Record the following transactions of Divine Divas Fashions in a general journal. Fashion Park must charge 8
Question:
Record the following transactions of Divine Divas Fashions in a general journal. Fashion Park must charge 8 percent sales tax on all sales.
Transcribed Image Text:
DATE 20X1 April 2 3 4 6 30 TRANSACTIONS Sold merchandise for cash, $3,500 plus sales tax. The customer purchasing merchandise for cash on April 2 returned $500 of the merchandise; provided a cash refund to the customer. Sold merchandise on credit to Lisa Dang; issued Sales Slip 908 for $1,025 plus tax, terms n/30. Accepted return of damaged merchandise from Lisa Dang; issued Credit Memorandum 302 for $175 plus tax. The original sale was made on Sales Slip 908 of April 4. Received payment on account from Lisa Dang in payment of her purchase of April 4, less the return on April 6.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 36% (11 reviews)
Heres the general journal entries for the transactions of ...View the full answer
Answered By
Rodrigo Louie Rey
I started tutoring in college and have been doing it for about eight years now. I enjoy it because I love to help others learn and expand their understanding of the world. I thoroughly enjoy the "ah-ha" moments that my students have. Interests I enjoy hiking, kayaking, and spending time with my family and friends. Ideal Study Location I prefer to tutor in a quiet place so that my students can focus on what they are learning.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Business questions
-
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,500...
-
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. The company uses the perpetual inventory system. DATE TRANSACTIONS...
-
The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 2019 May 1 Sold merchandise on...
-
The Justice Department has been asked to review a merger request for a market with the following four firms. Firm Assets A .......... $156 million B .......... 130 million C .......... 45 million D...
-
A foreman has determined the expected processing times at a machine for a set of jobs and now wants to sequence them. Given the information shown below, do the following: a. Determine the processing...
-
Your company is considering acquiring a private company (New Co., Inc.). The CFO has asked you to review the financial statements, look for key trends, and develop financial/operational questions to...
-
A gasifier can convert \(1 \mathrm{~kg}\) of wood ( \(19.5 \mathrm{MJ} / \mathrm{kg}\) ) into \(1.5 \mathrm{~m}^{3}\) of syngas (5.2 MJ/m). If we define energy conversion efficiency as the ratio of...
-
On October 31, 2015, Damon Companys general ledger shows a checking account balance of $8,397. The companys cash receipts for the month total $74,320, of which $71,295 has been deposited in the bank....
-
What are some Strategy Formulation/Strategic Alternatives for Netflix? Explain what some strategic alternatives and formulation strategies for Netflix In-house content? Marketing Ad Content? o...
-
Nature's Juice Corporation operates three divisions that process and bottle natural fruit juices. The historical-cost accounting system reports the following information for 2017: Nature's Juice...
-
Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 20X1 follow. The firm sells its merchandise for cash...
-
An excerpt from the Consolidated Statements of Earnings for The Home Depot, Inc., is presented below. Review the financial data and answer the following analysis questions. Analyze: 1. The Home...
-
The Rock Factory uses a CSS to store the formatting instructions for their website. Explain what the advantages are for doing this.
-
Suppose the U.S. government defaults on its payments (i.e., cannot pay T-bills at their maturity date). What would be the effect on the T-bill rate? What would be the effect on the interest rates of...
-
Which organization allows for a charitable deduction to a foreign organization? I. U.S. Friends of organizations. II. Donor-advised fundsforeign. III. Public foundationsforeign. IV. Supporting...
-
Which of the following is the most suitable response for risks that involve high loss severity and low loss frequency? A. Risk avoidance. B. Risk diversification. C. Risk reduction. D. Risk transfer.
-
What is an exception to the tax penalty for the modification of a series of substantially and equal periodic payments within 5 years of the date of the first payment or, if later, age 59? A....
-
Which type of mortgage would you choose if you were an advanced student at the UCLA School of Medicine with the prospect of a $150,000 salary as soon as you graduate?
-
There is a simple explanation for the remarkable result in Problem 35. Show that a horizontal plane that intersects the region in Figure 12 and a sphere of radius b next to it will intersect in equal...
-
Prove the following D,(cos x) = - sin x (Hint: Apply the identity cos(A + B) = cos A cos B sin A sin B)
-
This data is for selected inventory items at Kimble Supply Company: INSTRUCTIONS Determine the amount to be reported as the inventory valuation at cost or net realizable value, whichever is lower,...
-
The following information concerns four items that Katy Mayfield Clothiers for Women has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in...
-
The following data relates to the inventory and purchases of item 125 for McCray Company during May: INSTRUCTIONS Determine the cost of the ending inventory on May 31 under each of the following...
-
Explain how probability can be applied to decision-making in public administration situations.
-
Do you think that all levels of management have the same functional skills needed for the workplace? How do managers in organizations communicate in terms of tone and leadership style?
-
Accustart Ltd. acquired 38% of the common shares of Lecce Ltd. on January 1, 2024, by paying $5.76 million for 144,000 shares. Lecce declared a cash dividend of $0.60 per share in each quarter that...
Study smarter with the SolutionInn App