Question
please answer all parts of the question their are multiple parts-thank you 1.If a laptop company bought laptops for $10,300 and sold them for $13,900,
please answer all parts of the question their are multiple parts-thank you
1.If a laptop company bought laptops for $10,300 and sold them for $13,900, how much would the gross profit be on the entire shipment if the business took advantage of the early cash payment terms of 3/15, n/30 from their supplier? Do not enter dollar signs or commas in the input boxes. Gross Profit = $Answer
A.Sandal Retailers purchased $9,800 worth of sandals from Comfy Wear Supplies at the end of October 10. Since Sandal Retailers has good cash reserves, the accountant took advantage of the early payment discount that Comfy Wear offers. Comfy Wears invoice shows terms of 2/15, n/30. What is the latest date that Sandal Retailers could pay the bill to take advantage of the discount?
Do not enter dollar signs or commas in the input boxes. AnswerJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Answer
b) As the bookkeeper for Sandal Retailers, prepare the journal entry to record the purchase on October 10. Assume they use the perpetual inventory system.
Date | Account Title and Explanation | DR | CR |
Oct 10 | AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryNotes PayablePrepaid InsurancePrepaid RentProperty, Plant & EquipmentRent ExpenseSalaries ExpenseSales DiscountSales Returns & AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense | Answer | |
AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryNotes PayablePrepaid InsurancePrepaid RentProperty, Plant & EquipmentRent ExpenseSalaries ExpenseSales DiscountSales Returns & AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense | Answer |
c) Journalize the transaction for payment of the invoice, assuming the payment was made on October 17.
Enter the credit accounts in alphabetical order.
Date | Account Title and Explanation | DR | CR |
Oct 17 | AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryNotes PayablePrepaid InsurancePrepaid RentProperty, Plant & EquipmentRent ExpenseSalaries ExpenseSales DiscountSales Returns & AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense | Answer | |
AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryNotes PayablePrepaid InsurancePrepaid RentProperty, Plant & EquipmentRent ExpenseSalaries ExpenseSales DiscountSales Returns & AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense | Answer | ||
AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryNotes PayablePrepaid InsurancePrepaid RentProperty, Plant & EquipmentRent ExpenseSalaries ExpenseSales DiscountSales Returns & AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense | Answer |
d) Journalize the transaction for payment of the invoice, assuming the payment was made on October 28.
Date | Account Title and Explanation | DR | CR |
Oct 28 | AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryNotes PayablePrepaid InsurancePrepaid RentProperty, Plant & EquipmentRent ExpenseSalaries ExpenseSales DiscountSales Returns & AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense | Answer | |
AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAdvertising ExpenseBank LoanCashCommon SharesCost of Goods SoldInsurance ExpenseInterest ExpenseInterest PayableInterest RevenueInventoryNotes PayablePrepaid InsurancePrepaid RentProperty, Plant & EquipmentRent ExpenseSalaries ExpenseSales DiscountSales Returns & AllowancesSales RevenueSupplies ExpenseTelephone ExpenseTravel ExpenseUnearned RevenueUtilities Expense | Answer |
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