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...
Adjusting entry for customer refunds, allowances, and
returns
Statz Company had sales of $1,800,000 and related...
Adjusting entry for customer refunds, allowances, and
returns
Statz Company had sales of $1,800,000 and related cost of goods
sold of $1,150,000 for its first year of operations ending December
31. Statz provides customers a refund for any returned or damaged
merchandise. At the end of the year, Statz estimates that customers
will request refunds for 1.5% of sales and estimates that
merchandise costing $16,000 will be returned. Assume that on
February 3 of the following year, Buck Co. returned...
Fashion Inc. estimates its quarterly inventory by the
retail inventory method. The following data are available...
Fashion Inc. estimates its quarterly inventory by the
retail inventory method. The following data are available for the
month ended July 31, 2020:
Cost
Selling Price
Inventory, 1 July 2020
$362,000
$ 537,000
Markups
195,000
Markup cancellations
38,000
Markdowns
60,000
Markdown cancellations
23,000
Purchases
830,000
1,500,000
Purchase returns and allowances
16,000
25,000
Sales
1,680,000
Sales returns and allowances
80,000
Required:
Prepare a schedule to compute the estimated inventory at
July 31, 2020.
The following information for the year 2016 is taken from the
accounts of Tuttle Company. The...
The following information for the year 2016 is taken from the
accounts of Tuttle Company. The company uses the periodic inventory
method. Inventory, December 31, 2015 $9,600 Purchases 41,600
Purchase returns and allowances 760 Purchase discounts 560 Freight
on goods purchased under terms FOB shipping point 1,760 Freight on
goods sold under terms FOB destination 960 Cost of goods sold
30,000 Based on this information, the inventory at December 31,
2016 is
) Presented below is information
related to Chesterton Corp for the year ended
December 31,...
) Presented below is information
related to Chesterton Corp for the year ended
December 31,
2019.
Purchases
$200,000
Purchase discounts
3,000
Purchase returns & allowances
6,000
Sales revenue
312,000
Sales discounts
8,000
Sales returns & allowances
13,000
Freight-in
10,000
Freight-out
5,000
Inventory, January 1, 2019
42,000
Inventory, Dec. 31, 2019
63,000
Instructions:
Prepare a partial income statement through gross profit,
including a detailed cost of goods sold section assuming that
Chesterton uses a periodic inventory system.
Record the entry...
Henderson Company uses the gross profit method to estimate
ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate
ending inventory and cost of goods sold when preparing monthly
financial statements required by its bank. Inventory on hand at the
end of July was $122,000. The following information for the month
of August was available from company records: Purchases $ 218,000
Freight-in 5,100 Sales 349,000 Sales returns 8,900 Purchases
returns 4,200 In addition, the controller is aware of $12,000 of
inventory that was stolen during August from one of the...
Henderson Company uses the gross profit method to estimate
ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate
ending inventory and cost of goods sold when preparing monthly
financial statements required by its bank. Inventory on hand at the
end of July was $123,500.
The following information for the month of August was available
from company records:
Purchases $ 221,000
Freight-in 5,400
Sales 352,000
Sales returns 9,200
Purchases returns 4,500
In addition, the controller is aware of $12,000 of inventory
that was stolen during August from one of the...
Sparrow Company uses the retail inventory method to estimate
ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate
ending inventory and cost of goods sold. Data for 2021 are as
follows:
Cost
Retail
Beginning inventory
$
97,000
$
187,000
Purchases
363,000
587,000
Freight-in
9,700
Purchase returns
7,700
11,700
Net markups
16,700
Net markdowns
12,700
Normal spoilage
3,700
Abnormal spoilage
5,546
8,700
Sales
547,000
Sales returns
10,700
The company records sales net of employee discounts. Employee
discounts for 2021 totaled $4,700.
Required:
2. Estimate Sparrow’s ending inventory and cost of...
Alpha Company provided the following data concerning its
income statement: sales, $860,000; purchases, $410,000; beginning
inventory,...
Alpha Company provided the following data concerning its
income statement: sales, $860,000; purchases, $410,000; beginning
inventory, $235,000; ending inventory, $282,000; operating
expenses, $111,000; freight-in, $5,000; sales discounts, $21,000;
purchases discounts, $15,000; sales returns & allowances,
$113,000; and purchases returns & allowances, $32,000. The data
are complete and provide the basis for preparation of an income
statement. How much is net income?
Alpha Company provided the following data
concerning its income statement: sales, $955,000; purchases,
$407,000; beginning inventory,...
Alpha Company provided the following data
concerning its income statement: sales, $955,000; purchases,
$407,000; beginning inventory, $215,000; ending inventory,
$277,000; operating expenses, $108,000; freight-in, $5,000; sales
discounts, $19,000; purchases discounts, $15,000; sales returns
& allowances, $86,000; and purchases returns & allowances,
$38,000. The data are complete and provide the basis for
preparation of an income statement. How much is net income?