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ACC 291T Wk 2 - Practice: Connect Knowledge Check (New)

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ACC 291T Wk 2 - Practice: Connect Knowledge Check (New)

 

Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. 

 

 

1

 

Sold merchandise for $4,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,520.

 

 

4

 

The customer in the April 1 sale returned $500 of merchandise for full credit. The merchandise, which had cost $300, is returned to inventory.

 

 

8

 

Sold merchandise for $1,600, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,120.

 

 

11

 

Received payment for the amount due from the April 1 sale less the return on April 4.

It's highly recommended that you use your first attempt as a study attempt, if needed.

True or False

????

????

 

Required information

[The following information applies to the questions displayed below.]  Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. 

May

 

3

 

Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000).

 

 

5

 

Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000.

 

 

7

 

Macy returns 150 units because they did not fit the customer’s needs (invoice amount: $2,100). Allied restores the units, which cost $1,500, to its inventory.

 

 

8

 

Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $900 to compensate for the damage.

 

 

15

 

Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

 

Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method.  

A company reports the following sales-related information. 

 

 

 

 

 

 

 

 

Sales, gross

$

225,000

 

Sales returns and allowances

$

16,000

 

Sales discounts

 

4,500

 

Sales salaries expense

 

10,500

 

 

Prepare the net sales portion only of this company’s multiple-step income statement.

 

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