178. On March 4th, Micro Sales makes $4,850.00 in sales on bank credit cards which 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.
179. 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.
Sampson Company Journal Entries:
Accounts Receivable
|
46,000
|
|
Sales
|
|
46,000
|
Cost of Merchandise Sold
|
38,500
|
|
Merchandise Inventory
|
|
38,500
|
Sales Returns and Allowances
|
1,500
|
|
Accounts Receivable
|
|
1,500
|
Merchandise Inventory
|
950
|
|
Cost of Merchandise Sold
|
|
950
|
Cash
|
43,610
|
|
Sales Discounts
|
890
|
|
Accounts Receivable
|
|
44,500
|
|
|
|
Batson Company Journal Entries:
180. 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.