EBK FINANCIAL & MANAGERIAL ACCOUNTING
EBK FINANCIAL & MANAGERIAL ACCOUNTING
13th Edition
ISBN: 9780100545052
Author: WARREN
Publisher: YUZU
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Chapter 5, Problem 5.8EX

a.

To determine

Sales is an activity of selling the merchandise inventory of a business.

To Record: The sale transactions of the company.

b.

To determine

To Record: The sale transactions of the company.

c.

To determine

To Record: The sale transactions of the company.

d.

To determine

To Record: The sale transactions of the company.

e.

To determine

To Record: The payment of credit card expense.

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Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account. $98,000. The cost of the goods sold was $58,800. C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450 representing a service fee paid for processing MasterCard , VISA, and American Express Sales.
Sales related transactions including the use of credit cards Journalize the entries for the following transactions: A. Sold merchandise for cash, $16,950. The cost of the merchandise was sold at $10,170 (record the sale first.) ______ ______ ______ ______ B.Sold merchandise on account, $ 14,490. The cost of the merchandise sold was $8,690. (Record sale first.) ______ ______ ______ ______ C. Sold merchandise to customers who used MasterCard and Visa $113, 190. The cost of the merchandise sold was $67,910. (Record the sale first.) _____ _____ _____ _____ D. Sold merchandise to customers who used American Express, $43,100. The cost of the merchandise sold was $25,860. (Record the sale first.)  _____ _____ _____ _____ E. Paid $5,250 to the national clearing House Credit company for service fees for processing mastercard, visa, and American Express sales. ______ ______
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a.  Sold merchandise for cash, $22,250. The cost of the merchandise sold was $13,350. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  b.  Sold merchandise on account, $11,880. The cost of the merchandise sold was $7,130. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  c.  Sold merchandise to customers who used MasterCard and VISA, $118,400. The cost of the merchandise sold was $71,040. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  d.  Sold merchandise to customers who used American Express, $35,660. The cost of the merchandise sold was $21,400. (Record the sale first.)…

Chapter 5 Solutions

EBK FINANCIAL & MANAGERIAL ACCOUNTING

Ch. 5 - Prob. 5.1APECh. 5 - Gross profit During the current year, merchandise...Ch. 5 - Prob. 5.2APECh. 5 - Purchases transactions Hoffman Company purchased...Ch. 5 - Prob. 5.3APECh. 5 - Prob. 5.3BPECh. 5 - Freight terms Determine the amount to be paid in...Ch. 5 - Freight terms Determine the amount to be paid in...Ch. 5 - Prob. 5.5APECh. 5 - Transactions for buyer and seller Shore Co. sold...Ch. 5 - Prob. 5.6APECh. 5 - Inventory shrinkage Hahn Flooring Company's...Ch. 5 - Ratio of safes to assets Financial statement data...Ch. 5 - Prob. 5.7BPECh. 5 - Determining gross profit During the current year,...Ch. 5 - Determining cost of merchandise sold For a recent...Ch. 5 - Purchase-related transactions The Stationery...Ch. 5 - Purchase-related transactions A retailer is...Ch. 5 - Prob. 5.5EXCh. 5 - Prob. 5.6EXCh. 5 - Prob. 5.7EXCh. 5 - Prob. 5.8EXCh. 5 - Prob. 5.9EXCh. 5 - Prob. 5.10EXCh. 5 - Sales-related transactions The debits and credits...Ch. 5 - Prob. 5.12EXCh. 5 - Determining amounts to be paid on invoices...Ch. 5 - Sales-related transactions Showcase Co., a...Ch. 5 - Purchase-related transactions Based on the data...Ch. 5 - Prob. 5.16EXCh. 5 - Prob. 5.17EXCh. 5 - Prob. 5.18EXCh. 5 - Normal balances of merchandise accounts What is...Ch. 5 - Prob. 5.20EXCh. 5 - Income statement for merchandiser The following...Ch. 5 - Determining amounts for items omitted from income...Ch. 5 - Multiple-step income statement On October 31,...Ch. 5 - Prob. 5.24EXCh. 5 - Prob. 5.25EXCh. 5 - Adjusting entry for merchandise inventory...Ch. 5 - Prob. 5.27EXCh. 5 - Prob. 5.28EXCh. 5 - Prob. 5.29EXCh. 5 - Prob. 5.30EXCh. 5 - Prob. 5.31EXCh. 5 - Prob. 5.32EXCh. 5 - Prob. 5.33EXCh. 5 - Prob. 5.34EXCh. 5 - Cost of merchandise sold and related items The...Ch. 5 - Cost of merchandise sold Based on the following...Ch. 5 - Prob. 5.37EXCh. 5 - Prob. 5.38EXCh. 5 - Prob. 5.39EXCh. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Multiple step income statement and report form of...Ch. 5 - Prob. 5.6APRCh. 5 - Appendix Purchase-related transactions using...Ch. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Periodic inventory accounts, multiple-step income...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Multiple-step income statement and report form of...Ch. 5 - Prob. 5.6BPRCh. 5 - Appendix Purchase-related transactions using...Ch. 5 - Prob. 5.8BPRCh. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Prob. 5.10BPRCh. 5 - Continuing problem Palisade Creek Co. is a...Ch. 5 - Prob. 5.1CPCh. 5 - Prob. 5.2CPCh. 5 - Prob. 5.3CPCh. 5 - Prob. 5.4CP
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