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padilas [110]
3 years ago
12

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

ventory system and the gross method. Oct. 1 Sold fair trade merchandise for $2, 600, with credit teres n/30; invoice dated October 1. The cost of the nerchandise is $1,450 which had cost $145, is returned to inventory of the merchandise is $890 6 The customer in the October 1 sale returned $260 of fair trade merchandise for full credit. The merchandise, 9 Sold recycled leather merchandise for $1, 250, with credit terms of 1/10, n/30; invoice dated October 11 Received payment for the amount due from the October 1 sale less the return on 0ctober 6.
Business
1 answer:
Rudik [331]3 years ago
8 0

Answer:

Oct 1

Debit  : Accounts Receivable $2,600

Debit : Cost of Sales $1,450

Credit : Sales Revenue $2,600

Credit : Merchandise $1,450

Oct 6

Debit : Sales Revenue $260

Debit : Merchandise $145

Credit : Accounts Receivable $260

Credit : Cost of Sales $145

Oct 9

Debit  : Accounts Receivable $1, 250

Debit : Cost of Sales $1,450

Credit : Sales Revenue $1, 250

Credit : Merchandise $1,450

Oct 11

Debit  : Cash $2,340

Credit : Accounts Payable $2,340

Explanation:

The perpetual method ensures that the cost of sales and inventory values are calculated after every transaction made.

Therefore, remember to show the cost of sale journal and the resulting decrease in inventory after every sale.

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option (c) $875 per year

Explanation:

Given;

Average cost of collision claims for careful drivers = $500 per year

Average cost of collision claims for for poor drivers = $3000 per year

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thus,

Careful drivers = (100% - 15%) = 85%

Therefore,

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Total assets were $78,000 and total liabilities were $42,000 at the beginning of the year. Net income for the year was $15,500,
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Answer:

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