Journalize the purchase, the return and the payment made

Assignment Help Accounting Basics

Reference no: EM133538034

Question: Carry out the following exercises of different transactions where purchases, discounts and returns are made.

Nuevo Amanecer Bookstore sold 600 books on credit at $20.00 each with a sale term of 2/10 n/30. The cost of books sold is $8,400. After selling the books, the customer returned 50 books because they were damaged. The customer then paid the balance owed on the fifth day after purchasing the books. Journalizes the sale, return and payment made by the customer. Indicates the gross profit obtained by Librería Nuevo Amanecer for this sale.

Computadoras y Más offers discounts to its customers and allows the customer to return the product if they are not satisfied. Computadoras y Más had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned items. Cost of goods sold for the period after returns was $320,000. Calculate the net profit and the gross profit.

Princesa Jewelry purchased $7,000 of inventory on credit from Wholesale Jewelry on February 2. The sale term they offered was 3/10 n/30. When they received the merchandise there were broken pieces for a total value of $800.00, which they returned to Wholesale Jewelry. On February 8, Joyería Princesa paid the balance owed. Journalize the purchase, the return and the payment made.

Part 2. Journalize the following entries of purchases, sales and returns.

Ferretería Amigos carried out the following transactions during the month of March:

Fecha (marzo)	Transacción
2	$12,000 in inventory was purchased on credit with a term of 2/13 n/30 and FOB shipping point.
4	Merchandise for $400 of the purchase made on March 2 was returned because it was defective.
6	$250 freight was paid for the purchase of inventory purchased on March 2.
11	Inventory was sold on credit to a customer for $5,000 with a term of sale of 2/10 n/30.
12	The amount owed for the purchase of March 2 was paid.
15	A $490 allowance was offered to the customer on the March 11 purchase.
20	The customer who made the purchase on the 11th paid in full with the corresponding discounts.

Reference no: EM133538034

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