The Giles Agency offers a 8% trade discount when providing advertising services of $1,000 or more to its customers. Audrey's Antiques decides to purchase advertising services of $1,800 (not including the trade discount), while Michael's Motors purchases only $530 of advertising. Both services are provided on account. Record both transactions for The Giles Agency, accounting for any trade discounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 ces Record the services provided to Michael's Motor for $530. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit View general journal Record entry Clear entry
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- Blossom Company sold $8,950 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Blossom makes the sale. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) Blossom grants an allowance of $658 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (c) at year-end. Blossom estimates that an additional $200 in allowances will be granted to Elkins. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are…Kingbird Inc. sold $16,200 of its designer tables to Santos Furniture and Design Studios on account. Kingbird estimates that $1,800 of these sales will either be returned or an allowance will be granted. Prepare the entries when (a) Kingbird makes the sale (use the gross method), and (b) Kingbird grants an allowance of $1,000 when some of the tables do not meet exact specifications but still could be sold by Santos. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b)Maple Woodworking accepts creditcards at its store. Maple’s credit card processor charges a fee of 2% of the total amount of anycredit sale. Assume that Ralph Stone purchases $9,000 of custom furniture and pays with aVISA card. Make the entry that Maple would make to record the sale to Stone. (You do notneed to make the cost of goods sold entry in this exercise.)
- Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer with credit terms of 2/20, n/60. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required: Hide Prepare the journal entry assuming the payment is made after 10 days (after the discount period). Account and Explanation Debit Credit Record collection of accounts receivable
- Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: • Lamplight purchases 25 light fixtures for $30 each on August 1, invoice date August 1, with no discount terms. Lamplight returns 15 light fixtures (receiving a credit amount for the total purchase price per fixture of $30 each) on August 3. • Lamplight purchases an additional 15 light fixtures for $10 each on August 19, invoice date August 19, with no discount terms. • Lamplight pays $110 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $62,000 with terms 3/15, n/45. On June 12, 2025, Blossom received full payment for the June 1 sale. Prepare the required journal entries for Blossom Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 10 CreditNerina Traders, a gift shop situated in Illovo, is owned by Serena Lopez. The business is a registered VAT vendor and trades only with other registered vendors. All amounts, including 15% VAT where applicable, except if otherwise indicated. They use a periodic inventory system, and all goods are marked up at 20% above cost before considering any trade discounts. The business does not expect to award any settlement discounts nor toqualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature.Debtors balances as at 31 January 2020:Pinky Leshaba R3 500.The following transactions took place in the month of February 2020: DATE TRANSACTION 1 Sold goods on credit to Pinky Leshaba for R2 500, excludingVAT 4 The invoice provided to Pinky Leshaba on the 1st of February wasovercast by R230, including VAT. Pinky Leshaba has acceptedthis amount and the error needs to be corrected. Hint: thisshould be treated similarly as a rebate 6 Goods…
- Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlementdiscounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature.All money received is banked daily.The following transactions took place in the month of February 2020 DATE TRANSACTION1 Owner contributed R5 000 cash4 Cash sales R13 800 including VAT6 Cash purchases R8 000 excluding VAT10 Paid Telkom for telephone account R34515 Paid R2 000 towards a loan settlement with Mzanzi Bank20 Cash sales R5 750 including VAT23 Cash purchases R4 600 including VAT25 Paid wages R800 Prepare the following…Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. All money received is banked daily. The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Owner contributed R5 000 cash 4 Cash sales R13 800 including VAT 6 Cash purchases R8 000 excluding VAT 10 Paid Telkom for telephone account R345 15 Paid R2 000 towards a loan settlement with Mzanzi Bank 20 Cash sales R5 750 including VAT 23 Cash purchases R4 600 including VAT 25 Paid wages R800 Q.4.1 Prepare…Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlementdiscounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature.All money received is banked daily.The following transactions took place in the month of February 2020 DATE TRANSACTION1 Owner contributed R5 000 cash4 Cash sales R13 800 including VAT6 Cash purchases R8 000 excluding VAT10 Paid Telkom for telephone account R34515 Paid R2 000 towards a loan settlement with Mzanzi Bank20 Cash sales R5 750 including VAT23 Cash purchases R4 600 including VAT25 Paid wages R800 Prepare the following…