Solution-Compute net sales for the two months ended december

Compute net sales for the two months ended december

Assignment Help Financial Accounting

Reference no: EM132935384

Prepare the appropriate journal entry for each transaction assuming the company uses the gross method to record sales revenue. Do not record the cost of sales. (If no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Problem A.)

1. Record the sale of two items to Baja and receipt by credit card 2% card fee.
Date. General Journal. Debit. Credit Nov. 20,2021.

2. Record the sale of 10 items to Christine, terms 1/10, n/30.
Date. General Journal. Debit. Credit.
Nov. 25, 2020

3. Record the sale of 8 items to Daoud, terms 1/10, n/30.
Date. General Journal. Debit. Credit.
Nov. 28, 2020

4. Record the sale return of 1 item from Daoud.
Date. General Journal. Debit. Credit
Nov. 30 2020

5. Record the receipt in settlement of Daoud account.
Date. General Journal. Debit. Credit
December 06, 2020

6. Record the receipt in settlement of Christine's Nov 25th purchase.
Date. General Journal. Debit. Credit
December 30, 2020

Problem B.) Assuming that sales discounts and credit card discounts are treated as contra revenues, compute net sales for the two months ended December 31, 2020.

Reference no: EM132935384

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Compute net sales for the two months ended december

Reference no: EM132935384

Reference no: EM132935384

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