Sawyer Industries sells to wholesalers. Sawyer's cost of goods sold is 38% of sales. Based on...

 

   

 

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Sawyer Industries sells to wholesalers. Sawyer's cost of goods sold is 38% of sales. Based on past experience, Sawyer uses an estimated return rate of 3% of sales. The company had the selected transactions that follow during March. 1. Record Sawyer's transactions, including the cost of goods sold entry for each sale. 2. Calculate the net sales revenue for the month. Transactions March 3 March 5 March 7 March 15 Sold $15,600 of merchandise to Watford Company on account. Watford Company returned $440 of the merchandise from March 3. Sold $1,300 of merchandise to Mason, Inc., on account. Watford Company paid the balance of what it owed for the purchase on March 3. Sold $22,600 of merchandise to Zuber Co. on account. Zuber reported that some of the merchandise received was the wrong colour and returned $1,040 worth of merchandise to Sawyer. Sold $33,500 of merchandise to Nesbits Co. on account. March 23 March 31 Zuber paid the balance of what it owed for the purchase on March 19. March 19 March 21 Print Done Sawyer Industries sells to wholesalers. Sawyer's cost of goods sold is 38% of sales. Based on past experience, Sawyer uses an estimated return rate of 3% of sales. The company had the selected transactions that follow during March. 1. Record Sawyer's transactions, including the cost of goods sold entry for each sale. 2. Calculate the net sales revenue for the month. Transactions March 3 March 5 March 7 March 15 Sold $15,600 of merchandise to Watford Company on account. Watford Company returned $440 of the merchandise from March 3. Sold $1,300 of merchandise to Mason, Inc., on account. Watford Company paid the balance of what it owed for the purchase on March 3. Sold $22,600 of merchandise to Zuber Co. on account. Zuber reported that some of the merchandise received was the wrong colour and returned $1,040 worth of merchandise to Sawyer. Sold $33,500 of merchandise to Nesbits Co. on account. March 23 March 31 Zuber paid the balance of what it owed for the purchase on March 19. March 19 March 21 Print Done

Answer rating: 100% (QA)

Sawyer Industries March Transactions 1 Recording Transactions and COGS Mar 3 Sales Accounts Receivab... View the full answer