*Jackson's cost of goods sold is 20% of sales!!!*
Read the requirements CHILE Requirement 1. Record Jackson's transactions, including the cost of goods sold entry for each sale. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) March 3: Sold $14,000 of merchandise to Watson Company on account. Do not record the cost of goods sold potovust Wo will do that in the cost to Journal Entry More info Date Credit Accounts Accounts Receivable-Watson - Debit 14,000 Mar 3 14,000 Now record the cost of goods sold for the sale of merchandise on March 3. Journal Entry March 3 Sold $14,000 of merchandise to Watson Company on account. March 4 Sold $1,700 of merchandise to Yawger Corp., who paid by credit card. The credit card company charges Jackson a fee of 3% on credit card sales. March 5 Watson Company returned $100 of the merchandise from March 3. March 7 Sold $800 of merchandise to Macoy, Inc., on account . March 15 Watson Company paid the balance of what it owed for the purchase on March 3 March 19 Sold $23,000 of merchandise to Zuber Co. on account. March 21 Zuber reported that some of the merchandise received was scratched and returned $700 worth of merchandise to Jackson. March 23 Sold $28,000 of merchandise to Nesbits Co. on account. March 25 Zuber paid the balance of what it owed for the purchase on March 19. March 31 Jackson made the adjusting entries for the month to accrue for estimated future returns. Jackson estimates that 3% of total sales will Date Accounts Debit Credit Mar 3 2,800 Cost of Goods Sold Inventory 2.800 March 4: Sold $1,700 of merchandise to Yawger Corp., who paid by credit card. The credit card company cha yet. We will do that in the next step. Journal Entry Print Done Date Accounts Debit Credit Mar 4 Credit Card Discount Expense Requirements Now record the cost of goods sold for the sale of merchandise on March 4. 1. Record Jackson's transactions, including the cost of goods sold entry for each sale. 2. Calculate the gross sales revenue for the month. Journal Entry Date Accounts Debit Credit Mar 4 Print Done Requirement 1. Record Jackson's transactions, including the cost of goods sold entry for each sale. (Use the gross method to record the s explanations from any journal entries.) March 3: Sold $14,000 of merchandise to Watson Company on account. Do not record the cost of goods sold entry yet. We will do that in th Journal Entry Date Accounts Debit Credit Mar 3 Accounts Receivable-Watson v 14,000 14,000 Accounts Receivable-Macoy Now record the Accounts Receivable-Nesbits Accounts Receivable-Watson Date Debit Credit Mar 3 Accounts Receivable-Yawger 2,800 2,800 Accounts Receivable-Zuber Allowance for Uncollectible Accounts March 4: Sold $ yet. We will do t Cash card. The credit card company charges Jackson a fee of 3% on Cost of Goods Sold Date Debit Credit Inventory Mar 4 Inventory Returns Estimated Sales Discounts Sales Refunds Payable Now record the Sales Returns and Allowances Date Debit Credit Sales Revenue Mar 4 Selling Expense Uncollectible-Account Expense ... credit card. Jackson's cost of goods sold is 20% of sales. The company had the following Jackson Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using selected transactions during March: (Click the icon to view the transactions.) Read the reguirements CER March 5: Watson Company returned $100 of the merchandise from March 3. Do not record the inventory entry yet. We will do that in the next step. 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 March 7: Sold $800 of merchandise to Macoy, Inc., on account. Do not record the cost of goods sold entry yet. We will do that in the next step. 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: Watson Company paid the balance of what it owed for the purchase on March 3. Journal Entry Jackson Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using a credit card. Jackson's cost of goods sold is 20% of sales. The company had the following selected transactions during March: (Click the icon to view the transactions.) Read the requirements March 15: Watson Company paid the balance of what it owed for the purchase on March 3. Journal Entry Accounts Date Debit Credit Mar 15 March 19: Sold $23,000 of merchandise to Zuber Co. on account. Do not record the cost of goods sold entry yet. We will do that in the next step. 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 Date Accounts Debit Credit Mar 19 March 21: Zuber reported that some of the merchandise received was scratched and returned $700 worth of merchandise to Jackson. Do not record the inventory entry yet. We will do that in the next step. Journal Entry Date Accounts Debit Credit Mar 21 Now record the inventory entry for the return of merchandise on March 21. Journal Entry Jackson Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using a credit card. Jackson's cost of goods sold is 20% of sales. The company had the following selected transactions during March: (Click the icon to view the transactions.) Read the equirements !! Journal Entry Date Accounts Debit Credit Mar 21 March 23: Sold $28,000 of merchandise to Nesbits Co. on account. Do not record the cost of goods sold entry yet. We will do that in the next step. 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: Zuber paid the balance of what it owed for the purchase on March 19. Journal Entry Date Accounts Mar 25 Debit Credit March 31: Jackson made the adjusting entries for the month to accrue for estimated future returns. Jackson estimates that 3% 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 Date Accounts Debit Credit March 31: Jackson made the adjusting entries for the month to accrue for estimated future returns. Jackson estimates that 3% 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 Date Accounts Debit 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
