Which of the following is NOT classified as selling expense? salary of agent salary of janitor salary of cashier salary of store manager
Q: Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Based on the following selected accounts provided to you by the chief accountant of Barbi Traders:…
A: The trial balance is prepared to record the final balance of each account of the business as debit…
Q: On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: 1. Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers…
A: Credit terms 3/10, n/60 means that if payment is made within 10 days, then 3% discount will be…
Q: The following information relates to a computer shop owner who makes all purchases on credit:…
A: Calculate the amount of total sales:
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Complete the following table by entering the amounts of the effects of each transaction, including…
A: Every sale, sales return, credit discounts or sales discount transactions impact the Net sales and…
Q: SALES TRANSACTIONS AND T ACCOUNTS Using T accounts for Cash, Accounts Receivable, Sales Tax Payable,…
A: ‘’Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Problem .3 Presented below are transactions related to Guillen, Inc. + May 10 Purchased goods billed…
A: This post has several questions. Questions have been answered below:
Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…
A: Payment terms with 4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Increase in asset is debited, Decrease in asset is credited. Increase in liability is credited,…
Q: 2. SALE OF ACCOUNTS RECEIVABLE Present the journal entries specified below. Tamarisk Company sells…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…
Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…
A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $61,300, terms…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Journalize the following transactions using the allowance method of accounting for uncollectible…
A:
Q: 1. A purchaser dissatisfied with his purchases returns the goods to the seller for a cash refund.…
A: A perpetual inventory system, as opposed to a physical inventory, is a program that constantly…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Journalizing is a process of recording the financial transactions in a book called journal. Journal…
Q: . The form issued by a seller to inform a buyer that a credit has been made to accounts receivable.…
A: Discounts are the amounts or allowances that are to be allowed on invoice price and partial payments…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Journalize the following transactions using the allowance method of accounting for uncollectible…
A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…
Q: Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…
A:
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Journalize the following transactions using the allowance method of accounting for uncollectible…
A: Allowance for uncollectible accounts is provision maintained for those account receivables from…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Working Note: Amount of account written off = Total accounts receivable - amount Received = $7,200…
Q: 1. Amo Co. sold goods with a list price of $60,000 on Dec. 14. Because the customer is new to the…
A: Gross Price Method – Under gross price method Accounts Receivables are recorded at the gross value…
Q: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The invoice is dated…
A: Formula: Sales discount = Invoice amount x Discount rate
Q: Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with…
A: Merchandising is the process to bringing goods for the selling purpose into market.
Q: Pharoah Company sells merchandise on account for $3600 to Morton Company with credit terms of 2/14,…
A: Whenever goods in the business are sold on credit, then Accounts receivable should be debited and…
Q: Journalize the following transactions using the allowance method of accounting for uncollectible…
A: Payment received = Total receivable x 1/3 = $7,200 x 1/3 = $2,400
Q: Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions…
A: Journal entries refers to the process of recoding the financial transactions in the accounting books…
Q: Your answer is partially correct. Try again. Presented below is information related to…
A: Account Receivable:Account Receivable are legally enforceable claims for Payment held by a business…
Q: A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize…
A: Returning the goods to retailers is called sales returns. This is a properly stated period of time…
Q: On November 10 of the current year, Flores Mills sold carpet to a customer for $8,900 with credit…
A: Formula: Cash discount amount = Sales amount x discount rate
Q: The Kingdom Company uses a sales journal and a cash receipts jourmal to record transactions with its…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize…
A:
Q: April 1 Sold merchandise on account to Jim Dobbs, $7,500. The cost of the merchandise is $6,300. If…
A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…
Q: On March 31, 2021, Jana Company sold $50,000 merchandise to one of her customers using a credit…
A: Here we assume this is not immediate payment from credit card bankers. Journal entry for credit…
Q: Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30.…
A: a) Net purchases = $32,100 - $8,600 = $23,500 Discount on purchases = $23,500 * 2% = $470 Cash…
Q: choose the correct answer If the ending balance of accounts payable is ₱100,000 and the total…
A:
Q: Journalize the following transactions using the allowance method of accounting for uncollectible…
A: Working Note: Amount of account written off = Total accounts receivable - amount Received = $6,300…
Q: d a debit card payment for $127.49 in merchandise. The commission charged was 75 cents plus 1.4%.…
A: Given, Payment amount = $127.49 Commission = $0.75 + 1.4% of amount
Q: A customer returned merchandise purchased with cash with a sales price of $7,500. The cost of goods…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Please answer it completely. If not, don't answr it. 1.Which of the following is NOT classified as…
A: Selling expenses Selling expense are expenses which are related with the sales related activities in…
Q: It is a document received by the business when they purchase a stationery items of OMR 5 and paying…
A: Purchases means where the goods has been purchased for the resale purpose. Due to our policy , we…
Q: - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 610 RETURNS ON SALES 1.000 191 DEDUCTIBLE VAT 180 100…
A: Discounting of goods: It refers to the amount of reduction from selling price of goods.
