Link Back to Chapter 5 (Gross Profit). Use the sales journal and the related ledger accounts in
Question:
Link Back to Chapter 5 (Gross Profit). Use the sales journal and the related ledger accounts in Exhibit 6-10, page 236, to answer these questions about Austin Sound Center. 1. How much gross profit did Austin Sound earn on credit sales during November? For this answer, ignore sales discounts and sales returns and allowances. 2. What amount did Austin Sound post to the Sales Revenue account? When did Austin Sound post to the Sales Revenue account? Assume a manual accounting system. 3. After these transactions, how much does Susan Levy owe Austin Sound? Where do you obtain this information? Be specific. 4. If there were no discounts, how much would Austin Sound hope to collect from all its customers? Where is this amount stored in a single figure?
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones