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QUESTION 11 Use the following chart of accounts to prepare the entry Chart of Accounts: Cash...

QUESTION 11

  1. Use the following chart of accounts to prepare the entry

    Chart of Accounts: Cash (101), Accounts Receivable (102), Merchandise Inventory (103), Equipment (110), Accounts Payable (201), Capital (301), Sales (401), Sales Discounts and Allowances (402), Cost of Goods sold (501), Misc. Expenses (503)

    On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Prepare the March 12 journal entries for Klein.

    Clearly explain the accounts and amounts to be debited or credited. This question is eligible for partial credit

QUESTION 12

  1. Use the following chart of accounts: Chart of Accounts: Cash (101), Accounts Receivable (102), Merchandise Inventory (103), Equipment (110), Accounts Payable (201), Capital (301), Sales (401), Sales Discounts and Allowances (402), Cost of Goods sold (501), Misc. Expenses (503)

    On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is $600 and the cost of the merchandise returned is $350. Make Klein’s entry(ies) for this transaction.

    Clearly explain the accounts and amounts to be debited or credited. This question is eligible for partial credit

QUESTION 13

  1. Use the following chart of accounts Chart of Accounts: Cash (101), Accounts Receivable (102), Merchandise Inventory (103), Equipment (110), Accounts Payable (201), Capital (301), Sales (401), Sales Discounts and Allowances (402), Cost of Goods sold (501), Misc. Expenses (503)

    On March 17, Babson pays in cash the amount due to Klein for the March 12 sale. Make Klein’s entries to reflect the payment

    Clearly explain the accounts and amounts to be debited or credited. This question is eligible for partial credit

need answer for question 13

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Homework Answers

Answer #1

Answer 11.

Accounts receivable 7,800
            Sales 7,800
Cost of goods sold 4,500
            Merchandise inventory 4,500

Answer 12

Sales returns and allowances 600
  Accounts receivable 600
Merchandise inventory 350
  Cost of goods sold 350

Answer 13.

On march 17, klien receives payment so cash will be debited with the amount after discount of = [7800 -600 ] *0.02 = 144

Accounts receivables will be reduced with the amount left after recording returns on march 15, which was 7800 - 600 =7200

Cash [ 7800 -600 - 144] 7,056
Sales discounts and allowances     144
            Accounts receivable 7,200
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