Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for
Question:
Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 20X1 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the following transactions:
INSTRUCTIONS
Record the transactions in a general journal. Use 11 as the page number.
Analyze:
What was the amount of the cash discount taken by Hawk Music Center on April 29?
Transcribed Image Text:
DATE 20X1 April 1 3 LO 5 7 8 10 15 17 19 20 TRANSACTIONS Sold merchandise for $4,500 to Alto Music Center; issued Invoice 3912 with terms of 1/10, n/30. Received a check for $1,980 from Music Supply Store in payment of Invoice 2718 of March 25 ($2,000), less cash discount ($20). Sold merchandise totaling $1,725 in cash to a new customer who has not yet established credit. Merchandise of $80 sold on April 5 is returned for a cash refund. Sold merchandise for $6,500 to Music Warehouse; issued Invoice 3913 with terms of 2/10, n/30. Received payment from Alto Music Center in payment of Invoice 3912, less cash discount. Accepted a return of damaged merchandise from Music Warehouse; issued Credit Memorandum 105 for $2,300. The original sale was made on Invoice 3913 on April 8. Received payment from Music Warehouse for the sale of April 8, less the return on April 15; Music Warehouse deducted the appropriate cash discount from its payment. Received a check for $2,300 as payment in full from Oldies Sounds for Invoice 3850 dated March 20. Sold merchandise for $11,200 to Hawk Music Center; issued Invoice 3914 with terms of 2/10, n/30.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Business questions
-
Best Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 2013 follow. The firm sells its merchandise for cash and...
-
1. Open the general ledger accounts and accounts receivable ledger accounts shown below. Enter the balances as of April 1, 20X1. 2. Post the entries from the general journal in Problem 7.4A to the...
-
The Urban Florist is a wholesale shop that sells flowers, plants, and plant supplies. Transactions involving sales and cash receipts for the firm during May 2016 follow. The firm sells its...
-
Assignment: Based on your reading and analysis of the case study above, address the following items in a detailed essay response of approximately 600 words. Each number below should be addressed...
-
Given the following information on job times and due hours, determine the process nig sequence using priority rules (I) MST, (2) SPT, (3) EDD, and (4) CR. For each rule, find the average flow time...
-
It is currently day 10 in the production calendar of the XYZ Machine Shop. Three orders (A, B, and C) are to be processed at a particular machine tool. The orders arrived in the sequence ABC. The...
-
Write a brief paragraph describing a product or service with which you were dissatisfied, and explain what the problem was. Did you complain? If so, what specific steps did you take, and what was the...
-
Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March, the following petty cash receipts were found in the petty cash box. The...
-
please help. thanks! Culver Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 147 tents. This consists of 49 tents purchased in February at a cost...
-
Using the data for t he coffee table in problem 14.26, build a labor schedule when the labor standard for each top is 2 labor hours; each leg including brass cap installation requires ¼ hours,...
-
The Urban Florist is a wholesale shop that sells flowers, plants, and plant supplies. Transactions involving sales and cash receipts for the firm during May 20X1 follow. The firm sells its...
-
Record the following transactions of Divine Divas Fashions in a general journal. Fashion Park must charge 8 percent sales tax on all sales. DATE 20X1 April 2 3 4 6 30 TRANSACTIONS Sold merchandise...
-
Pie Corporation paid $319,500 to acquire 90 percent ownership of Slice Company on April 1, 20X2. At that date, the fair value of the noncontrolling interest was $35,500. On January 1, 20X2, Slice...
-
On an assembly line, it is determined that 85% of the assembled products have no defects. One day, 50 items are assembled. a. What is the probability that at least 38 have no defects? Round your...
-
A 15-mm thick (B) AISI 1020 steel plate is sandwiched between a 10-mm thick (A) 2024-t3 aluminum plate above and a 20-mm thick 2024-t3 aluminum plate below and compressed with a bolt and nut with no...
-
A kid drags his sled across the snow with a force of 150 N. Friction acts against the sled with a force of 25 N. If it takes the kids 372 seconds to drag the sled a distance of 150 meters, what is...
-
Assume that you have a long position in 50 1-month call option contracts . How do you hedge this long position in calls using 1-month puts? Should you long or short the puts? And how many put...
-
You worked hard to help Bob and Candi set up a qualified plan in January. They came to you today and said that, on September 30 th , Sam Sweet withdrew $2,000 from his Truffle Times qualified plan to...
-
Here are incomplete financial statements for Deol Company: Instructions (a) Calculate the missing amounts (i) to (x). (b) Write a memo explaining (1) the sequence for preparing the financial...
-
Ball bearings are widely used in industrial applications. You work for an industrial food machinery manufacturer and your role is to design the driveshaft assembly on a new type of equipment that...
-
Based on the following data, compute the estimated cost of the ending inventory at Kenamond Company. Use the retail method. Beginning inventory Purchases Freight in Sales Cost $225,000 325,000 4,200...
-
Over the last two years, Allison Company has averaged 35 percent gross profit. At the end of 20X1, the auditor found the following data in the records of the company: Inquiry by the auditor revealed...
-
The following data concerns inventory at Eddys Boat & Bike Shop: INSTRUCTIONS Determine the amount that the company should report as the inventory valuation at cost or net realizable value, whichever...
-
In December of 2022, Marianne Bach is planning to sell shares of Hunt Inc. (Hunt). Marianne anticipates that she will realize a gain of $850,000 on these shares. You have confirmed that these shares...
-
Choose and describe your group project topic. Identify and describe major risks that apply to your group project topic. Also tell, Hou u come to know about all these risks. choose a topic according...
-
Jose Namayapa died in 2020. Among the properties he left is a family home consisting: Property Zonal Value Assessed Value Classification Residential Lot Community Property Residential House Exclusive...
Study smarter with the SolutionInn App