Krause Industrial Supply offers terms of 1/10, n/30 to its wholesale customers. Krause's cost of goods...

   

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Krause Industrial Supply offers terms of 1/10, n/30 to its wholesale customers. Krause's cost of goods sold is 10% of sales. The company had the following transactions during October: (Click the icon to view the transactions.) Read the requirements. Oct 16 Cash Sales Discounts Date Oct 31 Accounts Receivable-Milton October 31: Werley paid the balance of what it owed for the purchase on October 12. Journal Entry Cash Accounts 17,820 180 Accounts Receivable-Werley Debit 8,000 18,000 Credit 8,000 More info October 1 October 3 October 7 October 8 October 12 October 16 October 31 Sold $10,000 of merchandise to Parish Co. on account. Sold $1,700 of merchandise to Badini Corporation, who paid by credit card. The credit card company charges Krause a fee of 3% on credit card sales. Sold $18,000 of merchandise to Milton Company on account. Parish paid the balance of what it owed for the purchase on October 1. Sold $8,000 of merchandise to Werley Enterprises on account. Milton paid the balance of what it owed for the purchase on October 7. Werley paid the balance of what it owed for the purchase on October 12. Requirements Record Krause's transactions, including the cost of goods sold entry for each sale. 2. Calculate the net sales revenue for the month. 1. Krause Industrial Supply offers terms of 1/10, n/30 to its wholesale customers. Krause's cost of goods sold is 10% of sales. The company had the following transactions during October: (Click the icon to view the transactions.) Read the requirements. Oct 16 Cash Sales Discounts Date Oct 31 Accounts Receivable-Milton October 31: Werley paid the balance of what it owed for the purchase on October 12. Journal Entry Cash Accounts 17,820 180 Accounts Receivable-Werley Debit 8,000 18,000 Credit 8,000 More info October 1 October 3 October 7 October 8 October 12 October 16 October 31 Sold $10,000 of merchandise to Parish Co. on account. Sold $1,700 of merchandise to Badini Corporation, who paid by credit card. The credit card company charges Krause a fee of 3% on credit card sales. Sold $18,000 of merchandise to Milton Company on account. Parish paid the balance of what it owed for the purchase on October 1. Sold $8,000 of merchandise to Werley Enterprises on account. Milton paid the balance of what it owed for the purchase on October 7. Werley paid the balance of what it owed for the purchase on October 12. Requirements Record Krause's transactions, including the cost of goods sold entry for each sale. 2. Calculate the net sales revenue for the month. 1.