Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions were selected from among those completed by Hailey Retailers in 2020 20 Sold two tons of warchandise to a who charged the

image text in transcribed
The following transactions were selected from among those completed by Hailey Retailers in 2020 20 Sold two tons of warchandise to a who charged the $450 sales ont on her Visa credit card, Visa charges Hailey = 2 percent credit card fee. 15 Sold 20 items of merchandise to Christine for $2.000; teras 2/10, 1/30 20 Sold 11 Identical items of merchandise to Daoud for $9,000; terus 2/10, 1/30 30 Daoud returned one of the items purchased on the 20th the item was defective and credit was given to the customer Dec Daoud paid the account balance in full. 10 Christine paid in full the amount due for the purchase on November 25, 2020. Required: 1. Prepare the appropriate journal entry for each of these transactions, assuming the company uses the gross method to record sales revenue. Do not record the cost of sales (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) The following transactions were selected from among those completed by Hailey Retailers in 2020 20 Sold two tons of warchandise to a who charged the $450 sales ont on her Visa credit card, Visa charges Hailey = 2 percent credit card fee. 15 Sold 20 items of merchandise to Christine for $2.000; teras 2/10, 1/30 20 Sold 11 Identical items of merchandise to Daoud for $9,000; terus 2/10, 1/30 30 Daoud returned one of the items purchased on the 20th the item was defective and credit was given to the customer Dec Daoud paid the account balance in full. 10 Christine paid in full the amount due for the purchase on November 25, 2020. Required: 1. Prepare the appropriate journal entry for each of these transactions, assuming the company uses the gross method to record sales revenue. Do not record the cost of sales (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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

The Home Energy Audit Your Guide To Understanding And Reducing Your Home Energy Costs

Authors: Richard Montgomery

1st Edition

0471864668, 978-0471864660

More Books

Students also viewed these Accounting questions

Question

Perform an Internet search. Discuss a company that uses EPLI.

Answered: 1 week ago

Question

How do you feel about employment-at-will policies? Are they fair?

Answered: 1 week ago