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3 years ago

Journalize the following merchandise transactions.

Business

1 answer:

irakobra [83]3 years ago

3 0

Answer:

Journal Entries:

March 1: Debit Accounts receivable $75,650

Credit Sales revenue $75,650

To record the sale of goods on account.

Debit Cost of goods sold $44,450

Credit Inventory $44,450

To record the cost of goods sold.

March 9: Debit Cash $74,137

Debit Cash discounts $1,513

Credit Accounts receivable $75,650

To record the receipt of payment less discount.

March 13: Debit Sales Allowance $2,700

Credit Accounts receivable $2,700

To record the credit memo for damaged goods.

Explanation:

a) Data and Analysis:

March 1: Accounts receivable $75,650 Sales revenue $75,650

Cost of goods sold $44,450 Inventory $44,450

March 9: Cash $74,137 Cash discounts $1,513 Accounts receivable $75,650

March 13 Sales Allowance $2,700 Accounts receivable $2,700

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4 years ago

Read 2 more answers

Wexim Toys sold merchandise to a customer on credit, terms 2/10, n/30 for $11,700. Three days later, the customer returned $2,30

Rom4ik [11]

Answer:

b) Debit Sales Returns and Allowances $2,300 and credit Accounts Receivable $2,300 in the general journal.

Explanation:

When goods were sold on account, Accounts receivables is debited, and Sales is credited. When goods are returned, Sales Return & Allowances is debited, and Accounts receivables is credited.

Thus, the entry will include Debit in Sales Returns and Allowances $2,300 and Credit in Accounts Receivable $2,300

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3 years ago

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3 years ago

Howard Bowen is a large-scale cotton farmer. The land and machinery he owns has a current market value of $11 million. Bowen owe

givi [52]

Answer:

A. $1,510,000

B. -$10,000

Explanation:

a. Calculation to determine Bowen’s Accounting profits

Using this formula

Accounting profits = Total revenue - Explicit cost

Let plug in the formula

Accounting profit = $10 million - $8 million - $40,000 - $400,000 - $50,000

Accounting profit= $1,510,000

Therefore Bowen’s Accounting profits is $1,510,000

b. Calculation to determine Bowen’s Economic profit

Using this formula

Economic profits = Accounting profit - Implicit cost

Let plug in the formula

Economic profits = $1,510,000 - [($11,000,000*0.1) + $30,000 + ($60,000 - $40,000)]

Economic profits =$1,510,000 - [$1,100,000+ $30,000 + $60,000 - $40,000)]

Economic profits =$1,510,000-$1,150,000

Economic profits =-$10,000

Therefore Bowen’s Economic profit is -$10,000

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3 years ago