The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $1,700 sales price in cash. The goods cost Bear's $950. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $6,600 (total); terms 3/10, n/30. The goods cost Bear's $3,800. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $7,000 (total); terms 3/10, n/30. The goods cost Bear's $4,650. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 1 Record the sale of merchandise for $1,700 cash to Cheryl Jahn. 3 4 5 6 7 8 9 10 Note: Enter debits before credits. Date November 20 Record entry General Journal Clear entry Debit Credit View general journal The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $1,700 sales price in cash. The goods cost Bear's $950. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $6,600 (total); terms 3/10, n/30. The goods cost Bear's $3,800. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $7,000 (total); terms 3/10, n/30. The goods cost Bear's $4,650. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 1 Record the sale of merchandise for $1,700 cash to Cheryl Jahn. 3 4 5 6 7 8 9 10 Note: Enter debits before credits. Date November 20 Record entry General Journal Clear entry Debit Credit View general journal
Expert Answer:
Answer rating: 100% (QA)
Lets prepare the journal entries to record the transactions for Bears Retail Store using the gross m... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
Posted Date:
Students also viewed these accounting questions
-
The following transactions were selected from among those completed by Bears Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $ 400 sales price in cash. The goods cost...
-
The following transactions were selected from among those completed by Hailey Retailers in 2014: Nov. 20 Sold two items of merchandise to Baja, who charged the $ 450 sales amount on her Visa credit...
-
The following transactions were selected from among those completed by Gunzo Wholesalers in 2014: Nov. 20 Sold two items of merchandise to Brigitte, who charged the $ 800 sales amount on her Visa...
-
Examine your own organisation, or one that you know. What forms of pre-departure training does it offer?
-
Keeping in mind that the open-ocean waters are highly oxic, predict the possible metabolic lifestyles of open-ocean Archaea and Bacteria. Why might rhodopsin-like pigments be more abundant in one...
-
Suppose that the fraction of chicks that survive, P(N), as a function of the number N of eggs laid, is given by the following forms (variants of the model studied in Example 2.5.14). The total number...
-
A faculty member wishes to assess the relationship between students' scores on the Scholastic Aptitude test (SAT) and their performance in college. a. What is a possible research hypothesis in this...
-
Are some beer, wine, or spirits ads misleading? What examples can you give? What is misleading in them? Do some ads contain images and themes that go too far in appealing to an audience under the...
-
1. Briefly describe the Balanced Scorecard approach to control. Explain how it differs from the traditional approach to control used in most companies. 2. Briefly differentiate between active...
-
Del Conte Construction Company has experienced generally steady growth since its inception in 1976. Management is proud of its record of having maintained or increased its earnings per share in each...
-
A square footing is shown in Figure 01. Given: FS=3.5, y = 16 kN 17 kN/ and m Ysat = 18.9 kN/ Dj m3. Df1.2 m, h = 0.9 m, and B = 1.75 m. a) Using Meyerhof's method distinguish the gross allowable...
-
You have just prepared your start-up company's first annual balance sheet. According to your calculations, your company's total assets were $100,000, total liabilities were $75,000, and total equity...
-
he Stark Laws prohibit Question 17 options: Medicare fraud and abuse physicians from referring patients to an organization in which they have a vested financial interest anyone from accepting any...
-
Identify the statement that is correct as it relates to the CVP income statement. It is part of the accounting information provided to all financial statement users. It is used internally by...
-
A) Identify a character in a show with whom you have developed (in the past or present) a parasocial relationship. Remember, this person can be "real" or a character role. Explain why this...
-
Nervousness about giving a speech is normal; even the most successful public speakers feel a bit of stage fright. Are you nervous at the thought of giving a speech? Share your thoughts about taking...
-
Given the frame and applied loads as shown below. Determine the reactions Ax, Ay, MA, and C MA 400 mm A B 1000 mm 200 N-m
-
Organizations are increasing their use of personality tests to screen job applicants. What are some of the advantages and disadvantages of this approach? What can managers do to avoid some of the...
-
Nortel Networks Corporation (Nortel), based in Brampton, Ontario, is a global supplier of networking solutions and services. In 2005, the company released the findings of an independent review as a...
-
New Vision Company completed its statement of earnings and statement of financial position for 2015 and provided the following information: Required: Present the operating activities section of the...
-
Why does net earnings differ from cash flow from operations? Explain.
-
Your boss gives you a sample of "gunk" and asks you to measure its viscosity. You do this in a cup and bob viscometer that has an outer (cup) diameter of 2 in., an inner (bob) diameter of $1.75...
-
The following data were obtained for a proprietary salad dressing tested at $22^{\circ} \mathrm{C}$ in a cup and bob viscometer (cup diameter $=4.2 \mathrm{~cm}$, bob diameter $=4.01 \mathrm{~cm}$,...
-
An inclined tube manometer with a reservoir is used to measure the pressure gradient in a large pipe carrying oil $(\mathrm{SG}=0.91)$ (see Figure $\mathrm{P} 4.5)$. The pipe is inclined at an angle...
Study smarter with the SolutionInn App