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3 years ago

Journalize the following sales transactions for Salem Sportswear. Explanations are not required.

Business

1 answer:

elixir [45]3 years ago

8 0

Answer:

Aug. 1

Trade Receivable $69,000 (debit)

Cost of Sales $38,000 (debit)

Sales Revenue $69,000 (credit)

Inventory $38,000 (credit)

Aug 5

Sales Revenue $3,500 (debit)

Inventory $1 ,750 (debit)

Trade Receivable $3,500 (credit)

Cost of Sales $1 ,750 (credit)

Aug 10

Cash $63,535 (debit)

Discount allowed $1,965 (credit)

Trade receivable $65,500 (credit)

Explanation:

Aug 1

Recognize the Cost of Sale and the Assets of Trade Receivables.

Aug 5

De-recognize the Cost of Sales and Assets of Trade receivables to the extent of the goods that were returned.

Aug 10

Recognize the Cash Asset received less the cash discount of 3 % and also recognize the discount allowed expense to the amount of discount allowed.

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Charles company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company

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Answer:

$240,200

Explanation:

The computation of the account receivable amount reported in the balance sheet is given below:

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