Rockland Shoe Company records Sales Returns and Allowances and Sales Discounts as contra-revenues. Complete the following table, indicating the amount and direction of effect (+ for increase, - for decrease) of each transaction on each item reported in Rockland's income statement prepared for internal use Be sure to total the effects. July 12 Rockland sold merchandise to Kristina Zee at its factory store. Kristina paid for the 545e purchase in cash. The goods cos Rockland $240. 15 Sold merchandise to Shoe Express ata selling price of $6,500, ith terms 3/1e, n/3e. Rockland's cost was $3,00. 20 Collected cash due fron Shoe Express. 21 Sold merchandise to Fleet Foot Co. at a selling price of $2,300, with terms 2/10, /30. Rockland's cost was $1,380. 23 Fleet Foot Co. returned $1,150 of shoes and promised to pay for the renaining goods in August. The returned shoes were in perfect condition and had cost Rockland $690. Transaction Date: July 12 July 15 July 20 July 21 July 23 Totals Sales Revenues Sales Retums and Allowances Sales Discounts 450 6,500 2,300 9.250 1.150 1,150 195 195 Net Sales 240 210 3.900 2.600 Cost of Goods Sold 1.380 5.520 Gross Profit 920 3,730
Rockland Shoe Company records Sales Returns and Allowances and Sales Discounts as contra-revenues. Complete the following table, indicating the amount and direction of effect (+ for increase, - for decrease) of each transaction on each item reported in Rockland's income statement prepared for internal use Be sure to total the effects. July 12 Rockland sold merchandise to Kristina Zee at its factory store. Kristina paid for the 545e purchase in cash. The goods cos Rockland $240. 15 Sold merchandise to Shoe Express ata selling price of $6,500, ith terms 3/1e, n/3e. Rockland's cost was $3,00. 20 Collected cash due fron Shoe Express. 21 Sold merchandise to Fleet Foot Co. at a selling price of $2,300, with terms 2/10, /30. Rockland's cost was $1,380. 23 Fleet Foot Co. returned $1,150 of shoes and promised to pay for the renaining goods in August. The returned shoes were in perfect condition and had cost Rockland $690. Transaction Date: July 12 July 15 July 20 July 21 July 23 Totals Sales Revenues Sales Retums and Allowances Sales Discounts 450 6,500 2,300 9.250 1.150 1,150 195 195 Net Sales 240 210 3.900 2.600 Cost of Goods Sold 1.380 5.520 Gross Profit 920 3,730
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College