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - On August 2, Jun Co. receives a $6,000, 90-day,...Ch. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 14QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 14ECh. 7 - Prob. 15ECh. 7 - Prob. 16ECh. 7 - Prob. 17ECh. 7 - Prob. 18ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Prob. 3PSACh. 7 - Prob. 4PSACh. 7 - The following selected transaction are Ohlm...Ch. 7 - Prob. 1PSBCh. 7 - At December 31, 2018, Ingleton Company reports the...Ch. 7 - Prob. 3PSBCh. 7 - Prob. 4PSBCh. 7 - Prob. 5PSBCh. 7 - Prob. 7SPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1FSACh. 7 - Prob. 2FSACh. 7 - Prob. 3FSACh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 4BTNCh. 7 - Sheryl Sandberg and Mark Zuckerberg of Facebook...
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