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- 4. Review the following sales transactions for Birdy Birdhouses and record any required journal entries. Aug. 10 Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $70 each in exchange for cash. The cost to Birdy is $46 per birdhouse. Aug. 12 | Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit. The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date August 12. Julia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund. Julia also discovers that 10 of the birdhouses from the August 12 purchase are painted the wrong color but keeps them since Birdy granted an allowance of $24 per birdhouse. Julia Aug. 14 Aug. 20 pays her account in full from the August 12 purchase, less any returns, allowances, and/or discounts.2. Review the following sales transactions for Birdy Birdhouses and record : required journal entries. any Aug. 10 Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $70 each in exchange for cash. The cost to Birdy is $46 per birdhouse. Aug. 12 Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit. The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date August 12. Aug. 14 Julia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund. Julia also discovers that 10 of the birdhouses from the August 12 purchase are painted the wrong color but keeps them since Birdy granted an allowance of $24 per birdhouse. Aug. 20 Julia pays her account in full from the August 12 purchase, less any returns, allowances, and/or discounts.Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/Loss
- 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. 14assume informotion similar to that inthe do it on the page 207 that is on septemper 5 de lahoya company buys merchandise on account from junot diaz company the selling price of the goods is $1500 and the cost to diaz compony was $800 0n september 8 de la hoya returns defective goods with a selling price of $200 and a scrab value of $80 record the transactions on the books of junot diaz compony4. Review the following sales transactions for Birdy Birdhouses and record any required joumal entries. Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $70 each in exchange for cash. The cost to Birdy is $46 per birdhouse. Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date August 12. Julia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund Julia also discovers that 10 of Aug. 10 Aug. 12 Aug. 14 the birdhouses from the August 12 purchase are painted the wrong color but keeps them since Birdy granted an allowance of $24 per birdhouse. Julia Aug. 20 her account in full from the August 12 purchase, less any returns, pays allowances, and or discounts.
- 4. On January 1st, 2018, Blue Co. made a $10,000 sale for 1,000 water bottles on account with terms: of 2/15, n/30. If the company uses the net method, which of the following will be included in the Journal entry to record customer payment for all 1,000 water bottles on January 28th, 2018? a) credit Accounts Receivable $10,000 b) credit Sales Discounts Forfelted $200 c) debit Sales Discount $200 d) debit Cash $9,800Please show your solution in good accounting form. Thank you! JUNGKOOK Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Jungkook recognizes the unearned revenue as realized. Information for the current year: Unearned gift certificates revenue, January 1 ₱ 250,000 Gift certificates sold 1,745,000 Gift certificates redeemed 1,483,250 Gift certificates which expired 80,000 Gross profit rate based on cost 25% What amount should be reported for the year ended December 31 as:A. Cost of SalesShow the solution in good accounting form The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped?
- answer should be complete and correct with all working A convenient store sells 500 units for $5 each. Sales are made for cash, rather than on credit terms. The store’s customary business practice is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $4. To determine the transaction price, the store decides that the approach that is most predictive of the amount of consideration to which the store will be entitled is the most likely amount. Using the most likely amount, the store estimates that five (25) units will be returned. The store’s experience is predictive of the amount of consideration to which the store will be entitled. The store estimates that the costs of recovering the products will be immaterial and expects that the returned products can be resold at a profit. REQUIRED: Provide the accounting entries to record the sale, and the subsequent return of the assets, assuming that the returns occur in…CardPointe New Tab O UTA Is The Leader I.. Commercial Captur... ups UPS-Shipping Search for Corporat... 目 Re- On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 2/10, n/3O. The cost of goods sold was $6,905.00. (a) Journalize the sale and the recognition of the cost of the sale. If required, round your answers to two decimal places. Sale Cost (b) On March 20, a $125.00 credit memo is given t o Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65.00. If reguired, round your answers to two decimal places. Return Cost (c) On March 25, Garrison Brewer submits payment in full. Journalize this event. If required, round your answers to two decimal places. Previous Next Email InstructorMarin Shed Solutions sells its largest shed for $1,100 plus HST of 13 %. On May 10, 2024, it sold 26 of these sheds. On May 17,2024, the company sold 85 of these sheds. All sales are cash sales. For each day's sales, calculate the HST. May 10, 2024 May 17, 2024 Question Part Score $ Date $ HST payable Prepare a journal entry to record the sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles Debit --/2 Credit