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please explain each step if you can!! Journal entry worksheet Granted a partial $198 allowance relating to credit sales the customer in transaction c had
please explain each step if you can!!
Journal entry worksheet Granted a partial $198 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $35,637 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $410 ). c. Sold merchandise (costing $10,165 ) to a customer on account with teras n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet pald. f. Anticipate further returns of nerchandise (costing $330 ) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design. (*) Answer is complete but not entirely correct. Journal entry worksheet (2) (3) (4) 5 (5) Sold merchandise for $63,360 cash. Record the entry. Note: Enter debits before credits. Journal entrv worksheet The anticipated merchandise returns have a cost of $330. Record the entry. Note: Enter debits before credits. Journal entry worksheet The merchandise sold had a cost of $35,637. Record the entry. Note: Enter debits before credits. Journal entry worksheet Anticipate further returns of merchandise after year-end from $450 sales made during the year. Record the entry. Note: Enter debits before credits. Journal entry worksheet 1 2 3 4 5 7 The merchandise sold had a cost of $10,165. Record the entry. Note: Enter debits before credits. Journal entry worksheet (1) 2 6 7 The merchandise returned had a cost of $410. Record the entry. Note: Enter debits before credits. Journal entry worksheet Collected half of the $21,400 balance owed by the customer in transaction c. Record the entry. Note: Enter debits before credits: Journal entry worksheet (2) 3 7 8 Sold merchandise to a customer for $21,400 on account with terms n/60. Record the entry. Note: Enter debits before credits. Journal entry worksheet 5 6 7 8 9 Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $440 cash refund. Record the entry. Note: Enter debits before credits. Journal entry worksheet Granted a partial $198 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $35,637 ). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $410 ). c. Sold merchandise (costing $10,165 ) to a customer on account with teras n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet pald. f. Anticipate further returns of nerchandise (costing $330 ) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design. (*) Answer is complete but not entirely correct. Journal entry worksheet (2) (3) (4) 5 (5) Sold merchandise for $63,360 cash. Record the entry. Note: Enter debits before credits. Journal entrv worksheet The anticipated merchandise returns have a cost of $330. Record the entry. Note: Enter debits before credits. Journal entry worksheet The merchandise sold had a cost of $35,637. Record the entry. Note: Enter debits before credits. Journal entry worksheet Anticipate further returns of merchandise after year-end from $450 sales made during the year. Record the entry. Note: Enter debits before credits. Journal entry worksheet 1 2 3 4 5 7 The merchandise sold had a cost of $10,165. Record the entry. Note: Enter debits before credits. Journal entry worksheet (1) 2 6 7 The merchandise returned had a cost of $410. Record the entry. Note: Enter debits before credits. Journal entry worksheet Collected half of the $21,400 balance owed by the customer in transaction c. Record the entry. Note: Enter debits before credits: Journal entry worksheet (2) 3 7 8 Sold merchandise to a customer for $21,400 on account with terms n/60. Record the entry. Note: Enter debits before credits. Journal entry worksheet 5 6 7 8 9 Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $440 cash refund. Record the entry. Note: Enter debits before credits Step by Step Solution
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