Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2017, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.

Q: On January 10, 2014, Wilfer Co. sold merchandise on account to Elgin Co. for $11,600, n/30. On…

A: Sale Amount of merchandise = $ 11600

Q: A firm uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…

A: Sales discount = Sales x discount rate = $45,000 x 4% = $1,800

Q: For the year ended December​ 31, 2025, Davidson Mart had sales of $250,000 and cost of goods sold of…

A: Merchandise refers to the stock that the company held for resale purpose or the goods that is not…

Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…

A: At the time of purchase, goods were recorded at $30,000 (gross). The Journal entry was: Debit:…

Q: A summary of transactions undertaken by Wellworth Stores during the month of January 2018 are as…

A: GST is the goods and services tax which is charged on the goods and services. The rate of GST is 15%…

Q: On 12th January 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600…

A: Sales allowance is reduction of price when customer keep the product but he is not satisfied with…

Q: Santa Maria Widget reviewed the following information from its accounting records for the year ended…

A: Provision for Doubtful Debt The Purpose of creating the provision for doubtful debt to adjustment…

Q: Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a…

A: As per net method, the payment is made net of the discount amount if the payment is made within 15…

Q: On April 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Formula: Sales discount = Net sales x Discount rate

Q: Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending…

A: The average age of inventory is the average number of days it takes for a firm to convert inventory…

Q: JYP began operation in 2016. For the year ended, the company has the ff details: Merchandise…

A:

Q: Vaughn Corporation makes blenders (its merchandise) and entered into the following transactions…

A: please like the answer your response matters  Vaughn Corporation Journal entries       Date…

Q: Presented below is information related to Bonita Co. for the month of January 2017. Beginning…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: a ccompany purchased $1,800 of merchandise on July 5, with terms 2/10, n/30. On july 7. it returned…

A: Discount on payment = (Purchases - purchase return) x discount rate = (1800-200)*2% = $32

Q: On October 4, 2008, Terry Corporation had credit sales transactions of P2,800 from merchandise…

A: Credit sales means sales which is made on account to customers and amount has not been received yet.…

Q: Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales…

A: gross method of recording sales -   the sales transaction is recorded at its gross price without…

Q: On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Sales discounts: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: Presented below are transactions related to Star Company. On June 4, Star Company sold OMR670,000 of…

A: Introduction: Journals: Recording of a business transactions in a chronological order. first step in…

Q: Marx Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts…

A: Under estimated percentage of uncollectible accounts method, the amount of accounts receivable are…

Q: From the statement below which answer matches the statement above:

A: Given information is: On April 1, 2015, PT Air Minum Kemasan sold 1500 gallons to PT Indah Catering.…

Q: On October 4, 2006, an Corporation had credit sales transactions of $4,800 from merchandise having…

A: When sales are made to customers, then the sales and cost of goods sold transactions are recorded in…

Q: Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…

A: Discount=Sale×4%=$45,000×4%=$1,800

Q: Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit…

A: Solution: Introduction: A Multi Step income statement is prepared to attract new investment or a…

Q: E8-1

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Leni Company regularly buys merchandise from Lmao Company and is allowed trade discounts of 15% and…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: Journalize the following transaction for Tesco Company during the month of May 2017. May 1st,…

A: Date Account Debit Credit 2017-05-01 Purchases from Other Related Parties…

Q: On July 10, 2017, Amodt Music sold CDs to retailers on account and recorded sales revenue of…

A: a. Prepare Amodt’s journal entries to record the sale on July 10, 2017.

Q: The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31,…

A: 1.Net Sales                                   $ Sales…

Q: On September 1, Jerry's Lighting purchased merchandise with a list price of $12,500 with credit…

A: Total amount paid = Net Purchase - discount amount where, Net Purchase = list price - purchase…

Q: Yeah Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts…

A: The estimated uncollectible can be computed by multiplying the amount with respective uncollectible…

Q: What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all…

A: Accounts Receivable: An accounts receivable is the money owed by the customers to the business for…

Q: Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: Your purchase ledger control account has a balance at 1 October 2008 of £69,000 credit. During…

A: Closing balance = Payroll account, beginning balance + Credit purchase - ( Payment including…

Q: Marx Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts…

A:

Q: Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending…

A: Here, Note: As nothing is mentioned in the question regarding no. of days in an year, we are…

Q: Cullumber Co., a wholesale company, had the following information in its general ledger for the year…

A: Inventoriable costs are the direct costs that are incurred in the production of goods and prepping…

Q: On June 10, 2016, PT A selling merchandise on credit to PT B with a transaction value of Rp…

A: When VAT cannot be credited, the purchase account shall be debited with the cost of purchase and VAT…

Q: Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…

A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Sunglow Company received an invoice for $187,500 dated November 8, 2017 with payment terms 3/5,…

A: Computation of the amount that require to sellle the invoice are as folows:Date: 12 November…

Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: entxies JOUnal Green Company sells goods to Thumb Inc. on account on January 1, 2017.The goods have…

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

Q: On January 1, 2017, Concord SA had Accounts Receivable €107,920 and Allowance for Doubtful Accounts…

A: Notes receivables are promissory notes which are written instruments to accept the debt due. Notes…