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svetlana [45]
3 years ago
5

Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising.EcoMart uses a perpetual inv

entory system and the gross method.Oct. 1 Sold fair trade merchandise for $1,500, with credit terms n∕30, invoice dated October 1. Thecost of the merchandise is $900.6 The customer in the October 1 sale returned $150 of fair trade merchandise for full credit. Themerchandise, which had cost $90, is returned to inventory.9 Sold recycled leather merchandise for $700, with credit terms of 1∕10, n∕30, invoice datedOctober 9. Cost of the merchandise is $450.11 Received payment for the amount due from the October 1 sale less the return on October 6.
Business
1 answer:
user100 [1]3 years ago
4 0

Answer:

EcoMart Merchandising

Journal Entries

Oct. 1 Debit Accounts Receivable $1,500

Credit Sales Revenue $1,500

To record the sale of goods on account with credit terms n∕30, invoice dated October 1.

Debit Cost of goods sold $900

Credit Inventory $900

To record the cost of goods sold.

Oct. 6 Debit Sales Returns $150

Credit Accounts Receivable $150

To record the return of some goods sold on account.

Debit Inventory $90

Credit Cost of goods sold $90

To record the cost of goods returned.

Oct. 9 Debit Accounts Receivable $700

Credit Sales Revenue $700

To record the sale of recycled goods with credit terms of 1∕10, n∕30, invoice dated October 9

Debit Cost of goods sold $450

Credit Inventory $450

To record the cost of the goods sold.

Oct. 11 Debit Cash $1,350

Credit Accounts Receivable $1,350

To record the receipt of cash on account.

Explanation:

a) Data and Analysis:

Oct. 1 Accounts Receivable $1,500 Sales Revenue $1,500  with credit terms n∕30, invoice dated October 1.

Cost of goods sold $900 Inventory $900

Oct. 6 Sales Returns $150 Accounts Receivable $150

Inventory $90 Cost of goods sold $90

Oct. 9 Accounts Receivable $700 Sales Revenue $700 with credit terms of 1∕10, n∕30, invoice dated October 9

Cost of goods sold $450 Inventory $450

Oct. 11 Cash $1,350 Accounts Receivable $1,350

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Answer:

16.7 percentage

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(150/900) * 100 = 16.7%

The reason for this equation is that interest rate is the amount a lender charges for the use of assets expressed as a percentage of the principal.

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The interest rate is typically noted on a annual basis known as the annual percentage rate (APR).

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Explanation:

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The interest payment will be subject to 30% withholding tax under the Branch Interest Withholding tax rules. Interest paid by a branch's U.S. trade or business, is considered U.S. source income and is subject to U.S. withholding tax at a rate of 30%, unless the tax is reduced or eliminated by a specific treaty or Code provision.

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When an organization produces only a single product or service and attempts to sell it to two or more market segments. It avoids the extra costs of developing and producing additional versions of the product.

For better understanding, lets explain the term

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Answer:

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Explanation:

Current Ratio: The current ratio is that ratio which shows a relationship between the current assets and the current liabilities

The computation of the current ratio is shown below

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where,

Total current assets = Cash + short-term investments + net accounts receivable + merchandise inventory

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And, the total current liabilities is $251,000

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The long term note payable is not a current liabilities,hence it is not considered in the computation part.

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