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Sales information related to Knox Socks is as follows: Cost (per pair of socks) Customer Wholesalers Retailers Sale Price...

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Sales information related to Knox Socks is as follows: Cost (per pair of socks) Customer Wholesalers A1 File 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Home A 1/12
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Sales information related to Knox Socks is as follows: Cost (per pair of socks) Customer Wholesalers Retailers Sale Price (per pair of socks) $ Online Customers $ 5.00 $ 7.00 $ 10.00 $ 2.25 2/10, 1/30 4.55 Cash Discount Terms 7.50 1/15, n/30 n/30 Credit Card Discount % 2.50% During the month of January, Knox Socks had the following transactions occur: Date Transaction 1/1 1/5 1/8 1/10 1/12 1/30 Return Policy 100% refund offered if socks are returned new with tags attached within 60 days of purchase. Sold 1,000 pairs of socks to a Wholesaler on account. Sold 400 pairs of socks to an Online Customer on account. Received payment in full from Wholesaler. Sold 700 pairs of socks to a Retailer on account. Online Customer returned 100 pairs of socks in new condition with tags. Received payment via Credit Card from Retailer for half the balance owed. Complete the transactions by date in the space provided on the following page. Ignore any cost of goods sold or inventory entries related to these transactions; record only the transactions that affect sales revenue, cash and accounts receviable, including any related contra-revenue accounts. Remember: Use the power of Excel to calculate totals within transactions. Copying/pasting or typing directly into the cells will not earn full credit! A1 File 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Home A 1/12 1/30 Date 1/1 Date 1/5 Date 1/8 Date 1/10 Insert Date 1/12 Lato Date 1/30 Draw B Page Layout ✓11 X ✓ fx QUESTION #1 C B Formulas Data Calculation Mode: Automatic Workbook Statistics D Av E Complete the transactions by date in the space provided on the following page. Ignore any cost of goods sold or inventory entries related to these transactions; record only the transactions that affect sales revenue, cash and accounts receviable, including any related contra-revenue accounts. Review View Online Customer returned 100 pairs of socks in new condition with tags. Received payment via Credit Card from Retailer for half the balance owed. Remember: Use the power of Excel to calculate totals within transactions. Copying/pasting or typing directly into the cells will not earn full credit! Automate F Help General Sold 1,000 pairs of socks to a Wholesaler on account. Sold 400 pairs of socks to an Online Customer on account. Received payment in full from Wholesaler. Sold 700 pairs of socks to a Retailer on account. Online Customer returned 100 pairs of socks in new condition with tags. = Instructions & Overview Question #1 Question #2 Question #3 Question #4 Question #5 + Received payment from Retailer for half the balance owed. $ G ←.0 .00 H .00 →→.0

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Record the sales revenue For each sale record the sales revenue in the Sales Revenue column of the t View the full answer


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Related Book For  answer-question
Financial Accounting

Financial Accounting

ISBN: 9781618533111

6th Edition

Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman

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Question Details
Chapter # 6
Section: Questions and Exercises
Problem: 48
Posted Date: September 30, 2023 03:39:42
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