Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Your company ABC Warehouse had the following Transactions for the month of February Feb. 1 sold 10 DVDs to Ted's Outlet for 39.99 each with

image text in transcribed
Your company ABC Warehouse had the following Transactions for the month of February Feb. 1 sold 10 DVDs to Ted's Outlet for 39.99 each with the terms 2/10 N 90 on account Feb. 2 purchased 200 Ipods at $89.99 each Billy Bob with the terms 2/10 N 30 on account Feb. 3 purchased 10 DVD takes at $1.99 each from Mikey Bob with the terms N30 on account Feb. 4 paid $18.34 freight costs for purchase of 10 DVDs purchase on Feb. 1. Feb. 10 received total amount due from Ted's Outlet Feb. 12 paid the total amount due to Billy Bob Feb. 15 Ted's Outlet returned all 10 DVDs sold on 1 Feb for a full refund, given these DVDs were defective Feb. 22 Retured 5 of the Ipods to Billy Bob for a cash refund, due to defects, Feb. 23 collected cash sales of $1500 (not including 6% sales to from customers. Feb. 26 ABC Warehouse paid sales tax collected of $1834,56 to state of Michigan Give the required entry for ABC Warehouse for Feb. 3 O Debit Cash 19.90, Credit Sales 19.90 O Debit Purchase 19.90, Credit Cash 19.90 O Debit Purchase 19.90, Credit Accounts payable/Mikey Bob 19.90 O Debit Accounts receivable/Mikey Bob 19.90, Credit Sales 19.90 Debit Purchases 19.90 Credit Sales 19.90

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

McGraw-Hill Education SAT 2017

Authors: Christopher Black, Mark Anestis

1st Edition

1259641651, 978-1259641657

Students also viewed these Accounting questions