1. Sunshine Jewelry sells to retailers who then resell the products. Sunshine does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale with a credit card. The company had the following selected transactions during July: Click the icon to view the transactions Read the requirements Requirement 1. Journalize Sunshine's July transactions. (You do not need to record the cost of goods sold or inventory entry or entries.) (Record debits first, then credits. Exclude explanations from any journal entries.) July 2: Sold $90,000 of merchandise to Oakden Jewels on account. Journal Entry Date Accounts Debit Credit July 2 Accounts Receivable Oakden Jewels 90.000 Sales Revenue 90,000 July 3. Sold $13,000 of merchandise to Batson Crystals, which paid by credit card. The credit card company charges Sunshine a fee of 1% on credit card sales. Journal Entry Date Accounts Debit Credit July (1) Cash 12870 (2) Uncollectible-Account Expense 1301 (3) Sales Revenue 13000 (4) 3 July 16: Oakden Jewels paid the balance of what it owed for the purchase on July 2. Journal Entry Date Accounts Debit Credit July 16 (5) (6) (7) (8) July 17. Sold $30,000 of merchandise to Palluck Stones account. Journal Entry Date Accounts Debit Credit July 17 (9) (10) (11) |(12) July 19. Paluck Stones noticed that some of the merchandise received was damaged, so it returned $9,000 worth of merchandise to Sunshine. (Assume that expected future retums have been recorded.) Journal Entry Date Accounts Debit Credit July 19 (13) |(14) (15) |(16) July 30: Palluck Stones paid the balance of what it owed for the purchase on July 17. Journal Entry Date Accounts Debit Credit July 30 (17) (18) (19) |(20) Requirement 2. Calculate the gross sales revenue for the month. Sunshine Jewelry's gross sales for the month is 1: More Info July 2 July 3 July 16 July 17 July 19 July 30 Sold $90,000 of merchandise to Oakden Jewels on account Sold $13,000 of merchandise to Batson Crystals, which paid by credit card. The credit card company charges Sunshine a fee of 1% on credit card sales. Oakden Jewels paid the balance of what it owed for the purchase on July 2. Sold $30,000 of merchandise to Palluck Stones on account. Palluck Stones noticed that some of the merchandise received was damaged, so it returned $9,000 worth of merchandise to Sunshine. Palluck Stones paid the balance of what it owed for the purchase on July 17. 2: Requirements 1. Journalize Sunshine's July transactions. (You do not need to record the cost of goods sold or inventory entry or entries.) 2. Calculate the gross sales revenue for the month. (1) (2) (3) (4) Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense Accounts Receivable-Palluck Stones Accounts Payable Allowance for Uncollectible Accounts Accounts Receivable-Batson Crystals Cash Accounts Receivable-Oakden Jewels Credit Card Discount Expense Sales Refunds Payable Sales Revenue Uncollectible-Account Expense Accounts Receivable-Palluck Stones Accounts Payable Allowance for Uncollectible Accounts Accounts Receivable-Batson Crystals Cash Accounts Receivable-Oakden Jewels Credit Card Discount Expense Sales Refunds Payable Sales Revenue Uncollectible-Account Expense Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense (6) 7) O Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense (8) O Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense (5) O Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable O Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense (9) O Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue O Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense (10) (11) (12) Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts O Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue O Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense (13) (14) (15) (16) Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense Accounts Receivable-Palluck Stones Accounts Payable Allowance for Uncollectible Accounts Accounts Receivable-Batson Crystals Cash Accounts Receivable-Oakden Jewels Credit Card Discount Expense Sales Refunds Payable Sales Revenue Uncollectible-Account Expense Accounts Receivable-Palluck Stones Accounts Payable Allowance for Uncollectible Accounts Accounts Receivable-Batson Crystals Cash Accounts Receivable-Oakden Jewels Credit Card Discount Expense Sales Refunds Payable Sales Revenue Uncollectible-Account Expense (17) (19) (20) Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense (18) O Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense Accounts Receivable-Palluck Stones Accounts Payable Allowance for Uncollectible Accounts Accounts Receivable-Batson Crystals Cash Accounts Receivable-Oakden Jewels Credit Card Discount Expense Sales Refunds Payable Sales Revenue Uncollectible-Account Expense Accounts Receivable-Palluck Stones Sales Refunds Payable Accounts Payable Allowance for Uncollectible Accounts Sales Revenue Accounts Receivable-Batson Crystals Cash Uncollectible-Account Expense Accounts Receivable-Oakden Jewels Credit Card Discount Expense