The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. boys' clothes P4,800 20 pcs. boys' clothes P6,300 Cost of 48 pcs. underwear 7,680 30 pcs. underwear 7,500 Freight and handling costs: Boys' clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Jackie. underwear It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable had been incurred by the consignee.

The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. boys' clothes P4,800 20 pcs. boys' clothes P6,300 Cost of 48 pcs. underwear 7,680 30 pcs. underwear 7,500 Freight and handling costs: Boys' clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Jackie. underwear It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable had been incurred by the consignee.

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...

See similar textbooks

Similar questions

The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.
Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
The Consignment Out account of Jackie Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. Boys’ clothes ₱ 4,800 20 pcs. Boys’ clothes ₱ 6,300 Cost of 48 pcs. underwear 7,680 30 pcs. underwear 7,500 Freight and handling costs: Boys’ clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Jackie. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute the amount to be remitted by the consignee. Compute for the consignment profit Please show your good accounting form for the solution. Thank you!
The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped? Present solution in good accounting form.
Show the solution in good accounting form The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped?
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $20,000, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,150. 3 Sold merchandise for $10,950 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,100. 4 Sold merchandise on account to Empire Co., $51,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $35,420. 5 Sold merchandise for $27,900 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $18,470. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards, $12,380. The cost of merchandise sold was $9,120. 16 Sold merchandise on account to Targhee Co., $28,500, terms FOB…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 to retail customers who used MasterCard. The cost of the goods sold was $19,400. The printed receipts for retail customers included a coupon for $2 off the customer’s next purchase. It is estimated that 2,000 of the coupons will be redeemed. Create a compound journal entry for the sale and coupon payable estimate. 14 Sold $18,000 of merchandise to retail customers who…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 to retail customers who used MasterCard. The cost of the goods sold was $19,400. The printed receipts for retail customers included a coupon for $2 off the customer’s next purchase. It is estimated that 2,000 of the coupons will be redeemed. Create a compound journal entry for the sale and coupon payable estimate. 14 Sold $18,000 of merchandise to retail customers who…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300.3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers.The cost of merchandise sold was $7,000.4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200.5. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400.12. Received check for amount due from Equinox Co. for sale on March 2.14. Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350.16. Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200. 5. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400. 12. Received check for amount due from Equinox Co. for sale on March 2. 14. Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350. 16. Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise…
BXY Co. has a branch, and all goods are sent thereto at cost plus 25%. The accounting is done at head office.In the first year, the branch received goods from head office costing K8,000. During the year the branch sent back to head office goods at internal invoice price of K500.Some of the goods sold to customers by the branch were unsatisfactory, and the customers complained and sent the goods in question, amounting to K50, direct to head office.During the year remittances to head office were K5,000; closing cash balance at branch K1,010, and closing branch debtors K2,340. The branch deals only with goods sent from head office. There are no discounts or bad debts and no stock differences. Ignore expenses.You are required to prepare the following accounts:a) Branch Stockb) Goods sent to branchc) Branch Adjustmentd) Branch Debtorse) Branch Cash.
The following transactions occurred over the months of September to December at Nicole’sGetaway Spa (NGS).LO 8-2, 8-4September Sold spa merchandise to Ashley Welch Beauty for $1,800 on account; thecost of these goods to NGS was $900.October Sold merchandise to Kelly Fast Nail Gallery for $450 on account; the costof these goods to NGS was $200.November Sold merchandise to Raea Gooding Wellness for $300 on account; the costof these goods to NGS was $190.December Received $1,200 from Ashley Welch Beauty for payment on its account.Required:1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system.2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the onlyreceivables outstanding at December 31 arise from the transactions listed above. NGS uses theaging of accounts receivable method with the following uncollectible rates: one month, 2%;two months, 5%; three months, 20%; more than three months, 35%.3. The Allowance for Doubtful…