Record the journal entries for the following sales transactions of Apache Industries. Nov. 7Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. Nov. 14The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer. Nov. 21The customer paid their account in full from the November 7 sale.
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EA10.
LO 6.4Record the
Nov. 7Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560.
Nov. 14The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer.
Nov. 21The customer paid their account in full from the November 7 sale.
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- Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17PA8.) Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell.Mar. 5 Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart.Mar. 9 Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $435 per set. Terms of the sale are 5/15, n/60, invoice date March 9.Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $435 per set.Mar. 14 Dish Mart sells 6 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $450 per set. Terms of the sale are 5/10, n/60, invoice date March 14.Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March 5 sale are missing a few dishes, but…PA8. Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Mar. 9 Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $435 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $435 per set. Mar. 14 Dish Mart sells 6 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $450 per set. Terms of the sale are 5/10, n/60, invoice date March 14. Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March…
- Issued Cheque No. 4030 for $8,327 to Big Telco in payment of Purchase #340 (Supplier Inv#218). 3 Purchased 8 units MX620 notebook computers from Moon Megasystems at $1,188 each (includes 10% GST), Purchase #343, Supplier Inv#107. Issued Cheque No. 4031 for $4,400 to this supplier for this particular invoice at the time of the purchase. 3 Issued Cheque No. 4032 for $1,210 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. How to record these journals in MYOB sofyware.PA1. Record journal entries for the following transactions of Furniture Warehouse. 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. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash.PA6. Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Dish Mart purchases 26 sets of dishes for $460 per set with cash. Nov. 9 Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/15, n/60, invoice date November 9. Nov. 13 Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Nov. 14 Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the purchase are 10/10, n/60, invoice date November 14. Nov. 15 Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of the dish sets from the November 5 purchase are missing a few dishes but keeps them since the supplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the November 5 dish sets. Dish…
- 26. On December 27, 20x1, XYZ received a sales order for a credit sale of goods with selling price of P45,000, with credit term on 5/10, n/30. The goods were shipped by XYZ on December 31, 20x1 and were received by the buyer on January 2, 20x2. He related shipping costs amounted to P4,500. The buyer XYZ collected the receivable on January 11, 20x2. If the shipping term is FOB destination, freight collect, the amount of cash received from the collection amounts to The correct answer is: 38,250E7.5 (LO 2) (Recording Sales Gross and Net) On June 3, Bolton plc sold toArquette Company merchandise having a sales price of £2,000 with terms of 2/10,n/60. An invoice totaling £90, terms n/30, was received by Arquette on June 8 fromJohn Booth Transport Service for the freight cost. On June 12, the company received acheck for the balance due from Arquette Company.Instructionsa. Prepare journal entries on the Bolton plc books to record sales and receivables forall the events noted above under each of the following bases.1. Sales and receivables are entered at gross selling price.2. Sales and receivables are entered at net of cash discounts.b. Prepare the journal entry under basis (a)(2), assuming that Arquette Companydid not remit payment until July 29.10. JASMINE Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU!
- Make a Sales journal entries for the following: EA11. L0 6.4 Record the journal entry or entries for each of the following sales transactions. Glow Industriessells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms ofthe sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrongcolor and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights,less the allowance. Check Figures:• May 9th entry should include a credit toInventory of $5,520• May 21st entry should include a credit toA/R for $9,100 I've attached the exa exercise below to support for your work ?On June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?A small retailer buys goods from a vendor with an invoice amount of $9,300. The terms of the sale are 3/10, n/30. What is the net amount due on the goods if the bill is paid by the 10th day? $279 $930 $8,370 $9,021