On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905. (a) Journalize the sale and the recognition of the cost of the sale. If required, round your answers to two decimal places. Sale Cost (b) On March 20, a $125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65. If required, round your answers to two decimal places. Return Cost (c) On March 25, Garrison Brewer submits payment in full. Journalize this event. If required, round your answers to two decimal places.

Question
On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905.
(a) Journalize the sale and the recognition of the cost of the sale. If required, round your answers to two decimal places.
Sale
Cost
(b) On March 20, a $125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The
cost of the returned merchandise was $65. If required, round your answers to two decimal places.
Return
Cost
(c) On March 25, Garrison Brewer submits payment in full. Journalize this event. If required, round your answers to two decimal places.
Expand
Transcribed Image Text

On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905. (a) Journalize the sale and the recognition of the cost of the sale. If required, round your answers to two decimal places. Sale Cost (b) On March 20, a $125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65. If required, round your answers to two decimal places. Return Cost (c) On March 25, Garrison Brewer submits payment in full. Journalize this event. If required, round your answers to two decimal places.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Journal and Ledger Balance

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: You own an a townhome with an assessed value of $183,900. The tax rate is $2.20 per $100 of assessed...

A: a) Assessed value = $183,900 Tax rate = $2.2 for $100 of assessed value Property tax = 183,900 x (2....

Q: The production department is proposing the purchase of an automatic insertion machine. It has identi...

A: Ratio analysis: This is the quantitative analysis of financial statements of a business enterprise. ...

Q: A $300K bond was redeemed at 98 when the carrying value of the bond was $292K.  The Journal entry fo...

A: Gain (Loss) om redemption of bonds = Carrying value of bonds - Redemption value of bonds = $292,000 ...

Q: Net Present Value Method The following data are accumulated by Geddes Company in evaluating the purc...

A: Formulas: PVF is taken the table given.

Q: a.Compute the 2017 return on assets (ROA) for both companies. b.Disaggregate ROA into profit margin ...

A: Click to see the answer

Q: Q# 2: Job Order Costing.The Searider Company uses a job-order costing system. The following transact...

A: The journal entries for recording the transactions are given below,

Q: Krause Industries’ balance sheet at December 31, 2019, is presented below. KRAUSE INDUSTRIESBala...

A: The budget showing the outlays relating to the production of the products is known as the budget of ...

Q: Question 2. Journalize the following business transactions in general journal form. Identify each tr...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Required information Skip to question   [The following information applies to the questions displaye...

A: Percent of total appraised value = (Appraised value of asset / Total Appraised value of all assets)*...

Q: Please round to the nearest cent.

A: Fixed cost in total is constant but fixed cost per unit will decrease when production volume increas...

Q: From the following information, calculate stock turnover ratio : Opening Stock $ 18,000 Wages $ 14,0...

A: Cost of goods sold = Opening Stock + Purchases + Carriage Inwards - Closing Stock =18000+46000+4000-...

Q: On 1 April 2000, X, a limited liability company, paid $120,000 for 48,000 $1 shares in Y, another li...

A: We have the following information: X paid $120,000 for 48,000 $1 shares in Y Y represents 80% of $6...

Q: Roses, Incorporated made a batch of flower arrangements that were sold to grocery stores for Valenti...

A: Given:   Standard Actual Number of roses per arrangement 17 17.1 Price per rose 1.7 1.68

Q: Deluxe Suites Hotels includes the following selected accounts in its general ledger at December 31, ...

A: Liabilities are those amounts or dues which are to be paid by the business either in short term or i...

Q: Selected account balances at December 31, 2014, for Engagement, Etc., follow. Prepare a multistep in...

A: Mutlistep income statement is a statement which shows differently the gross profit , operating profi...

Q: Fixed costs remain constant at​ $450,000 per month. During​ high-output months variable costs are​ $...

A: High low indirect costs separates the mixed costs into fixed and variable costs where the costs asso...

Q: Good Day  The question provided in the screenshots requires for the answer to be recorded in a Gener...

A: The general ledger account is an account which is used to record the company's transactions which ar...

Q: Accounting for Manufacturing Concern  The following data from the just completed year are taken from...

A: Company M Schedule of Cost of Goods Manufactured Direct Materials:   Beginning raw materials i...

Q: Harwell Printing Co. is considering the purchase of new electronic printing equipment. It would allo...

A: Formula: Straight line method depreciation = ( Cost of Asset - salvage value ) / useful life years. ...

Q: Crystal Displays Inc. recently began production of a new product, flat panel displays, which require...

A: “Hey, since there are multiple questions posted, we will answer first three questions. If you want a...

Q: Near the end of 2020, Byron realizes that he has a net short-term capital loss of $13,000 for the ye...

A: Click to see the answer

Q: Net Present Value Method Opulence Corporation operates several large cruise ships. One of these ship...

A: NPV is one of the Capital Budgeting techniques which is used to analyze the profitability of a proje...

Q: . If the corporation when formed sets a par value for its shares low and issue common   stock for a ...

A: Corporation can issue at its stock at par value, more than par value or below par value. For example...

Q: The following information was taken from the books of Newcastle Enterprises. Balances in the general...

A: Partnership   Partnership is that form of organization which is owned and managed by two or more per...

Q: A single-step income statement follows. Present the information in a multistep income statement, and...

A: Income statement:   It is a financial statement prepared by a company that reports revenues and expe...

Q: a. what are the debt to equity ratios at the beginning and the end of the 2018 fiscal business year?...

A: The debt to equity ratio indicates the amount of debt held by an entity in comparison to the equity....

Q: Present value of bonds payable; discount Pinder Co. produces and sells high-quality video equipment...

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise deb...

Q: The following information is available from the current period financial statements: Net income ...

A: Cash Flow Statement is a part of the Financial Statement of a company. It literally means a statemen...

Q: You estimate that your cattle farm will generate $0.20 million of profits on sales of $4 million und...

A: Degree of operating leverage (DOL) = Total contribution margin / Net profit Before tax(Operating inc...

Q: can I get some help with this question TIA

A: Notes payable: It is a long term liability to the organization issuing it. It is issued to raise deb...

Q: Assume one year later (2019) the company KY Jeweller’s Ltd has been formed and the owners are desiro...

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in ...

Q: The following information pertains to Newman Company.  Assume that all balance sheet amounts represe...

A: Click to see the answer

Q: Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers a...

A: A cash budget is an estimation of expected cash receipts and disbursements on the basis of past expe...

Q: Calculate the dividends per share on each class of stock for each of the four years. Round all answe...

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Materials and Labor Variance Analysis   Upuan Company uses a standard cost system to help control c...

A: Material quantity variance = (Standard quantity - actual quantity)*standard rate Material price vari...

Q: Direct Materials Purchases Budget Anticipated sales for Safety Grip Company were 35,000 passenger ca...

A: To calculate purchase budget , we need to calculate total material required for production , opening...

Q: 5. On May 31, 2019, a fire completely destroyed the work-in-process inventory of Adler Paints. Physi...

A: Raw materials: It is the basic input required to manufacture the finished products. The raw material...

Q: Owner Shirl Low is considering franchising her Noodles by Low restaurant concept. She believes peopl...

A: Formula: Contribution margin = Sales - variable cost Deduction of variable cost from sales value cal...

Q: For the year ended December 31, 2021, Norstar Industries reported net income of $985,000. At January...

A: Earnings per share = Net income / Number of equity shares.

Q: On May 31, 2019, a fire completely destroyed the work-in-process inventory of Adler Paints. Physical...

A: Raw materials: It is the basic input required to manufacture the finished products. The raw material...

Q: You are given the following information on the first month’s trading of Grigory, who is in business ...

A: We have the following information: 1 January Grigory paid $5,000 into the business 2 January Bought...

Q: Following information is available for the year 2005, calculate gross profit ratio: $ Cash Sales 25,...

A: Formula: Gross profit ratio: Gross profit ratio = ( Gross profit / Net sales ) x 100 Division of Gro...

Q: Explain how to do the problem.

A: Journal entry: It is prepared to record the financial and non financial transaction of the business ...

Q: Accounting for Manufacturing ConcernThe following data from the just completed year are taken from t...

A: 1. Schedule of cost of goods manufactured Particulars Amount Direct materials:   ...

Q: Parisian Cosmetics Company is planning a one-month campaign for September to promote sales of one of...

A: Differential Analysis: Differential analysis refers to the analysis of differential revenue that cou...

Q: Passjoumal entries andpost themto the following concemedledgers required. Mr Robert commenced busine...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....