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Please correct these values On January 15, Tundra Co. sold merchandise to customers for cash of $45,000 (cost $30.600). Merchandise costing $11,400 was sold to
Please correct these values
On January 15, Tundra Co. sold merchandise to customers for cash of $45,000 (cost $30.600). Merchandise costing $11,400 was sold to customers for $17,000 on January 17: terms 2/10, 1/30. Sales totalling $321,500 (cost $216,000) were recorded on January 20 to customers using MasterCard, assume the credit card charges a 2% fee. On January 25, sales of $78,600 (cost $52,700) were made to debit card customers. The bank charges Tundra a fiat fee of 0.5% on all debit card transactions. Required: Prepare journal entries for each of the transactions described (assume a perpetual Inventory system). View transaction list View Joumal entry worksheet No Date General Journal Debit Credit 1 Jan 15 30,600 Cost of goods sold Merchandise inventory 30,600 2 Jan 15 45,000 Cash Sales 45,000 Jan 17 11,400 Cost of goods sold Merchandise Inventory 11,400 Jan 17 17,000 Accounts receivable Sales 17,000 5 Jan 20 216,000 Cost of goods sold Merchandise inventory 216,000 B Jan 20 Accounts receivable Credit card expense Sales 315,070 6,430 321,500 7 Jan 25 78,600 Cost of goods sold Merchandise inventory 78,600 Jan 25 Cash 78,207 393 Debit card expenso Sales 78,600 b. Prepare a summary of the petty cash payments and record the entry on September 30 to reimburse the fund and reduce it to $180. (Round your answers to 2 decimal places.) WILLARD COMPANY Petty Cash Payments Report September 9 - 30, 2020 $ 26.80 Receipts: Merchandise inventory Office supplies expense Repairs expense 93.80 72.90 $ 193.50 $ 330.00 Total receipts Fund total Less: Cash remaining Equals: Cash required to replenish petty cash Cash over 131.50 198.50 5.00 $ View transaction list View journal entry worksheet No General Journal Debit Credit 1 26.80 93.80 Date Sep 30, 2020 Transportation-in Office supplies expense Repairs expense Cash over and short Cash 72.90 5.00 198.50 On January 15, Tundra Co. sold merchandise to customers for cash of $45,000 (cost $30.600). Merchandise costing $11,400 was sold to customers for $17,000 on January 17: terms 2/10, 1/30. Sales totalling $321,500 (cost $216,000) were recorded on January 20 to customers using MasterCard, assume the credit card charges a 2% fee. On January 25, sales of $78,600 (cost $52,700) were made to debit card customers. The bank charges Tundra a fiat fee of 0.5% on all debit card transactions. Required: Prepare journal entries for each of the transactions described (assume a perpetual Inventory system). View transaction list View Joumal entry worksheet No Date General Journal Debit Credit 1 Jan 15 30,600 Cost of goods sold Merchandise inventory 30,600 2 Jan 15 45,000 Cash Sales 45,000 Jan 17 11,400 Cost of goods sold Merchandise Inventory 11,400 Jan 17 17,000 Accounts receivable Sales 17,000 5 Jan 20 216,000 Cost of goods sold Merchandise inventory 216,000 B Jan 20 Accounts receivable Credit card expense Sales 315,070 6,430 321,500 7 Jan 25 78,600 Cost of goods sold Merchandise inventory 78,600 Jan 25 Cash 78,207 393 Debit card expenso Sales 78,600 b. Prepare a summary of the petty cash payments and record the entry on September 30 to reimburse the fund and reduce it to $180. (Round your answers to 2 decimal places.) WILLARD COMPANY Petty Cash Payments Report September 9 - 30, 2020 $ 26.80 Receipts: Merchandise inventory Office supplies expense Repairs expense 93.80 72.90 $ 193.50 $ 330.00 Total receipts Fund total Less: Cash remaining Equals: Cash required to replenish petty cash Cash over 131.50 198.50 5.00 $ View transaction list View journal entry worksheet No General Journal Debit Credit 1 26.80 93.80 Date Sep 30, 2020 Transportation-in Office supplies expense Repairs expense Cash over and short Cash 72.90 5.00 198.50Step by Step Solution
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