Headland sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $536) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (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 0 for the amounts.) Account Titles and Explanation Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory To record cost of goods sold) Cash Accounts Receivable Debit Credit

Please help. The Chair Company provides a 120-day parts-and-labor warranty on all merchandise it sells. The Chair Company estimates the warranty expense for the current period to be $1,410. During this period, a customer returned a product that cost $1,058 to repair. Required:a. Show the effects of these transactions on the financial statements using a horizontal statements model. Use "+" for increase, "−" for decrease, and NA for not affected. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA).b. & c. Prepare the journal entries to record the warranty expense for the period and payment for the actual repair costs.

Seifert Supply Company sold merchandise to a customer on December 1, 2020 for $100,000. The transaction resulted in recording a note receivable with a term of 6 months and an annual interest rate of 9%. The company's accounting period ends on December 31, 2020. What amount should Seifert Supply Company recognize as interest revenue on the note receivable on December 31, 2020?   A. $1,500 B. $9,000 C. $750 D. $0

On July 10, 2020, Sarasota Music sold CDs to retailers on account and recorded sales revenue of $752,000 (cost $609,120). Sarasota grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Sarasota and were granted credit of $73,700.Prepare Sarasota’s journal entries to record (a) the sale on July 10, 2020, and (b) $73,700 of returns on October 11, 2020, and on October 31, 2020. Assume that Sarasota prepares financial statement on October 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit (a)                                                             enter an account title to record sales on July 10, 2017 enter a debit amount…

On September 1, Jerry's Lighting purchased merchandise with a list price of $12,500 with credit terms of 3/5, n/60. On September 3, Jerry's returns $1,300 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry's Lighting is:

Flint Family Importers sold goods to Tung Decorators for $40.800 on November 1, 2022, accepting Tung's $40,800, 6-month, 6% note. Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1, 2023, entry for the collection of the note and interest. (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 Record journal entries in the order presented in the problem) Date 11/1/22 v 12/31/22 5/1/23 Account Titles and Explanation Notes Receivable Sales Revenue terest Receivable Interest Revenu Cath Interest Receivable interest Revenue Debit 40.800 408 42400 Credit 40.800 40800 400 814

During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Vishano

Nov 17. Record the purchase of air conditioners. Nov 26. Record payment on November 26 using the net method of accounting for purchase discounts. Dec 15. Alternatively, record payment on December 15 using the net method of accounting for purchase discounts.

On January 10, 2020, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30. On February 9, Robertsen Co. gave Cullumber Co. a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit >