Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

March 3 Sold $16,000 of merchandise to Watson Company on account. March 4 Sold $2,100 of merchandise to Yancy Corp., who paid by credit card.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
March 3 Sold $16,000 of merchandise to Watson Company on account. March 4 Sold $2,100 of merchandise to Yancy Corp., who paid by credit card. The credit card company charges Jackson a fee of 1% on credit card sales. March 5 Watson Company returned $100 of the merchandise from March 3. March 7 Sold $200 of merchandise to Mayberry, Inc., on account. March 15 Watson Company paid the balance of what it owed for the purchase on March 3. March 19 Sold $25,000 of merchandise to Zupko Co. on account. March 21 Zupko reported that some of the merchandise received was scratched and returned $1,300 worth of merchandise to Jackson. March 23 Sold $30,000 of merchandise to Nelders Co. on account. March 25 Zupko 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 be returned. pole vang died and ackory out of oooh od 30 lat. The comowy hand her blowing telected one during we Resument to constant messing the week entry two ( nutes to record in een on the terre cuite estratora tromy journal Murth to 16.00 hode winter contre cette vid entry yet we wilde het in the Jurnal Date D Cru Act Delt Credit Martes 12.100 el manter a y Compty credit or the credit card comowy cho con credit cards. De not record the cost of goodsoorty we will do that in the next Journey Date Drtal Cred Date De Crede Maths Walon Company $100 tandis from Marc Doncordatory Weather jacken Inaweek w Domasyon 15 reference and Jackson cost of good old 30% of sales. The company had the following selected transactions during March March War Cry from March 3 Doord the entry niyyet we will do that in the next step mary Det Credit Mws Date Account Now record they who meron Mach Ja Entry De AL M Debit Crede March Bad 1200 of merchandise Mary bonut Do not record the cost of goods sold by yet. We will do that in the next step Jacions as we Copy the sale gachet and Jackson's cost of goods sold 30% of the company had the following selected actions during March March 200 meter. De record the cost of goods entry yet we will in the new Joy Date De C Need March De Credit Mar March 15 W Company what we were purchase on March Somalt March 15 Watson Company and the beef witwed for the purchase on March Jumal Ery Date Account Debit Mars Credit March 125.000 Dot Connt. Dan record the cost of goods soyet. We will do that in the next Dame Mar 10 AL Debat Credit Now record the cost of goods sold for somethandise on March 10 Now record the cost of the Macht Joy Date Accu Dela Cr March 21, Zaported that one of the machine ived a crated wd turned 1:300 worth of merchandises Jackson. Do not record the inventory entry yet. We will do that interest mary Date De Crede raw record the entry three merchandiser Man 2 - www.vint content cont of goods The cowy had the following code Da M AL De March 23000 forca e cost of goods soyet. We will do that we Dit Cr 23 Now records of dolore mandine March 23 Jours Now record the cost of goods sold for the sale of merchandise on March 23 Jumal Entry Date Accounts Mar 23 Debit Credit March 25 Zupko paid the balance of what lowed for the purchase on March 19 Journal Entry Accounts Debat Credit Date Mar 25 March 31: Jackson made the adjusting entries for the month to accrue for estimated future returns Jackson estimates that % of total sales will be returned Fest, prepare the entry to accrue for the estimated sores returns. Do not record the cost of goods sold entry yet. We will do that in the next step March 31: Jackson mate the wings for a month to accrue for estimated ture returna Jackson estimates that of total sales will be returned Frat premye for the estimated seatur. Do not record the cost of goods sold enty yet we will do that in the next step, Journal Entry Debit Credit Date Now record the cost of goods sold erdry for the estimated for returns. Round your swer to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Mara Journal Entry Accounts Date Dell Credit Mar 31 Now record the cost of goods and entry for the estimated rerum and your awer to the nearest whole of Journal Entry Date Accounts Debit Credit Me 3 Requirement 2. Calculate the gross sales revenue for the month The gross sales revenou for the months March 3 Sold $16,000 of merchandise to Watson Company on account. March 4 Sold $2,100 of merchandise to Yancy Corp., who paid by credit card. The credit card company charges Jackson a fee of 1% on credit card sales. March 5 Watson Company returned $100 of the merchandise from March 3. March 7 Sold $200 of merchandise to Mayberry, Inc., on account. March 15 Watson Company paid the balance of what it owed for the purchase on March 3. March 19 Sold $25,000 of merchandise to Zupko Co. on account. March 21 Zupko reported that some of the merchandise received was scratched and returned $1,300 worth of merchandise to Jackson. March 23 Sold $30,000 of merchandise to Nelders Co. on account. March 25 Zupko 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 be returned. pole vang died and ackory out of oooh od 30 lat. The comowy hand her blowing telected one during we Resument to constant messing the week entry two ( nutes to record in een on the terre cuite estratora tromy journal Murth to 16.00 hode winter contre cette vid entry yet we wilde het in the Jurnal Date D Cru Act Delt Credit Martes 12.100 el manter a y Compty credit or the credit card comowy cho con credit cards. De not record the cost of goodsoorty we will do that in the next Journey Date Drtal Cred Date De Crede Maths Walon Company $100 tandis from Marc Doncordatory Weather jacken Inaweek w Domasyon 15 reference and Jackson cost of good old 30% of sales. The company had the following selected transactions during March March War Cry from March 3 Doord the entry niyyet we will do that in the next step mary Det Credit Mws Date Account Now record they who meron Mach Ja Entry De AL M Debit Crede March Bad 1200 of merchandise Mary bonut Do not record the cost of goods sold by yet. We will do that in the next step Jacions as we Copy the sale gachet and Jackson's cost of goods sold 30% of the company had the following selected actions during March March 200 meter. De record the cost of goods entry yet we will in the new Joy Date De C Need March De Credit Mar March 15 W Company what we were purchase on March Somalt March 15 Watson Company and the beef witwed for the purchase on March Jumal Ery Date Account Debit Mars Credit March 125.000 Dot Connt. Dan record the cost of goods soyet. We will do that in the next Dame Mar 10 AL Debat Credit Now record the cost of goods sold for somethandise on March 10 Now record the cost of the Macht Joy Date Accu Dela Cr March 21, Zaported that one of the machine ived a crated wd turned 1:300 worth of merchandises Jackson. Do not record the inventory entry yet. We will do that interest mary Date De Crede raw record the entry three merchandiser Man 2 - www.vint content cont of goods The cowy had the following code Da M AL De March 23000 forca e cost of goods soyet. We will do that we Dit Cr 23 Now records of dolore mandine March 23 Jours Now record the cost of goods sold for the sale of merchandise on March 23 Jumal Entry Date Accounts Mar 23 Debit Credit March 25 Zupko paid the balance of what lowed for the purchase on March 19 Journal Entry Accounts Debat Credit Date Mar 25 March 31: Jackson made the adjusting entries for the month to accrue for estimated future returns Jackson estimates that % of total sales will be returned Fest, prepare the entry to accrue for the estimated sores returns. Do not record the cost of goods sold entry yet. We will do that in the next step March 31: Jackson mate the wings for a month to accrue for estimated ture returna Jackson estimates that of total sales will be returned Frat premye for the estimated seatur. Do not record the cost of goods sold enty yet we will do that in the next step, Journal Entry Debit Credit Date Now record the cost of goods sold erdry for the estimated for returns. Round your swer to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Mara Journal Entry Accounts Date Dell Credit Mar 31 Now record the cost of goods and entry for the estimated rerum and your awer to the nearest whole of Journal Entry Date Accounts Debit Credit Me 3 Requirement 2. Calculate the gross sales revenue for the month The gross sales revenou for the months

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Analytics In The Financial Industry

Authors: Jun Dai

3rd Edition

1787430863, 9781787430860

More Books

Students also viewed these Accounting questions

Question

@ distinguish between ideal standards and attainable standards

Answered: 1 week ago

Question

1. Describe a comprehensive approach to retaining employees.pg 87

Answered: 1 week ago