Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nall polish, at-home spa kits, cosmetics, and Palacetherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is ivolved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 NOS sold 10 itens of merchandise to Salon World on account at a selling price of $1,000 (total); terms 1/10, n/30. The goods cost NGS $700. 3 NOS sold 5 identical items of merchandise to Cosmetics 4 You on account at a selling price of sase (total); terms 1/10, n/30. The goods cost NGS $425. 6 Cosmetics 4 You returned one of the itens purchased on August 3. The item could still be sold by NGs in the future, and credit was given to the customer. 10 Collected payment from Salon World, fully paying off the account balance. 20 Sold two at-home spa kits to Meghan witzel for $325 cash. The goods cost NGS $91. 22 Cosmetics 4 You paid its remaining account balance in full. Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nall polish, at-home spa kits, cosmetics, and Palacetherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is ivolved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 NOS sold 10 itens of merchandise to Salon World on account at a selling price of $1,000 (total); terms 1/10, n/30. The goods cost NGS $700. 3 NOS sold 5 identical items of merchandise to Cosmetics 4 You on account at a selling price of sase (total); terms 1/10, n/30. The goods cost NGS $425. 6 Cosmetics 4 You returned one of the itens purchased on August 3. The item could still be sold by NGs in the future, and credit was given to the customer. 10 Collected payment from Salon World, fully paying off the account balance. 20 Sold two at-home spa kits to Meghan witzel for $325 cash. The goods cost NGS $91. 22 Cosmetics 4 You paid its remaining account balance in full. Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 1A: BURTS BEES, Durham, North Carolina Burts Bees describes itself as an Earth-Friendly, Natural...
Related questions
Question
100%
Prepare a journal entries for each transactions
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning