Prepare the journal entry to record the sale of 1,800 units that cost $9 per unit and sold for $15 per unit. If an amount box does not require an entry, leave it blank.
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- Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.
- Prepare the journal entry to record the sale of 1,200 units that cost $7 per unit and sold for $16 per unit. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12Prepare the journal entry to record the sale of 1,300 units that cost $6 per unit and sold for $17 per unit. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -Tea co. has inventory of 27 units at a cost of $8 each on August 1. On August 3, it purchased 37 units at $8 each. 20 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported in cost of goods sold for the 39 units that were sold?
- On April 5, a customer returns 19 bicycles with a sales price of $240 per bike to Barrio Bikes. Each bike cost Barrio Bikes $130. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. Question Content Area A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales return Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable Apr. 5 Cost of inventory returned Merchandise Inventory Merchandise Inventory B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts ReceivableOn 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. (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. (c) On March 25, Garrison Brewer submits payment in full. Journalize this event. If required, round your answers to two decimal places. Hint: You may not need to fill in every box GENERAL JOURNAL Page 1 Date Description Post Debit CreditThe following hammers were available for sale during the year for Wilkins Tools: Beginning inventory 10 units at $40 First purchase 15 units at $50 Second purchase 30 units at $60 Third purchase 25 units at $65 Wilkins has 30 hammers on hand at the end of the year. What is the dollar amount of cost of goods sold for the year according to the first-in, first-out method? Select one: a. $1,575 b. $1,950 c. $1,975 d. $2,650
- The ABA returned some defective goods to one of its suppliers, Luna at the end of June. If both entities use the perpetual system and all purchases are on account, by having the below information, answer the given questions: ABA Purchase price= $12.5 Luna purchase price= $8 Total ABA purchase: 200 units Units Returns by ABA= 35 units How ABA record the purchase return? How Luna record the sales return?Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased 40 units at $12 each. 32 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 32 units that were sold?Marvin Company has a beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 4 sets at $1.60, 6 sets at $2.20, 6 sets at $2.50, and 10 sets at $3.00. By the end of the year, 25 sets were sold.a. Calculate the number of paint sets in ending inventory. Number of paint sets b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. (Round your answers to the nearest cent.) Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted Average