Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

& Q-Tip Computers has the following transactions in July related to the sale of merchandise inventory. Click the icon to view the transactions.) Journalize the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
& Q-Tip Computers has the following transactions in July related to the sale of merchandise inventory. Click the icon to view the transactions.) Journalize the sales transactions for Q-Tip Computers assuming the company uses the perpetual inventory systern (Record debits first, then credits Select the company records sales at the net amount) Ju. 3 Sold computers on account for $9,000 to Sentina Auto Store, terms 2/15, 1/60 The cost of the computers is $5.400 Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following stop, Accounts and explanation Date Debit Credit Jul 3 with one the test Now journalize the expense related to the July 3 sale. Date Accounts and Explanation Debit Credit Jul 3 Jul. 5 Sold two computers for $3,000 to Al Hollis. The cost of the computers is $1,800. Hollis paid cash. Begin by preparing the entry to joutralize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Accounts and Explanation Credit Date Debit Jul 5 Now journalize the expense related to the July 5 sale. Date Accounts and Explanation Debit Credit Jul 5 Jul. 12: Received full payment from Sentinal Auto Store on the balance due. Debit Accounts and Explanation Date Credit Jul 12 Ju. 15 Holis returned one computer from the July 5 sale. The computer sold for $1,500 and the cost was $900. Q-Tip Computers issued a refund to the customer. Begin by recording the refund to the customer. Do not record the return of the merchandise inventory yet. We will do that in the following step Date Accounts and Explanation Debit Credit Jul 15 Now journalize the return of the merchandise inventory from the July 15 return Debit Credit Date Accounts and Explanation Jul. 15

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

Step: 3

blur-text-image

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

College Accounting, Chapters 1-9

Authors: James A. Heintz

20th Edition

0538745223, 9780538745222

More Books

Students also viewed these Accounting questions

Question

=+c) Teachers ranking on their academic class of publications.

Answered: 1 week ago

Question

What is management growth? What are its factors

Answered: 1 week ago

Question

How should Disney manage their global diversity?

Answered: 1 week ago