Homework Answers
| Date | General Journal | Debit | Credit | |
| a. | June 30 | Sales discounts | 47 | |
| Allowance for sales discounts | 47 | |||
| (To record the expected sales discounts) | ||||
| b. | June 30 | Sales discounts ($47 - $7) | 40 | |
| Allowance for sales discounts | 40 | |||
| (To record the expected sales discounts) |
| Date | General Journal | Debit | Credit | |
| a. | June 30 | Sales returns and allowances | 2640 | |
| Sales refund payable | 2640 | |||
| (To record the expected sales to be refunded) | ||||
| b. | June 30 | Estimated inventory returns | 528 | |
| Cost of goods sold | 528 | |||
| (To record the expected cost of returns) |
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ProBuilder has the following June 30 fiscal-year-end unad usted balances: Allowance for Sales Discounts. So, and...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,600. Of the $11,600 of receivables, $2,800 are within a 3% discount period, meaning that it expects buyers to take $84 in future discounts arising from this period’s sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $9 fiscal-year-end unadjusted credit balance in the Allowance for Sales...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,000. Of the $10,000 of receivables, $2,000 are within a 3% discount period, meaning that it expects buyers to take $60 in future discounts arising from this period's sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $10 fiscal-year-end unadjusted credit balance in the Allowance for Sales...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,800. Of the $10,800 of receivables, $2,400 are within a 3% discount period, meaning that it expects buyers to take $72 in future discounts arising from this period’s sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $8 fiscal-year-end unadjusted credit balance in the Allowance for Sales...
QS 4-20C Recording estimated sales returns LO P6 ProBuilder reports merchandise sales of $50,000 and cost...
QS 4-20C Recording estimated sales returns LO P6 ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30, 2016. It makes fiscal year-end adjusting entries for estimated future returns and allowances equal to 2% of sales, or $1,000, and 2% of cost of sales, or $400 6. & b. Prepare the June 30, 2016, fiscal year-end adjusting journal entry for future returns and allowances related to sales and...
ProBuilder reports merchandise sales of $70,000 and cost of merchandise sales of $14,000 in its first...
ProBuilder reports merchandise sales of $70,000 and cost of merchandise sales of $14,000 in its first year of operations ending June 30. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 3% of sales, or $2,100, and 3% of cost of sales, or $420. a. & b. Prepare the June 30 fiscal-year-end adjusting journal entry for future returns and allowances related to sales and cost of sales.
Lopez Company reports unadjusted first-year merchandise sales of $128,000 and cost of merchandise sales of $32,000....
Lopez Company reports unadjusted first-year merchandise sales of
$128,000 and cost of merchandise sales of $32,000.
a. Compute gross profit using the unadjusted
numbers above.
Gross profit is - __________________
2nd part
The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. b-1&2. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. View transaction list Journal entry worksheet 12 Record...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30,...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $22,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. 2. Prepare journal entries...
rk QS 4-20C Recording estimated sales returns LO P6 ProBuillder reports merchandise sales of $70,000 and...
rk QS 4-20C Recording estimated sales returns LO P6 ProBuillder reports merchandise sales of $70,000 and cost of merchandise sales of $14,000 in its first year of operations ending June 30, 2016. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 3% of sales, or S20a and 3s of cost of sales, or $420 & b. Prepare the June 30, 2016, fiscal-year-end a posting journal entry for future returns and allowances related to sales and cost...
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts...
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual Inventory system). $ Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 40,300 120,389 7,000 159,200 3,400 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,000 106,500 10,800 35,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38.900. Prepare...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,000. Of the $10,000 of receivables, $2,000 are within a 3% discount period, meaning that it expects buyers to take $60 in future discounts arising from this period's sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $10 fiscal-year-end unadjusted credit balance in the Allowance for Sales...
QS 4-20C Recording estimated sales returns LO P6 ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30, 2016. It makes fiscal year-end adjusting entries for estimated future returns and allowances equal to 2% of sales, or $1,000, and 2% of cost of sales, or $400 6. & b. Prepare the June 30, 2016, fiscal year-end adjusting journal entry for future returns and allowances related to sales and...
Lopez Company reports unadjusted first-year merchandise sales of
$128,000 and cost of merchandise sales of $32,000.
a. Compute gross profit using the unadjusted
numbers above.
Gross profit is - __________________
2nd part
The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. b-1&2. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. View transaction list Journal entry worksheet 12 Record...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $22,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. 2. Prepare journal entries...
rk QS 4-20C Recording estimated sales returns LO P6 ProBuillder reports merchandise sales of $70,000 and cost of merchandise sales of $14,000 in its first year of operations ending June 30, 2016. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 3% of sales, or S20a and 3s of cost of sales, or $420 & b. Prepare the June 30, 2016, fiscal-year-end a posting journal entry for future returns and allowances related to sales and cost...
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual Inventory system). $ Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 40,300 120,389 7,000 159,200 3,400 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,000 106,500 10,800 35,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38.900. Prepare...
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