Utilizing the revenue journal below, journalize the following five transactions of Porshe Creations:a. On March 20, Porshe sells 30 cell phone covers to Xtreme at $5.00 per cover on Invoice No. 897.b. On March 21, Porshe sells 10 cell phone covers to Sidekick for $8.00 per cover on Invoice No. 918.c. On March 22, Porshe sells 23 cell phone covers to Rock-On at $4.50 per cover on Invoice No. 948.d. On March 26, Porshe sells 210 cell phone covers to Micro at $4.00 each on Invoice No. 969.e. On March 29, Porshe sells 12 cell phone covers to Charmers for $8.50 each on Invoice No. 987.If required, round your answers to two decimal places.Page: 15POST.REF.DATEACCOUNT DEBITEDINVOICE NO.ACCTS. REC. DR. FEES EARNED CR.122343.

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

Answered: Utilizing the revenue journal below,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EB: Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price...

See similar textbooks

Similar questions

Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.
A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case. The customer pays with a Merill credit card. Merill charges a usage fee to the company of 5% of the total sale. What is the sales entry for this purchase?
On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms Lamplight returns ten light fixtures (receiving a credit amount for the total purchase price per fixture of $20 each) on August 3. Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice date August 19, with no discount terms. Lamplight pays $100 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10
Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.
Utilizing the revenue journal below: (a) On March 20, Porshe sells 25 cell phone covers to Xtreme at $4.50 per cover on Invoice No. 887. (b) On March 21, Porshe sells 5 cell phone covers to Sidekick for $7.50 per cover on Invoice No. 908. (c) On March 22, Porshe sells 18 cell phone covers to Rock-On at $4.25 per cover on Invoice No. 938. (d) On March 26, Porshe sells 200 cell phone covers to Micro at $3.75 each on Invoice No. 959. (e) On March 29, Porshe sells 6 cell phone covers to Charmers for $8.35 each on Invoice No. 997. Required: Journalize the above five transactions of Porshe Creations. Round your answers to two decimal places.
On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $252,510, terms n/30. The cost of the merchandise sold is $141,390. On March 5, Showcase Co. issues a credit memo for $30,380 for merchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $18,740. Journalize Balboa Co.’s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSBalboa Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS