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S 5 - X pt sales. The Brandt Industrial Su company had the fol (Click the icon More Info Read the resuiroma October 1 October 3 method to record Requirement 1. Roll the sales transaction We will do that in October 1: Sold $4,4 the next step October 7 October 8 Sold $4,000 of merchandise to Picano Co. on account Sold $1,500 of merchandise to Bacho Corporation, who paid by credit card. The credit card company charges Brandt a fee of 3% on credit card sales. Sold $20,000 of merchandise to Manabe Company on account. Picano paid the balance of what it owed for the purchase on October 1. Sold $18,000 of merchandise to Wagner Enterprises on account Manabe paid the balance of what it owed for the purchase on October 7 Wagner paid the balance of what it owed for the purchase on October 12 October 12 October 16 Date Oct 1 Aod October 31 Sal Print Done Choose from any i 5S S Brandt Industrial Supply offers terms of 4/10. n/30 to its wholesale customers Brandt's cost of goods sold is 10% of sales The company had the following transactions during October: Click the icon to view the transactions) Read the requirements Requirement 1. Record Brandt's transactions, including the cost of goods sold entry for each sale. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) October 1 Sold $4,000 of merchandise to Picano Co 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 Oct 1 Accounts Recoivable-Bacho 4000 Sales Revenue 4000 Choose from any list or enter any number in the input fields and then continue to the next question ? Returns Now record the cost of goods sold for the sale of merchandise on October 1 Journal Entry Date Accounts Debit Credit Oct 1 Cost of Goods Sold October 3: Sold $1,500 of merchandise to Bacho Corporation, who paid by credit card. The credit card company charges Brandt 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 Accounts Debit Credit Date Oct 3 Now record the cost of goods sold for the sale of merchandise on October 3. Journal Entry Date Accounts Debit Credit Oct 3 s Sold on Returns October 7: Sold 520,000 of merchandise to Manabe Company on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Accounts Date Debit Credit Oct 7 bid on turns Now record the cost of goods sold for the sale of merchandise on October 7 Journal Entry Date Accounts Debit Credit Oct 7 curns October 8: Picano paid the balance of what it owed for the purchase on October 1. Journal Entry Date Accounts Debit Oct 8 Credit October 12: Sold $18,000 of merchandise to Wagner Enterprises 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 Oct 12 Now record the cost of goods sold for the sale of merchandise on October 12 Journal Entry Date Accounts Debit Credit Oot 12 Returns - October 16: Manabe paid the balance of what it owed for the purchase on October 7 Journal Entry Date Accounts Debit Credit Oct 16 October 31: Wagner paid the balance of what it owed for the purchase on October 12. Journal Entry Date Accounts Debit Credit Oct 31 Requirement 2. Calculate the net sales revenue for the months The net sales revenue for the month is
