Solution-Enter the journal entry to record the sales

Enter the journal entry to record the sales transaction

Assignment Help Accounting Basics

Reference no: EM132671361

June 4 Sold for cash, one model A1100 Kawasaki Jet Ski Personal Watercraft.

This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% = $750.00). The sales invoice for this transaction is G4011.
Because a perpetual inventory system is being used by Granite Bay Jet Ski, Inc., for each entry where a product is being sold, an update of the specific inventory items being sold will be a part of the journalizing procedure.
Merchandise listed on the sales invoice:

NOTE: The Jet Ski being sold for $9,375.00 cost the business $7,500.00 (net). All personal watercraft and trailers carry a 25% markup on net cost (20% markup on selling price). The net cost of $7,500.00 plus the programmed markup of $1,875.00 ($7,500.00 x 25%) must equal the credit entry to sales of $9,375.00 or the journal entry will not be accepted by the program.

Problem 1. Enter the journal entry to record the sales transaction

Reference no: EM132671361

Questions Cloud

Calculate the cost of goods sold under the fifo : How do calculate cost of goods sold using the Specific Identification method. Assume the March 9 sale consisted of 40 units form beginning inventory

Conduct research to find a policy or procedure : Conduct research to find a policy or procedure from a children's services organisation regarding parent participation, and report on it briefly.

What is the retailer effective cost of trade credit : What is the retailer's effective cost of trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places.

How ada can be used to help organizations : Create it in a Word, for the medical center's company newsletter, which clearly identifies the key elements and importance of the ADA and how ADA can be used.

Enter the journal entry to record the sales transaction : Enter the journal entry to record the sales transaction. This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% = $750.00). The sales invoice

Find what will be reported on the income statement : On Marble s Income statement for year ended December31, 2013 what will be reported on the Income Statement ( FS item and amount )

Explain detail note about stakeholders responsibilities : Explain detail note about stakeholders' responsibilities towards safe environment. Use real life examples and real situations to explain the corporate.

Changes to the new capital structure-merriwether building : Merriwether Building has operating income of $20 million, a tax rate of 25%, and no debt. It pays out all of its net income as dividends and has a zero growth

Analyze the personalities of brooke and gary : It is based on a video clip. The video clip shows a scene from the movie The Break-Up. Gary comes home after work and joins Brook. They are expecting guests.

User Account

All Pages

Enter the journal entry to record the sales transaction

Reference no: EM132671361

Reference no: EM132671361

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT