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- 3. Review the following sales transactions for Birdy Birdhouses and record any required journal entries. Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $114 each in exchange for cash. The cost to Birdy is $14 per birdhouse. Jullia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund. Aug. 10 Aug. 14Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17
- Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size, but decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.ZFwebapps%2 ork i Saved Required information [The following information applies to the questions displayed below.] Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 4% of sales. Sales for the month of December are $520,000. Actual warranty expenditures in January of the following year were $19,000. Required: 1. Does this situation represent a contingent liability? Yes or No Yes No 一Product Price per Unit $400 Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3. CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund,, June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance…
- EA10. LO 6.4Record the journal entries for the following sales transactions of Apache Industries. Nov. 7Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. Nov. 14The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer. Nov. 21The customer paid their account in full from the November 7 sale.XEXERCISE 11-14 On July 1, Klaus Co. acquired a new computer with a list price of $130,000. Klaus recerve i trade-in allowance of $20,000 on an old computer of a similar type, paid cash of $20,00 gave a series of five notes payable for the remainder. The following information about the al computer is obtained from the account in the office equipment ledger: cóst, $82,500; acum lated depreciation on December 31, the end of the preceding fiscal year, $62,500; ánnua preciation, $15,000. Journalize the entries to record: (a) the current depreciation of the u computer to the date of trade-in, (b) the transaction on July 1 for financial reporting purpo ENTRIES FOR GAIN ON TRADE OF PLANT ASSET Objective 7Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size but decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.
- Canary Lawnmowers sold 70 lawnmower parts at $5.00 per part to a customer on December 4 with a cost to Canary of $3.00 per part. Terms of the sale are 5/10, n/25, invoice dated December 4. The customer pays their account in full on December 16. On December 21, the customer discovers 22 of the parts are the wrong size but decides to keep them after Canary gives them an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.Canary Lawnmowers sold 75 lawnmower parts at $5.00 per part to a customer on December 4. The cost to Canary is $3.00 per part. Terms of the sale are 4/10, n/25, invoice dated December 4. The customer pays their account in full on December 16. On December 21, the customer discovers 22 of the parts are the wrong size, but decides to keep them after Canary gives them an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.Pianos Unlimited sells pianos to customers. The company contracts with a supplier who provides it with replacement piano keys. There is an agreement that Pianos Unlimited is not required to provide cash payment immediately, and instead will provide payment within thirty days of the invoice date. Additional information: Pianos Unlimited purchases 400 piano keys for $7 each on September 1, invoice date September 1, with discount terms 2/10, n/30. Pianos Unlimited returns 150 piano keys (receiving a credit amount for the total purchase price per key of $7 each) on September 8. The company purchases an additional 230 keys for $5 each on September 15, invoice date September 15, with no discount terms. The company pays 50% of the total amount due to the supplier on September 24. What amount does Pianos Unlimited still owe to the supplier on September 30? What account is used to recognize this outstanding amount?