Q: Journalize the following transactions in the accounts of BBH inc., a wholesaler of arcade cabinets…
A: Journal: Recording of a business transactions in a chronological order.
Step by step
Solved in 2 steps
- An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the companys store credit card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalTo intensify the collection of receivables, Kate's Trading offered 2/10, n/30 to customers. What discount is being offered by the company? purchase discount cash discount sales discount trade discountImportant Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period a. b. Merchandise (gross) $ S C. $ d. $ 7,800 24,200 80.600 17,000 Terms 2/10, n/60 1/15, n/90 1/10, n/30 3/15, n/45 Payment
- Please answer it completely. If not, don't answr it. 1.Which of the following is NOT classified as selling expense? salary of agent salary of janitor salary of cashier salary of store manager 2. Ian purchased 10 boxes of face shields from Kia Trading. The sales invoice shows an amount equivalent to 9 boxes of face shields. What discount does Kia Trading offered to Ian? A.purchase discount B trade discount C sales discount D credit discount 3. To intensify the collection of receivables, Rex's Trading offered 2/10, n/30 to customers. What discount is being offered by the company? A purchase discount B cash discount C sales discount D trade discount1.A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? $1.200 $2.500 $50 $1.2501. The form issued by a seller to inform a buyer that a credit has been made to accounts receivable. 2. Under the periodic system, it is the account credited when the proprietor withdraws merchandise for personal use. 3.. It is the amount of reduction allowable from the list price of goods offered for sale. 4. This is computed by deducting returns and allowances and partial payments from the invoice cost. Choices Sales Purchase invoice Purchase discount Debit memo Trade discount Drawing Trade - In Capital Purchase Allowances Sales Invoice Credit memo Cash discount
- A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? Group of answer choices 1.accounts receivable, sales returns and allowances 2.accounts receivable, cash 3.sales returns and allowances, purchases 4.sales discounts, cost of goods soldUse the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print DoneUse the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page 1 Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR More Info Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. 1 Sold merchandise inventory on account to Flynn Jackson, $1,240. Cost of goods, $920. Invoice no. 101. Jun. Sold merchandise inventory on account to Irene Far, $2,050. Cost of goods, $1,630. Invoice no. 102. Jun. 8 Jun. 13 Sold merchandise inventory on account to Jason Trip, $320. Cost of goods, $230. Invoice no. 103 Jun. 28 Sold merchandise inventory on account to Grace Wright, $840. Cost of goods, $640. Invoice no. 104. Print Done
- If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple Choice debits Cash. credits Accounts Receivable. credits Cash. debits Accounts Receivable. < Prev 29 of 50 Next T:TA customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? Assume the perpetual inventory system is used. A.$1,200 B.$500 C.$50 D.$1,250