Required: In good order and form, per the format detailed in the book prepare th

Question

Required: In good order and form, per the format detailed in the book prepare the necessary General journal entries for each of the following problem situations. Chapter 9 End-of-Chapter Quisz SUBMIT IN WORD or PDF FORMAT VIA THE CANVAS ASSIGNMENT SUBMISSION FUNCTION CLEARLY PRINT YOUR NAME AND ASSIGNMENT NAME AT THE TOP OF EACH PAGE The Phoenix Brick Yard completed the following transactions. Accounts receivable are valued using the allowance method. Required: In good order and form, per the format detailed in the book, prepare the necessary General Journal entries for each of the following problem situations. 1. Oat 5 Completed a $500 credit card sale with a 58 fee (the cost of sales is $300). The payment from the credit card company is received on Oct 9. 2. Oct 10 Receives $2,000 cash plus a $10,000 note from Tempe Landscapes in exchange for brick that sells for $12,000. The brick cost $8,000 The note is dated Jul 15, bears 12% interest, and matures in 120 days.

Explanation / Answer

Date Account Titles and Explanation Debit Credit Oct. 5 Accounts Receivables- Credit card Company $475.00 Credit Card Expense $25.00                   Sales $500.00 (To record credit card sales less 5% discount) Cost of Good Sold $300.00                Merchandise Inventory $300.00 (To record the cost of Oct 1 Sale) Oct.10 Cash $2,000.00 Notes Receivables-Tempe Landscapes $10,000.00 Sales $12,000.00 (Sale merchandise to customer $2000 cash $10000 Notes Receivables) Cost of Good Sold $8,000.00 Merchandise Inventory $8,000.00 (To record the cost of Oct 10 Sale) Oct. 15 Cash $192.00 Credit Card Expense $8.00 Sales $200.00 (To record credit card sales less 4% discount) Cost of Good Sold $150.00 Merchandise Inventory $150.00 (To record the cost of Oct 1 Sale) Oct.31 Bad Debt Expenses $21,400.00 Allowance for Doubtful Accounts $21,400.00 (To adjust allowance account from $1000 debit bal. to $20,400 credit Balance. ($1000 + $20,400)

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.