Journalize the entries for the following transactions. Refer tothe Chart of Accounts for exact wording of account titles. (Note:The company uses a clearinghouse to take care of all bank as wellas non-bank credit cards used by its customers. ) Mar. 1 Soldmerchandise for cash, $30,000. The cost of the merchandise sold was$18,000. 10 Sold merchandise on account, $258,000. The cost of themerchandise sold was $154,800. 12 Sold merchandise to customers whoused MasterCard and VISA, $160,000. The cost of the merchandisesold was $96,000. 17 Sold merchandise to customers who usedAmerican Express, $72,000. The cost of the merchandise sold was$43,200. 31 Received and paid an invoice from National ClearingHouse Credit Co. for $8,800, representing a service fee paid forprocessing MasterCard, VISA, and American Express sales.
Journalize the entries for the following transactions. Refer tothe Chart of Accounts for exact wording of account titles. (Note:The company uses a clearinghouse to take care of all bank as wellas non-bank credit cards used by its customers. ) Mar. 1 Soldmerchandise for cash, $30,000. The cost of the merchandise sold was$18,000. 10 Sold merchandise on account, $258,000. The cost of themerchandise sold was $154,800. 12 Sold merchandise to customers whoused MasterCard and VISA, $160,000. The cost of the merchandisesold was $96,000. 17 Sold merchandise to customers who usedAmerican Express, $72,000. The cost of the merchandise sold was$43,200. 31 Received and paid an invoice from National ClearingHouse Credit Co. for $8,800, representing a service fee paid forprocessing MasterCard, VISA, and American Express sales.
Related questions
Sales-Related Transactions
The following selected transactions were completed by LawnSupplies Co., which sells irrigation supplies primarily towholesalers and occasionally to retail customers:
| Mar. 1. | Sold merchandise on account to Green Grass Co., $14,400, termsFOB shipping point, n/eom. The cost of merchandise sold was$8,600. |
| 2. | Sold merchandise for $26,100 plus 7% sales tax to retail cashcustomers. The cost of merchandise sold was $17,000. |
| 5. | Sold merchandise on account to Jones Company, $37,100, termsFOB destination, 1/10, n/30. The cost of merchandise sold was$24,100. |
| 8. | Sold merchandise for $11,200 plus 8% sales tax to retailcustomers who used VISA cards. The cost of merchandise sold was$6,700. |
| 13. | Sold merchandise to customers who used MasterCard cards,$8,500. The cost of merchandise sold was $5,400. |
| 14. | Sold merchandise on account to Haynes Co., $11,600, terms FOBshipping point, 1/10, n/30. The cost of merchandise sold was$6,800. |
| 15. | Received check for amount due from Jones Company for sale onMar. 5. |
| 16. | Issued credit memo for $1,700 to Haynes Co. for merchandisereturned from sale on Mar. 14. The cost of the merchandise returnedwas $1,000. |
| 18. | Sold merchandise on account to Horton Company, $6,000, termsFOB shipping point, 2/10, n/30. Paid $240 for freight and added itto the invoice. The cost of merchandise sold was $3,600. |
| 24. | Received check for amount due from Haynes Co. for sale on Mar.14 less credit memo of Mar. 16 and discount. |
| 28. | Received check for amount due from Horton Company for sale ofMar. 18. |
| 31. | Paid First Delivery Service $1,950 for merchandise deliveredduring Mar. to customers under shipping terms of FOBdestination. |
| 31. | Received check for amount due from Green Grass Co. for sale ofMar. 1. |
| Apr. 3. | Paid First Federal Bank $1,010 for service fees for handlingMasterCard and VISA sales during Mar. |
| 10. | Paid $3,130 to state sales tax division for taxes owed onsales. |
Required:
Journalize the entries to record the transactions of LawnSupplies Co. For a compound transaction
The following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to wholesalersand occasionally to retail customers. Also note that the companyuses a clearing house to take care of all bank as well as non-bankcredit cards used by its customers.
Record on page 10 of the journal
| Mar. | 2 | Sold merchandise on account toEquinox Co., $18,900, terms FOB destination, 1/10, n/30. The costof the goods sold was $13,300. |
| 3 | Sold merchandise for $11,350 plus6% sales tax to retail cash customers. The cost of the goods soldwas $7,000. | |
| 4 | Sold merchandise on account toEmpire Co., $55,400, terms FOB shipping point, n/eom. The cost ofthe goods sold was $33,200. | |
| 5 | Sold merchandise for $30,000 plus6% sales tax to retail customers who used MasterCard. The cost ofthe goods sold was $19,400. | |
| 12 | Received check for amount due fromEquinox Co. for sale on March 2. | |
| 14 | Sold merchandise to customers whoused American Express cards, $13,700. The cost of the goods soldwas $8,350. | |
| 16 | Sold merchandise on account toTarghee Co., $27,500, terms FOB shipping point, 1/10, n/30. Thecost of the goods sold was $16,000. | |
| 18 | Issued credit memo for $4,800 toTarghee Co. for merchandise returned from sale on March 16. Thecost of the merchandise returned was $2,900. |
Record on page 11 of the journal
| Mar. | 19 | Sold merchandise on account toVista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75to the invoice for prepaid freight. The cost of the goods sold was$5,000. |
| 26 | Received check for amount due fromTarghee Co. for sale on March 16 less credit memo of March 18. | |
| 28 | Received check for amount due fromVista Co. for sale of March 19. | |
| 31 | Received check for amount due fromEmpire Co. for sale of March 4. | |
| 31 | Paid Fleetwood Delivery Service$5,600 for merchandise delivered during March to customers undershipping terms of FOB destination. | |
| Apr. | 3 | Paid City Bank $940 for servicefees for handling MasterCard and American Express sales duringMarch. |
| 15 | Paid $6,544 to state sales taxdivision for taxes owed on sales. |
Journalize the entries to record the transactions of AmsterdamSupply Co. Refer to the Chart of Accounts for exact wording ofaccount titles.
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Please fill out the table below with the given information.
The following were selected from among the transactionscompleted by Babcock Company during November of the currentyear:
Nov. | 3 | Purchased merchandise on account from Moonlight Co., list price$85,000, trade discount 25%, terms FOB destination, 2/10, n/30. |
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4 | Sold merchandise for cash, $37,680. The cost of the merchandisesold was $22,600. | |
5 | Purchased merchandise on account from Papoose Creek Co.,$47,500, terms FOB shipping point, 2/10, n/30, with prepaid freightof $810 added to the invoice. | |
6 | Returned $13,500 ($18,000 list price less trade discount of 25%)of merchandise purchased on November 3 from Moonlight Co. | |
8 | Sold merchandise on account to Quinn Co., $15,600 with termsn/15. The cost of the merchandise sold was $9,400. | |
13 | Paid Moonlight Co. on account for purchase of November 3, lessreturn of November 6. | |
14 | Sold merchandise on VISA, $236,000. The cost of the merchandisesold was $140,000. | |
15 | Paid Papoose Creek Co. on account for purchase of November5. | |
23 | Received cash on account from sale of November 8 to QuinnCo. | |
24 | Sold merchandise on account to Rabel Co., $56,900, terms 1/10,n/30. The cost of the merchandise sold was $34,000. | |
28 | Paid VISA service fee of $3,540. | |
30 | Paid Quinn Co. a cash refund of $6,000 for returned merchandisefrom sale of November 8. The cost of the returned merchandise was$3,300. |
Journalize the transactions. Refer to the Chart of Accountsfor exact wording of account titles.
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journalize the transactions. Refer to the Chart of Accountsfor exact wording of account titles.
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