Answered step by step
Verified Expert Solution
Question
1 Approved Answer
data is on top where it says requirment March 3 Sold $18,000 of merchandise to Wacht Company on account. March 4 Sold $1,900 of merchandise
data is on top where it says requirment
March 3 Sold $18,000 of merchandise to Wacht Company on account. March 4 Sold $1,900 of merchandise to Yanson Corp., who paid by credit card. The credit card company charges Campbell a fee of 1% on credit card sales. March 5 Wacht Company returned $700 of the merchandise from March 3. March 7 Sold $400 of merchandise to Mcknat, Inc., on account. March 15 Wacht Company paid the balance of what it owed for the purchase on March 3. March 19 Sold $23,000 of merchandise to Zupko Co. on account. March 21 Zupko reported that some of the merchandise received was scratched and returned $500 worth of merchandise to Campbell March 23 Sold $36,000 of merchandise to Niskas Co. on account. March 25 Zupko paid the balance of what it owed for the purchase on March 19. March 31 Campbell made the adjusting entries for the month to accrue for estimated future returns. Campbell estimates that 2% of total sales will be returned Campbell Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using a credit card. I Click the icon to view the transactions.) Read the requirements c Requirement 1. Record Campbell's transactions, including the cost of goods sold entry for each sale. (Use the gross meti March 3: Sold $18,000 of merchandise to Wacht Company on account. Do not record the cost of goods sold entry yet. We Journal Entry Debit Credit Date Accounts Mar 3 Now record the cost of goods sold for the sale of merchandise on March 3. Journal Entry Date Accounts Debit Credit Mar 3 March 4: Sold $1,900 of merchandise to Yanson Corp., who paid by credit card. The credit card company charges Campbell a fe Journal Entry Date Accounts Debit Credit Mar 4 Read the requirements. Now record the cost of goods sold for the sale of merchandise on March 4. Journal Entry Date Accounts Debit Credit Mar 4 March 5: Wacht Company returned $700 of the merchandise from March 3. Do not record the inventory entry yet. W Journal Entry Date Accounts Debit Credit Mar 5 Now record the inventory entry for the return of merchandise on March 5. Journal Entry Date Accounts Debit Credit Mar 5 Read the requirements. March 7: Sold $400 of merchandise to Mcknat, Inc., on account. Do not record the cost of goods sold entry y Journal Entry Date Accounts Debit Credit Mar 7 Now record the cost of goods sold for the sale of merchandise on March 7. Journal Entry Date Accounts Debit Credit Mar 7 March 15: Wacht Company paid the balance of what it owed for the purchase on March 3. Journal Entry Date Accounts Debit Credit Mar 15 Read the requirements March 19: Sold $23,000 of merchandise to Zupko Co. on account. Do not record the cost of goods sold entry yet. We will do that ir Journal Entry Date Accounts Debit Credit Mar 19 Now record the cost of goods sold for the sale of merchandise on March 19. Journal Entry Accounts Date Debit Credit Mar 19 March 21: Zupko reported that some of the merchandise received was scratched and returned $500 worth of merchandise to Campbell. Journal Entry Debit Credit Mar 21 Date Accounts Now record the inventory entry for the return of merchandise on March 21. 0 VIEW ue transactions.) Read the requirements. Now record the inventory entry for the return of merchandise on March 21. Journal Entry Date Accounts Debit Credit Mar 21 March 23: Sold $36,000 of merchandise to Niskas Co. on account. Do not record the cost of goods sold entry yet. We will Journal Entry Date Accounts Debit Credit Mar 23 Now record the cost of goods sold for the sale of merchandise on March 23. Journal Entry Date Accounts Debit Credit Mar 23 March 25: Zupko paid the balance of what it owed for the purchase on March 19. TER March 25: Zupko paid the balance of what it owed for the purchase on March 19. Journal Entry Date Accounts Debit Mar 25 Credit March 31: Campbell made the adjusting entries for the month to accrue for estimated future returns. Campbell estimates that 2% of total sales will be returned. First, prepare the entry to accrue for the estimated sales returns. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Accounts Date Dobit Credit Mar 31 Now record the cost of goods sold entry for the estimated future returns. (Round your answer to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Mar 31 Requirement 2. Calculate the gross sales revenue for the month. The gross sales revenue for the month is Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started