More Info X March 3 Sold $11,000 of merchandise to Weiden Company on account. March 4 Sold $2,400 of merchandise to Yawger Corp., who paid by credit card. The credit card company charges Sawyer a fee of 3% on credit card sales. March 5 Weiden Company returned $100 of the merchandise from March 3. March 7 Sold $400 of merchandise to Melba, Inc., on account. March 15 Weiden Company paid the balance of what it owed for the purchase on March 3. March 19 Sold $21,000 of merchandise to Ziko Co on account. March 21 Ziko reported that some of the merchandise received was scratched and returned $500 worth of merchandise to Sawyer. March 23 Sold $29,000 of merchandise to Nakanos Co. on account. March 25 Ziko paid the balance of what it owed for the purchase on March 19. March 31 Sawyer made the adjusting entries for the month to accrue for estimated future retums. Sawyer estimates that 4% of total sales will be returned Print Done Sawyer Industrienses to wholesalers Customers must pay within 15 days or at the point of sale using a credit card. Sawyer's cost of goods sold is 20% of sales. The company had the following selected transactions during March Click the icon to vw the transactions) Read the requirements Requirement 1. Record Sawyer's transactions, including the cost of goods sold entry for each sale (Use the gross mothod to record the sales transactions Record debits first then credits Exclude explanations from any journal entries) March 3 Bold $11,000 of merchandise to Wolden Company on account Do not record the cost of goods sold only yet we will do that in the next step Journal Entry Date Accounts Debit Credit Mar 3 Now record the cost of goods sold for the sale of merchandise on March 3 Journal Entry Accounts Debit Credit Date Mar 3 March 4Sold 52,400 of merchandise to Yawger Corp who paid by credit card The credit card company charges Sawyer a fee of 3% on credit card sales. 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 4 Now record the cost of goods sold for the sale of merchandise on March 4 Journal Entry Accounts Date Debit Credit Mar 4 March 5 Weiden Company returned $100 of the merchandise from March 3 Do not record the inventory entry yet. We will do that in the next stop Journal Entry Date Accounts Debit Credit Mar 5 Now record the inventory entry for the return of merchandise on March 5 Journal Entry Accounts Debit Date Mar 5 Credil March 7: Sold $400 of merchandise to Melba, 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: Weiden Company paid the balance of what it owed for the purchase on March 3. Journal Entry Date Accounts Debit Credit Mar 15 March 19. Sold $21,000 of merchandise to Ziko Co on account Do not record the cost of goods sold entry yet. We will do that in the next step Journal Entry Accounts Debit Date Mar 19 Credit Now record the cost of goods sold for the sale of merchandise on March 19 Journal Entry Date Accounts Mar 19 Debit Credit March 21: Ziko reported that some of the merchandise received was scratched and returned 5500 worth of merchandise to Sawyer 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 Date Accounts Mar 21 Debit Credit March 23. Sold $29,000 of merchandise to Nakanos Co. on account Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Accounts Debit Credit Date 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. Ziko paid the balance of what it owed for the purchase on March 19. Journal Entry Date Accounts Debli Credit Mar 25 March 31: Sawyer made the adjusting entries for the month to accrue for estimated future returns. Sawyer estimates that 4% 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 EL EEEEE JE LEE
