Question
A sale was made to a local snowmobile club. The club issued $25,000, 12%, 60-day note receivable (dated today) and paid the remaining balance in
A sale was made to a local snowmobile club. The club issued $25,000, 12%, 60-day note receivable (dated today) and paid the remaining balance in cash. Calculate the total amount of the sale (including 7% sales ta of $3894.98). Remember that all snowmobiles are sold with a 25% markup cost.
Merchandise listed on the sales invoice:
| Stock # | Item | Quantity | Net cost/unit |
| SW660 | Swift Enduro | 2 | $5940.00 |
| T1500 | Trail-Tracker 1500 | 4 | $4116.00 |
| T300 | Trail-Tracker 3000 | 3 | $5390.00 |
Create a journal entry.
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IT Auditing And Application Controls For Small And Mid Sized Enterprises Revenue Expenditure Inventory Payroll And More
Authors: Jason Wood, William Brown, Harry Howe
1st Edition
1118072618, 9781118072615
