Question

Sales were $78,000. Cost of merchandise sold was 75% of sales. 70% of sales were on...

Sales were $78,000. Cost of merchandise sold was 75% of sales. 70% of sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second]

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
No. General Journal Debit Credit
a. Cash $23,400
Accounts receivable   $54,600
Sales $78,000
( To records sales)
b. Cost of goods sold   $58,500
Inventory $58,500
( To record cost of goods sold)

Cash = Sales x 30%

= 78,000 x 30%

= $23,400

Accounts receivable = Sales x 70%

= 78,000 x 70%

= $54,600

Cost of goods sold = Sales x 75%

= 78,000 x 75%

= $58,500

Kindly comment if you need further assistance. Thanks

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1,Sales were $72,000. Cost of merchandise sold was 55% of its sales price. 70% of the...
1,Sales were $72,000. Cost of merchandise sold was 55% of its sales price. 70% of the sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] 2,Transaction 2 The company quickly acquired $42,000 in inventory, 70% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days.
Transaction 5 Sales were $80,000. Cost of merchandise sold was 75% of its sales price. 75%...
Transaction 5 Sales were $80,000. Cost of merchandise sold was 75% of its sales price. 75% of the sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Dollar amount: 60000 Account: Dollar amount: 20000 Account: Dollar amount: -60000 Account: Dollar amount: 20000 Account: Dollar amount: Account: Dollar amount: Foil1=Leave%20Blank
Transaction 5 Sales were $72,000. Cost of merchandise sold was 65% of sales. 25% of sales...
Transaction 5 Sales were $72,000. Cost of merchandise sold was 65% of sales. 25% of sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account:     Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           Dollar amount:    Account:     Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained...
a. Sold merchandise for cash (cost of merchandise $151,550). $ 273,300 b. Received merchandise returned by...
a. Sold merchandise for cash (cost of merchandise $151,550). $ 273,300 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $790). 1,740 c. Sold merchandise (costing $8,550) to a customer on account with terms n/30. 19,000 d. Collected half of the balance owed by the customer in (c). 9,500 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,780 Prepare journal entries...
John’s purchased merchandise on account for $6,400. Freight charges of $1,000 were paid in cash. John’s...
John’s purchased merchandise on account for $6,400. Freight charges of $1,000 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,300 and John’s account was credited by the supplier. Merchandise costing $3,500 was sold for $6,600 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $20,700 with terms 1/10,...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $20,700 with terms 1/10, n/30. The cost of the goods sold was $12,420. Sale Accounts Receivable Accounts Payable Accounts Receivable Cash Cost of Merchandise Sold Merchandise Inventory Miscellaneous Expense Purchases Purchases Discounts Purchases Returns and Allowances Sales Discounts Sales Returns and Allowances Sales Sales Accounts Payable Accounts Receivable Cash Cost of Merchandise Sold Purchases Discounts Purchases Returns and Allowances Purchases Sales Sales Discounts Sales Returns and Allowances Cost...
On June 30, 2018, the Esquire Company sold some merchandise to a customer for $47,000 and...
On June 30, 2018, the Esquire Company sold some merchandise to a customer for $47,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $47,000 on March 31, 2019. The 8% rate is appropriate in this situation. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods...
Record the entries for the merchandise sold on March 25 if a 4% sales tax rate...
Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies. Record the sales revenue of $2990 on account to wildcat services together with 4% sales tax on every dollar of merchandise sold.
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and...
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 interest accrual, and the March...
ABC Co. sold merchandise inventory on account for $10,000 that cost $7,000. Under the periodic approach,...
ABC Co. sold merchandise inventory on account for $10,000 that cost $7,000. Under the periodic approach, the entry (entries) at the time of the sale of the inventory on account is (are) as follows: a. Cost of goods sold……………………………….7,000           Inventory…………………………………………………7,000 b. Accounts receivable……………………………10,000           Sales………………………………………………….…10,000                                                        and     Cost of goods sold……………………………….7,000            Inventory………………………………………………...7,000 c. Accounts receivable……….……………………10,000           Sales………………………………………………….…10,000 d. Cash………………………………………….…10,000           Accounts receivable…………………………………….10,000                                                         and      Cost of goods sold……………………………….7,000            Inventory…………………………………………………7,000 ABC Co. sold merchandise inventory on...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT