Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.)
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales RevenueA customer just charged $150 of merchandise on the companys own charge 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 journal
- 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? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldSales-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, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
- 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. ______ ______Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: Question Content Area a. Sold merchandise for cash, $20,280. The cost of the merchandise sold was $12,170. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area b. Sold merchandise on account, $8,130. The cost of the merchandise sold was $4,880. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area c. Sold merchandise to customers who used MasterCard and VISA, $122,860. The cost of the merchandise sold was $73,720. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question…Nieman Company purchased merchandise on account from Springhill Company for $12,100, terms 2/10, n/30. Nieman returned merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Nieman Company to record the return?
- Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. 1. Purchase of merchandise with cash. Post the transactions in the given order. Merchandise is purchased for cash, $1,600. Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash. 2. Purchase of merchandise on account with credit terms. Merchandise is purchased on account, credit terms 2/10, n/30, $2,000. Merchandise is purchased on account, credit terms 3/10, n/30, $1,220. Payment is made on invoice (1) within the discount period. Payment is made on invoice (2) too late to receive the cash discount. 3. Purchase of merchandise on account with return of merchandise. Merchandise is purchased on account, credit terms 2/10, n/30, $4,200. Merchandise is returned for credit before payment is made, $500. Payment is made within the…Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. Use a new set of T accounts for each set of transactions. 1. Purchase of merchandise with cash. Post the transactions in the given order. a) Merchandise is purchased for cash, $1,600. b) Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash.A sales invoice included the following information: merchandise price, $6,000; terms 2/10, n/eom. Assuming that a credit for merchandise returned of $600 is granted prior to payment, and that the invoice is paid within the discount period, what is the amount of cash received by the seller?
