Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 9.00

sales related information

1. A company reports the following sales related information: Sales (gross) of $100,000; Sales discounts of $2,000; Sales returns and allowances of $8,000; Sales salaries expense of $5,000. Prepare the net sales portion only of this company’s multiple-step income statement.

2. Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system.

Apr. 2 Purchased merchandise from Blue Company under the following terms: $3,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.

3 Paid $200 for shipping charges on the April 2 purchase.

4 Returned to Blue Company unacceptable merchandise that had an invoice price of $600.

17 Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise.

18 Purchased merchandise from Fox Corp. under the following terms: $7,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination.

21 After negotiations, received from Fox a $2,100 allowance on the April 18 purchase.

28 Sent check to Fox paying for the April 18 purchase, net of the discount and allowance.

Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 07:07 PM My Price 9.00

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