177. On March 29th, customers who owe $10,500.00 for purchases made on Sonic Sales Company credit cards submit payments of $4,250.00. Journalize this event.
178. Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
a.$8,200$180FOB Shipping Point, 1/10, net 30$1,200
b.$3,250$65FOB Destination, 2/10, net 45$450
a. $7,110
b. $2,744
179. On March 4th, Micro Sales makes $4,850.00 in sales on bank credit cards that charge a 2.5% service charge and deposit the funds into Micro Sales bank accounts at the end of the business day. Journalize the sales and recognition of expense.
180. Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the merchandise sold is $38,500. Sampson Co. issued a credit memo for $1,500 for merchandise returned that originally cost $950. The Batson Co. paid the invoice within the discount period. Prepare the entries that both Sampson and Batson Companies would record for the above. Assume both Sampson and Batson use a perpetual inventory system.
Sampson Company Journal Entries:
Accounts Receivable46,000
Sales 46,000
Cost of Merchandise Sold38,500
Merchandise Inventory 38,500
Sales Returns and Allowances 1,500
Accounts Receivable 1,500
Merchandise Inventory 950
Cost of Merchandise Sold 950
Cash43,610
Sales Discounts890
Accounts Receivable 44,500
181. Maxi Company’s perpetual inventory records indicate that $651,900 of merchandise should be on hand on October 31, 2010. The physical inventory indicates that $624,300 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Maxi Company for the year ended October 31, 2010.
182. The records of Nevada Co. indicated that $420,000 of merchandise should be on hand on December 31, 2010. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31, 2010.
183. Selected accounts and amounts appear below. Journalize the closing entry, assuming a perpetual inventory system.