Question: Journalize the entries for the following transactions: a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000. b. Sold merchandise on

Journalize the entries for the following transactions:
a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000.
b. Sold merchandise on account, $120,000. The cost of the merchandise sold was $72,000.
c. Sold merchandise to customers who used MasterCard and VISA, $100,000. The cost of the merchandise sold was $70,000.
d. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000.
e. Received an invoice from National Credit Co. for $9,000, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Step by Step Solution

★★★★★

3.43 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Cash 30000 Sales 30000 Cost of Merchandise Sold 18000 Merchandise Inventory 18000 b Acc... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

114-B-A-M-B (886).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Journalize the entries for the following transactions: a. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000. b. Sold merchandise on account, $12,000. The cost of the...

Journalize the entries for the following transactions: a. Sold merchandise for cash, $12,150. The cost of the merchandise sold was $9,100. b. Sold merchandise on account, $6,000. The cost of the...

Journalize the entries for the following transactions: a. Sold merchandise for cash, $6,900. The cost of the merchandise sold was $4,830. b. Sold merchandise on account, $7,500. The cost of the...

engageNOW2 Online teachi X C Solved. During the current Yew x + /ilm/takeAssignment/takeAssignment Main.dolinvokeretakeAssignmentSessionLocator=&inprogresswfalse Gmail YouTube Maps eBook Show Me How...

Poff's Co., a women's clothing store, purchased $14,000 of merchandise from a supplier on account, terms FOB destination, 1/10,n/30. Poff's returned $2,400 of the merchandise, recelving a credit...

Journalists the entries to record the following selected transactions Obj. 2 EX 5-8 Sales-related transactions, including the use of credit cards Journalize the entries for the following...

OBJ. 2 EX 6-9 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $116,300. The cost of the merchandise...

Toyda, Inc. (Toyda) is one of the worlds leading car manufacturers. It sells cars exclusively in the United States. In recent years, Toyda has begun producing electric cars, as well as specialized...

What is the hedge portfolio in the IAPM?

code class = "asciimath" > 9 : ( 6 points ) Find the inverse of the following function: f ( x ) = \ root ( 3 ) ( x - 5 )

At a certain location, wind is blowing steadily at 12 m/s. Determine the mechanical energy of air per unit mass and the power generation potential of a wind turbine with 50- m-diameter blades at that...

A wind turbine is rotating at 15 rpm under steady winds flowing through the turbine at a rate of 42,000 kg/s. The tip velocity of the turbine blade is measured to be 250 km/h. If 180 kW power is...

Why is a companys capital structure, as measured by debt and equity ratios, important to financial statement analysts?

Below are the completed financial statement columns of the work sheet for Canned Heat Limited: Instructions (a) Prepare a statement of comprehensive income, statement of changes in shareholders'...

What does a relatively high accounts receivable turnover indicate about a companys short-term liquidity?

8 Suggest two methods that a firm could use to evaluate the effectiveness of its recruitment and selection procedure.

A former chairman, CFO, and controller of Donnkenny, Inc., an apparel company that makes sportswear for Pierre Cardin and Victoria Jones, pleaded guilty to financial statement fraud. These managers...

The procedures used for over-the-counter receipts are as follows. At the close of each days business, the sales clerks count the cash in their respective cash drawers, after which they determine the...

A. You are currently 60 years old and you reqire $500,000 per year for 20 years on retirement at age 65 years, which is 5 year from now. Your best estimate is that 20 years investment would earn 10%...

Miller, Inc., has declared a $7.10 per share dividend. Suppose capital gains are not taxed, but dividends are taxed at 10 percent. New IRS regulations require that taxes be withheld at the time the...

Hi, Mr. Samad can invest in GHB stock or KYM stock. His projection of the returns on these two stocks is as follows: State Probability Return on GHB (%) Return on KYM (%) Bust 0.25 -2.0 5.0 Normal...