The following transactions are July activities of Bennett's Bowling, Incorporated, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop. a. Bennett's collected $14,400 from customers for games played in July. b. Bennett's served customers food from its snack bar; received $2,400 in cash. c. Bennett's received $3,400 from customers who purchased merchandise from the pro shop in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,400 for the upcoming fall season. Prepare the journal entry for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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- The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $600 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,600 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,800 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. I just need help with the journal entry on Dec. 06 and also computing the net sales.The following transactions are July activities of Bennett’s Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale. Bennett’s provided to customers bowling merchandise inventory costing Bennett’s $5,590. [Consider only the effect on cost of goods sold [expense] here. Do not consider sales revenue for this question.] Bennett’s paid $2,100 on the electricity bill for June (recorded as an expense in June). Bennett’s paid $2,900 to employees for work in July. Bennett’s purchased $3,600 in insurance for coverage from August 1 to November 1. Bennett’s paid $2,300 to plumbers for repairing a broken pipe in the restrooms. Bennett’s received the July electricity bill for $2,900 to be paid in August.During the month of October 20--, The Pink Petal flower shop engaged in the following transactions: Oct. 1 Sold merchandise on account to Elizabeth Shoemaker, $1,000, plus tax of $50. Sale No. 222. 2 Issued Check No. 190 to Jill Hand in payment of October 1 balance of $500, less 2% discount. 2 Purchased merchandise on account from Flower Wholesalers, $4,000. Invoice No. 500, dated October 2, terms 2/10, n/30. 4 Purchased merchandise on account from Seidl Enterprises, $700. Invoice No. 527, dated October 4, terms 2/15, n/30. 5 Issued Check No. 191 in payment of phone expense for the month of September, $150. 7 Sold merchandise for cash, $3,500, plus tax of $175. 9 Received payment from Leigh Summers in full settlement of account, $2,000. 11 Issued Check No. 192 to Flower Wholesalers in payment of October 1 balance of $1,500. 12 Sold merchandise on account to Leigh Summers, $2,000, plus tax of $100. Sale No. 223. 12 Received payment from Meg Johnson on account,…
- During the month of October 20--, The Pink Petal flower shop engaged in the following transactions: Oct. 1 Sold merchandise on account to Elizabeth Shoemaker, $1,000, plus tax of $50. Sale No. 222. 2 Issued Check No. 190 to Jill Hand in payment of October 1 balance of $500, less 2% discount. 2 Purchased merchandise on account from Flower Wholesalers, $4,000. Invoice No. 500, dated October 2, terms 2/10, n/30. 4 Purchased merchandise on account from Seidl Enterprises, $700. Invoice No. 527, dated October 4, terms 2/15, n/30. 5 Issued Check No. 191 in payment of phone expense for the month of September, $150. 7 Sold merchandise for cash, $3,500, plus tax of $175. 9 Received payment from Leigh Summers in full settlement of account, $2,000. 11 Issued Check No. 192 to Flower Wholesalers in payment of October 1 balance of $1,500. 12 Sold merchandise on account to Leigh Summers, $2,000, plus tax of $100. Sale No. 223. 12 Received payment from Meg Johnson on account,…Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.5% service charge for sales on its credit card. Access deducts a 3.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $500 of merchandise on credit (that had cost $250) to Natara Morris. 5 Sold $6,800 of merchandise (that had cost $3,400) to customers who used their Zisa cards. 6 Sold $5,616 of merchandise (that had cost $2,808) to customers who used their Access cards. 8 Sold $4,890 of merchandise (that had cost $2,445) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $395 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 5.5% service charge for sales on its credit card. Access deducts a 4.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris. 5 Sold $7,100 of merchandise (that had cost $2,840) to customers who used their Zisa cards. 6 Sold $6,152 of merchandise (that had cost $2,461) to customers who used their Access cards. 8 Sold $4,300 of merchandise (that had cost $1,720) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $739 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…
- Crane’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Crane’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,700 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,400. The cost of the books sold was $1,400. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,000. The cost of the books sold was $1,200. 20 Purchased books on account for $2,000 from McGinn Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60…Cullumber's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $2,800. The cost of the books sold was $1,800. 6 Received $200 credit for books returned to Binsfeld Publishers. 9. Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,500. The cost of the merchandise sold was $1,500. Purchased books on account for $2,500 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 Sold books on account to Baeten Bookstore for $1,200. The cost of the merchandise sold was $970. 30 Granted Baeten Bookstore $170 credit for books returned costing $102. Journalize the…Culver’s Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General…
- Culver’s Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General…Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May 1. Received $2,156 cash from L. Reilly in payment of April 22 invoice of $2,200, less cash discount. May 4. Received $1,096 cash in payment of $1,000 note receivable and interest of $96. May 7. Received $588 cash from K.L. Shannon in payment of April 29 invoice of $600, less cash discount. May 8. Sold merchandise on account to D. Padilla, invoice no. 272, $489. May 16. Cash sales for first half of May, $2,265. May 17. Received cash from D. Padilla in payment of invoice no. 272, less cash discount. May 20. Received $325 cash from L.N. Salas in payment of April 16 invoice, no discount. May 21. Sold merchandise on account to R.O. Wilcox, invoice no. 273, $935. May 24. Received $220 cash refund for return of defective equipment that was…Kern’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern’s inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred.June 1 Purchased books on account for $1,600 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,440. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,800. The cost of the books sold was $1,080. 20 Purchased books on account for $1,800 from McGinn Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 24…