Question: How can i figure out this journal entry with this information Jan 3. Sold merchandise for $21,800 plus 8% sales tax to retail cash customers.

How can i figure out this

journal entry with this information

Jan 3. Sold merchandise for $21,800 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $ 13,000. Jan 16. Sold merchandise, on account to Keystone Co, $16,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $ 10,000. Jan 18. Issued a credit memo for $2,000 to Keystone Co, for merchandise returned from sale on Jan 16. The cost of the merchandise returned was $1,200. Jan 25. Received check for amount due from Keystone Co. Jan 30. Purchased merchandise from Folts Co., $8,000, terms FOB destination, 2/10, n/30. Feb 4. Issued a debit memo to Folts Co., for $ 1,500 of merchandise returned from purchase on Jan 30. Feb 6. Paid Folts Co. for amount due

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

In recent years, Flint Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant was in charge of selecting the depreciation method...

=+3. Sold merchandise for $21,800 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $13,000.

need help creating this journal. thank you The following selected transactions were completed by Amsterdam Supply Co., which sells olice supples primarily to wholesalers and occasionally to retall...

PR 5-2A Sales-related transactions using perpetual inventory system Obj. 2 The following selected transactions were conpleted by Amsterdam Supply Co, which sells office supplies primarily to other...

Journalize the following transactions assuming the perpetual inventory system and adjustments for tustemer refurds and estimated returns itwentory were insast at vesed end. The company uses the net...

COULD I PLZ GET HELP WITH PART 2 AND 3. THANK YOU! AM ACCOUNTING SOCIETY Part Two Instructions Before you prepare the eight adjusting journal entries below in an Excel spreadsheet please make sure...

need help with accounting. could someone please post these transactions to a sales journal. ive attached the chart of accounts. these are the directions for the problem. i would love help with all of...

TRANSACTIONS FOR JUNE 3-9 Student Analysis June 4 One model A1100 Kawasaki Jet Ski Personal Watercraft was sold for cash. This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% =...

can you do e , f , g part only do you need anything else regarding question but i have given you full information can you please solve this? yes so could you please solve all things 112 Review the...

Jamukha Corporation prepares quarterly financial statements, ending March 31, 2018. The balance sheet at December 31, 2017, is presented below. Jamukha Corporation Balance Sheet December 31, 2017...

A consumer consumes two goods: 1 and 2. His utility function is U(2, 12) = V(2)+22 where v() is a positively sloped function and ,220. Assume (1)>0 and ()

The legal environment is a crucial area of understanding for HRM. EEO laws and regulations, theories of discrimination, and sexual harassment continue to evolve. For this discussion, you will address...

Consider the following rational function. f ( x ) = ( - 4 x ^ ( 2 ) - 1 9 x - 1 2 ) / ( 4 x - 9 ) Step 1 of 3 : Find equations for the vertical asymptotes, if any, for the function.

Refer to Exercise 25. a. Of the respondents who felt that their body weight was about right, what proportion were female? b. Of the female respondents, what percent felt that their body weight was...

Nielson AG reports the following pretax income (loss) for both book and tax purposes. The tax rates listed were all enacted by the beginning of 2020. Instructions a. Prepare the journal entries for...

Using the following time series sales data, respond to the following items. a. G raph the data. b. Based on the graph, describe the time series pattern. c. For this time series, why is forecasting...

Ted is in a clinic with his elderly client, Gretchen, for a routine blood workup, which they do every other month. He notices Gretchen is bruised on the face and arms. For a while he makes small talk...

Uddin Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days...

Choose an Organization (Private / Public / Government) of your choice, which is operating in any part of the Globe. You are to analyze, understand the Organization and present to your class the...

2. I try to be as logical as possible

1. To understand the prerequisites for personal communication mastery.

2. To understand different focus areas for personal communication mastery.