User Account

All Pages

Problem - Sales-related transactions

Assignment Help Accounting Basics
Reference no: EM132680251

Problem - Sales-related transactions, including the use of credit cards

Journalize the entries for the following transactions:

a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000.

b. Sold merchandise on account, $120,000. The cost of the merchandise sold was $72,000.

c. Sold merchandise to customers who used MasterCard and VISA, $100,000. The cost of the merchandise sold was $70,000.

d. Sold merchandise to customers who used American Express, $45,000. The cost of the merchandise sold was $27,000.

e. Received an invoice from National Credit Co. for $9,000, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Reference no: EM132680251

Questions Cloud

Managing organizational data and information : Describe the importance of databases and database management systems in managing organizational data and information.
Discuss the phases of change noted in the linear development : Discuss the phases of change noted in the Linear Development in Learning Approaches section in the Information Technology and Organizational Learning text.
Analyze the history of caesar cypher : Analyze the history of Caesar Cypher and its impact on cryptography. You must use at least one scholarly resource. Minimum 350words.
Balance between being overwhelmed with false positives : How do you strike a balance between being overwhelmed with false positives and the danger of ignoring true incidents?
Problem - Sales-related transactions : Problem - Sales-related transactions, including the use of credit cards. Journalize the entries for following transactions: Sold merchandise for cash, $30,000
Prepare a multiple-step income statement for the year : Problem - Multiple-step income statement - Prepare a multiple-step income statement for the year ended December 31, 2012
What are the critical success factors for big data analytics : What are the critical success factors for Big Data analytics? What are the big challenges that one should be mindful of when considering the implementation.
Define and describe PaaS : Define and describe PaaS. In the description be sure to list the benefits and potential disadvantages.
Which case study in the paper was most interesting to you : Which case study in the paper was most interesting to you and why? Do you think that ERM is necessary in the contemporary organization and why?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd