Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Oct. 6 Oct. 9 Oct.
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Prepare journal entries for the following transactions from Forest Furniture.
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Oct. 3 Oct. 6 Oct. 9 Oct. 12 Oct. 15 Oct. 25 Sold 2 couches with a sales price of $2,450 per couch to customer Norman Guzman. Norman Guzman paid with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.5% usage fee based on the total sale per transaction. The cost for this sale is $1,700 per couch. Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. The cost of the sale is $800. Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Montgomery paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.4% usage fee based on the total sale per transaction. The cost for this sale is $29 per light. Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less any usage fees. Fund Max made a cash payment of 25% of the total due to Forest Furniture for the transaction from October 9th, less any usage fees. Fund Max made a cash payment of the remainder due to Forest Furniture for the transaction from October 9, less any usage fees.
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Oct 3 Debit Accounts Receivable Norman Guzman 4900 Debit Cost of ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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