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Wellman Variety Store had the following balances as of November 1: (Click the icon to view the balances.) - More info h Re frol pst of goods sold entri Accounts Receivable $4,600 Allowance for Uncollectible Accounts $370 credit balance Na tems in cash. The iten Da Debit Cr Print Done Now record the cost of goods sold for the sale of merchandise on Novemhor The following selected transactions occurred at Wellman Variety Store during the month of November (Click the icon to view the transactions.) - X More info Use $60 November 3 Sold $350 of merchandise to Manzo's Inc. which paid for the items in cash. The items cost Wellman $60 November 5 Sold $900 of merchandise to Laster Co. which paid by credit card The credit card company charges Wellman a fee of 2% on credit card sales. Wellman's cost of this merchandise was $150 November 10 Sold $1,800 of merchandise to Wisteria Creek on account Terms were 4/10. net 30 Wellman's cost of this merchandise was $850 November 11 Sold $2 200 of merchandise to Aberle Shoppes on account Terms were 4/10 net 30 Wellman's cost of this merchandise was $830, November 12 Sold 5930 of merchandise to Barista Creek Incon account Terms were 4/10, net 30. Wellman's cost of this merchandise was $372 November 18 Wisteria Creek reported that some of the merchandise received was in a different color than ordered so it retumed $120 of the merchandise. The cost to Wellman was $48. SHEE The following selected transactions occurred at Wellman Variety Store during the month of November (Click the icon to view the transactions.) More info - X Use 60. November 18 Wisteria Creek reported that some of the merchandise received was in a different color than ordered so it returned $120 of the merchandise. The cost to Wellman was $48. November 20 Aberle Shoppes paid the balance of what it owed for the purchase on November 11 November 22 Barista Creek Inc., returned $280 of the merchandise for a refund. Wellman's cost of the returned merchandise was $112 November 22 Barista Creek I paid the remaining balance owed for the purchase on November 12 November 23 Sold $5,500 of merchandise to Cartwright Co, on account Terms were 4/10, net 30. Wellman's cost of this merchandise was $2,200, November 25 Wisteria Creek paid the balance of what it owed for the purchase on November 10 November 26 Discovered that Emrick Enterprises a customer owing $190 from a July transaction declared bankruptcy and there is no chance of collection. Wrote off the balance of Emrick's account The following selected transactions occurred at Wellman Variety Store during the month of November (Click the icon to view the transactions.) More info - X ULOTTE Use 60. November 27 Sold $1,000 of merchandise to Dallas's One-Stop-Shop on account. Terms were 4/10, net 30. Wellman's cost of this merchandise was $300. November 1-30 Sales on account during the month of November for transactions not listed individually totaled $6,800 Cost of goods sold for these sales totaled $2,720. November 1-30 Credit card sales on account during the month of November for transactions not listed individually totaled $2,400. The credit card company charges Wellman a fee of 2% on credit card sales. Cost of goods sold for these sales totaled $880 November 1-30 Cash collections on account during the month of November for transactions not listed individually totaled $4,600. (No discounts were taken by these customers.) November 30 Wellman made the adjusting entries for the month to accrue for estimated future returns. Wellman estimates that 4% of total sales will be returned Wellman assumes that cost of goods sold is 10% of sales. November 30 Wellman made an adjusting entry to estimate uncollectible account expense for the month of November Wellman The following selected transactions occurred at Wellman Variety Store during the month of November (Click the icon to view the transactions.) - More info - X TICIETTUISCWOSVJUU: S November 1-30 Sales on account during the month of November for transactions not listed individually totaled $6,800 Cost of goods sold for these sales totaled $2,720. November 1-30 Credit card sales on account during the month of November for transactions not listed individually totaled $2.400 The credit card company charges Wellman a fee of 2% on credit card sales Cost of goods sold for these sales totaled $880 November 1-30 Cash collections on account during the month of November for transactions not listed individually totaled $4600 (No discounts were taken by these customers) November 30 Wellman made the adjusting entries for the month to accrue for estimated future returns. Wellman estimates that 4% of total sales will be returned. Wellman assumes that cost of goods sold is 10% of sales November 30 Wellman made an adjusting entry to estimate uncollectible account expense for the month of November Wellman estimates its uncollectible-account expense as 2% of total credit (on account) sales for the month ing the Raad debits firs - X that in the d for the Requirements 1. Record Wellman's November transactions, including the cost of goods sold entries for each sale 2. Calculate the net realizable value of accounts receivable as of November 30 Print Done Novem Time Re
