Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me correct the answers in red The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers

please help me correct the answers in red image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retall customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar 2 3 4 Sold merchandise on account to Equinox Co. 518,900, terms FOB destination, 1/10, 1/30. The cost of the goods sold was $13,300. Sold merchandise for $11,350 plus 6% sales tax to retail can customers. The cost of the goods sold was $7.000 Sold merchandise on account to Empire Co. $55,400, terms FOB.shing golot, eom. The cost of the goods sold was $33,200 Sold marchandise for $30.000 plus 8% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19.400. Received check for amount due from Equinox Co. Por sale on March 2 Sold merchandise to customers who used American Express cards. $13,700. The cost of the goods sold was $8.350 Sold merchandise on account to Targhoo Co. S27,500, terms FOB shipping point 1/10, 1/30. The cost 5 12 14 16 Instructions 16 Sold merchandise on account to Targhee Co., 827,500, terms FOB shipping point, 1/10, 1/30. The cost of the goods sold was $16,000 Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900. 18 Rwoord on page 11 of the journal Mar 19 25 28 31 Sold merchandise on account to Vista Co. 58,250, terms FOB shipping point, 2/10, 1/30. Added 575 to the invoice for prepaid freight. The cost of the goods sold was 55.000 Received check for amount due from Targhee Co. for sale on March 16 less credt memo of March 18, Received check for amount due from Vista Co, for sale of March 19. Received check for amount due from Empire Co for sale of March 4. Pad Fleetwood Delivery Service $5.600 for merchandise delivered during March to customers under shipping terms of FOB destination Pald City Bank $940 for service fees for handing MasterCard and American Express sales during March Pod $6,544 to state sales tax division for taxes owed on sales 31 Apr 3 15 DESCRIPTION DATE Mat.2 Accounts Receivable Equinox Co. POST. REF CREDIT LIABILI DEBIT 18,900.00 ASSETS 1 Sales 18,900.00 Mar. 2 Cost of Goods Sold 13,300.00 Inventory 13,300.00 Mar. 3 Cash 12,031.00 T Sales 11,350.00 Sales Tax Payable 681.00 Mar. 3 Cost of Goods Sold 7,000.00 7,000.00 4 Inventory Accounts Receivable Empire Co Mar 55,400.00 1 Sales 55.400.00 Mar. 4 Cost of Goods Sold 33.200.00 Inventory 33,200.00 Check My Work 10 more Check My Work uses remaining Previous NE Instructions Journal Shaded cells have foedback UU Mar. 14 Cost of Goods Sold 8350,00 Inventory Accounts Receivable - Targhee Co 8,350.00 4 Mar. 16 1,900.00 Sales 1,900.00 Mar. 16 Cost of Goods Sold 16,000.00 Inventory 16,000.00 . Mar. 18 Sales retums and allowances 475200 Accounts Receivable-Targhee Co. 4752.00 . Mar. 18 Inventory 2,900.00 T Cost of Goods Sold 2,900.00 Points 73 POST. REF DEDIT CREDIT LABILITIES Mar. 19 Accounts Receivable-Vista Co. 8.250.00 ASSETS 1 Freight Sales 75.00 8,085.00 Mar. 19 Cost of Goods Sold 5,000.00 Inventory 5,000.00 2 Mar. 26 Cash 22,473.00 T Accounts Receivable-Targhee Co 22473.00 Mar 28 Cash 8.160.00 1 Accounts Receivable Vista Co. 8.160.00 4 Mar 31 Cash 55,400.00 T 55.400,00 Accounts Receivable Empire Co. Mar 31" Delivery Expense 5,600.00

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Reporting And Analysis

Authors: Earl K. Stice, James D. Stice

7th Edition

0324227329, 978-0324227321

More Books

Students also viewed these Accounting questions

Question

python crash

Answered: 1 week ago