Prepare journal entries for the following transactions from Lumber Wholesale. Aug. 9 Aug. 10 Aug. 11 Aug.
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Prepare journal entries for the following transactions from Lumber Wholesale.
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Aug. 9 Aug. 10 Aug. 11 Aug. 14 Aug. 25 Sold 48,320 pounds of lumber with a sales price of $5.50 per pound to customer Homes Unlimited. Homes Unlimited paid with cash. The cost for this sale is $1.35 per pound. Sold 34,700 pounds of lumber with a sales price of $6.75 per pound to customer Barry Njegren. Njegren paid using his in-house credit account. Terms of the sale are 4/15, n/35. The cost for this sale is $1.20 per pound. Sold 50,330 pounds of lumber with a sales price of $4.60 per pound to customer Goodson Houses. Goodson paid using its American credit card. The cost for this sale is $1.40 per pound. American Credit Card Company charged Lumber Wholesale a 2.5% usage fee based on the total sale per transaction. American Credit Card Company made a cash payment in full to Lumber Wholesale for the transaction from August 11, less any usage fees. Barry Njegren paid his account in full with a cash payment, less any discounts.
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Aug 9 Debit Accounts Receivable 48320 x 550 265760 Credit ...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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