udent web seivices at eWeb Slice Gallery eBook Show Me How Calculator Sales-Rela
ID: 2403259 • Letter: U
Question
udent web seivices at eWeb Slice Gallery eBook Show Me How Calculator Sales-Related Transactions, Induding the Use of Credit Cards ournalize the entries for the following transactions: a. Sold merchandise for cash, $20,030. The cost of the goods sold was $12,020. (Record the sale first.) b. Sold merchandise on account, $7,870. The cost of the goods sold was $4.720. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and VISA, $113,290. The cost of the goods sold was $67,970.(Reco the sale first.) d. Sold merchandise to customers who used American Express, $53,680. The cost of the goods sold was 532,210·(Record the sale first.) Check My Work 2 more Check My Work uses remainingExplanation / Answer
Answer:
(a)
Event
Description
Debit $
Credit $
(a)
Cash
20,030
Sales
20,030
Cost of goods sold
12020
Merchandise Inventory
12020
_________________________________________________
(b)
Event
Description
Debit $
Credit $
(b)
Account recivable
7,870
Sales
7,870
Cost of goods sold
4720
Merchandise Inventory
4720
_______________________________________________
(c)
Event
Description
Debit $
Credit $
(C)
Cash
113,290
Sales
113,290
Cost of goods sold
67970
Merchandise Inventory
67970
______________________________________________
(D)
Event
Description
Debit $
Credit $
(D)
Cash
53,680
Sales
53,680
Cost of goods sold
32210
Merchandise Inventory
32210
Note;
As in the question only details for sells and cost are given so entry made accordingly and no details about credit card Expanses were Given
Event
Description
Debit $
Credit $
(a)
Cash
20,030
Sales
20,030
Cost of goods sold
12020
Merchandise Inventory
12020
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