1. Your local natural foods store has decided to purchase 100 cases of your lemonade per month for $2,000, starting this June. You deliver the cases on the 7th of each month, but the store pays you within 30 days. Your cost to produce these cases is $800. Record the sale and the cost of goods sold in separate entries 2. A local after-school program has decided to purchase 50 cases of your lemonade per month for $1,000, starting this June. You deliver the cases on the 10th of each month. The store is contractually obligated to pay you by the 30th of each month, but you have offered them a 2% discount if they pay by the 20th. In June, the company paid you in full on the 19th. Your cost to produce these cases is $400. Record the sale and the cost of goods sold in separate entries. 3. On June 11th, a carnival purchased 20 cases of your lemonade for $180 with the promise to pay within 30 days. Your cost to produce these cases was $80. Record the entry on June 11th. Record the sale and the cost of goods sold in separate entries 4. The local chapter of Red Cross purchased 400 cases of your lemonade for $5,000 on June 1st Your cost to produce these cases is $2,000. They would like to set up the payment terms as a note receivable with the amount due on September 1st and carrying an interest rate of 6%. You agree to these terms. Prepare the journal entry on June 1st and record interest income accrued as of June 30th. 5. On June 30th, you are ready to adjust the books for the month and review your receivables to assess the uncollectible amounts. Of your Accounts Receivable, you determine that 2% is uncollectible. Prepare the journal entry to record bad debt expense for the month of June. June 7. Record Cost of Goods Sold for the sale to the natural food store June 7 Record sale of 100 cases to the natural food store. Cost of Goods Sold will be recorded in the next entry Date Account Debit Credit June 07 Cost of Goods Sold 100 Date Account Debit Credit June 07 Cost of Goods Sold Sales Revenues 100 Sales Revenues June 10: Record sale of 50 cases to local after school program. Cost of Goods Sold will be recorded in the next entry Date Account Debit Credit June 10 June 10. Record Cost of Goods sold for the sale to the local after school program Date Account Debit Credit June 10 June 19: Record sales discount and receipt of cash for this sale Date Account Debit June 19 Credit June 11 Record sale to carnival Cost of Goods Sold will be recorded in the next entry Date Account Debit Credit June 11 June 11. Record Cost of Goods sold for the sale to the carnival Date Account Debit June 11 Credit June 1. Record sale to Red Cross. Cost of Goods Sold will be recorded in the next entry Date Account Debit Credit June 01 June 1: Record Cost of Goods sold for the sale to Red Cross Date Account Debit June 01 Credit June 30. Record interest accrued on note receivable at end of June. Date Account Debit Credit June 30 June 30 Record bad debt expense. See hint in Introduction for this transaction Date Account Debit Credit June 30 OL - cx