Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). 1,750 22,000 11,000 1,300 800 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 3. Prepare journal entries to record transactions (a) to (f). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold merchandise for $302,500 cash. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit a(1) Record entry Clear entry Credit View general journal Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). 1,750 22,000 11,000 1,300 800 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 3. Prepare journal entries to record transactions (a) to (f. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet The merchandise sold had cost of $166,070. Record the entry. Note: Enter debits before credits. General Journal Transaction a(2) Clear entry Record entry Debit Credit View general journal Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). 1,750 22,000 c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). 11,000 1,300 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 800 3. Prepare journal entries to record transactions (a) to (f). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $1,750 cash refund. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit b(1) Record entry Clear entry View general journal ! Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). 1,750 22,000 c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). 11,000 1,300 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 800 3. Prepare journal entries to record transactions (a) to (f. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet The merchandise returned had cost of $640. Record the entry. Note: Enter debits before credits. Transaction b(2) Record entry General Journal Clear entry Credit View general journal Debit Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). 1,750 22,000 11,000 1,300 800 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 3. Prepare journal entries to record transactions (a) to (f. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Sold merchandise to a customer for $22,000 on account with terms n/30. Record the entry. Note: Enter debits before credits. General Journal Debit Transaction c(1) Clear entry Record entry Credit View general journal Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). 1,750 22,000 c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 11,000 1,300 800 3. Prepare journal entries to record transactions (a) to (f. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet The merchandise sold had a cost of $9,900. Record the entry. Note: Enter debits before credits. Transaction General Journal c(2) Record entry Clear entry Debit Credit View general Journal Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 302,500 a. Sold merchandise for cash (cost of merchandise $166,070). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). 1,750 22,000 11,000 c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 1,300 800 3. Prepare journal entries to record transactions (a) to (f. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Collected half of the $22,000 balance owed by the customer in transaction c. Record the entry. Note: Enter debits before credits. General Journal Debit Credit Transaction d Clear entry View general Journal Record entry Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). 1,750 22,000 11,000 1,300 800 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 3. Prepare journal entries to record transactions (a) to (f. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Granted a partial $1,300 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit e Record entry Clear entry Credit View general Journal ! Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). J 1,750 22,000 c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). 11,000 1,300 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 800 3. Prepare journal entries to record transactions (a) to (f. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Anticipate further returns of merchandise after year-end from $800 sales made during the year. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit f(1) Record entry Clear entry Credit View general Journal Required information [The following information applies to the questions displayed below.] Ortiz Books, is a student co-op. Ortiz Books uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $166,070). $ 302,500 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $640). c. Sold merchandise (costing $9,900) to a customer on account with terms n/30. 1,750 22,000 11,000 1,300 d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $220) after month-end from sales made during the month. 800 3. Prepare journal entries to record transactions (a) to (n. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet