1. What are the amount of the cash discount and the net amount due if the discount is Caken? Revised Total Discount Cash discount $54,451.40 $54,451.40 Merchandise total Cash discount $1,150.00 Insurance and shipping Net amount due If Sound Design sends in a partial payment of $20,000 within the discount period, what is the net balance still due? Partial payment credit = Merchandise total Partial payment credit $1,150.00 Insurance and shipping Net balance
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- This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Select Retailer/Merchandiser-Related Transactions: 1-Jan Monsters Inc. purchased merchandise on account from Star Trek Enterprises $25,000 Input instructions: Terms: FOB shipping point Discount 3% if paid in 10 days, otherwise, n/45 Journal Entries: If cash is received, make it the first debit in the entry COGS: $10,250 If cash is paid, make it the last credit in the entry 2-Jan Monsters Inc. pays freight $575 Debits are listed first, credits are listed second 3-Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises $4,500 Terms: FOB destination Discount 1% if paid in 10 days, otherwise, n/45 COGS: $2,300 7-Jan Star Trek Enterprises pays freight $125 10-Jan Star Trek Enterprises received…You are the store manager for The Bedding Warehouse. The invoice below is due for payment to one of your vendors, Hamilton Mills. Invoice Table INVOICE No. 49485 Hamilton Mills INVOICE DATE July 9, 20XX 115 Rock Creek Road CUSTOMER'S Charlotte, North Carolina 28235 ORDER NO. 49485 SOLD TO: SHIP TO: The Bedding Warehouse 406 Maple Road Franklin, VA 23851 SAME SHIPPED VIA Federal Express SALESMAN TERMS F.O.B. Net 30 Days Charlotte, N.C. QTY. ORDERED QTY. SHIPPED DESCRIPTION UNIT AMOUNT 44 Sheets, king $45.10 $1,984 40 ea. 65 Sheets, queen $39.60 $2,574 00 ea. 28 pkg. Pillow Cases, queen $17.85 $449 80 55 pkg. Pillow Cases, std. $17.35 $954 25 6 ea. Shams $33.25 $299 50 $6,261.95 INVOICE SUBTOTAL SHIPPING CHARGES $133.50 Insurance $23.35 INVOICE TOTAL $6,418.80 (a) You notice several errors in the itemization of the invoice. Correct the errors in the itemization by completing the following table (in $). QTY. Ordered QTY. Shipped Description Unit Amount 44 ea. Sheets, king $45.10 24 65…You own your own outdoor recreation supply store. You are in the process of drafting a standard invoice agreement for customer sales conducted on credit. Create a sample sales invoice with the following minimum information listed: Your company information Date of sale Your customers information An example product you sell with name, description, price per unit, and number of units sold Terms of sale including credit terms and shipping charges, with numerical figures for shipping charges Any contract language necessary to further establish the terms of sale (for example, warranties, limitations on shipping, and returns) Write a reflection about your invoice choice, as it relates to format, terms, contract language, and pricing strategies. Conduct a comparison study to others in your industry (such as REI) to evaluate your choices. Make sure to support your decisions with concrete examples and research.
- Solve all questions. a. The Soap Manufacturing Company has three employees who work in the warehouse. All of the warehouse workers are authorized to order inventory when it falls below the reorder level. The workers complete a purchase order and mail it to the supplier of their choice. The inventory is delivered directly to the warehouse. The workers send a memo to accounts payable reporting the receipt of inventory. Accounts payable compares the warehouse memo to the supplier’s invoice. Accounts payable prepares a check which the treasurer signs. a. Based on your point of view, discuss and explain each of them include examples FIVE (5) internal controls that being needed for improvements to the Soap Manufacturing Company. b. briefly discuss and explain the documents related to the purchasing cycle in above case study with any situationSelect all that apply A partial Sales Journal for ABC Co. is shown below. Show how to post these transactions into the general ledger by selecting the correct actions below. (Check all that apply.) Account Debited PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Sparky's 1000 300 Q-Mart 3,500 800 Totals $4,500 $1,100 Multiple select question. A $4,500 credit is posted to the Sales account in the general ledger. An $1,100 debit is posted to the Cost of Goods Sold account in the general ledger. The account number of the Sales account is entered below the Accounts Receivable Dr./Sales Cr. column. A $1,000 debit is posted to the Accounts Receivable account in the general ledger on Mar. 4. An "S" is posted in the PR columns of the general ledger after posting is completed. A check mark is posted in the PR columns of the general ledger after posting is completed.Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
- On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $480 per board. The cost to Bates is $150 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank.Complete this question by entering your answers In the tabs below. Required 1 Required 2 Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) www Vlew transaction Ilist Journal entry worksheet 2. 3. 4 9. Sold two items of merchandise to Customer B, who charged the $570 sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Note: Enter debits before credits. Date General Journal Debit Credit November 20 Vlew general Journal Clear entry Record entry 5,On March 1, Bates Board Shop sells 280 surfboards to a local lifeguard station at a sales price of $430 per board. The cost to Bates is $180 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank. Mar. 1 Accounts Receivable Accounts Receivable Cost of Goods Sold Cost of Goods Sold Mar. 1 - Select - - Select - - Select - - Select - Mar. 10 - Select - - Select - - Select - - Select - - Select - - Select -
- On March 1, Bates Board Shop sells 290 surfboards to a local lifeguard station at a sales price of $420 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 1 Mar. 10 Accounts Receivable Accounts Payable Cash Sales Discounts Sales II II III II II IIIA retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Instructions: Write you answers by hand, scan your working papers and upload to the link on the main page of the Moodle website as a PDF file. Show any calculations. Printing the problem information is permitted but only for personal use during the exam. a) Use the FIFO (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar ($1).b) Prepare the journal entries to record sales transactions on May 7 and 19. All sales were on account c) If the retailer uses a periodic inventory and Average cost method to value its inventory and cost of goods sold. Calculate the cost of goods sold for the month of May. Instructions: Write you answers by…Journalize the sales transactions for Fast Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr. 12: Sold computers on account for $8,500 to a customer, terms 1/15, n/60. The cost of the computers is $5,100. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date More Info - X Apr, 12 April 12 Sold computers on account for $8,500 to a customer, terms 1/15, n/60. The cost of the computers is $5,100. 21 Accepted a $3,500 return from a customer from April 12. The computer returned had a cost of $2,100. 26 Received payment from the customer on balance due. Choose from any list or ent 4 parts remaining Print Done Check Answer