Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 5 of 5 (2 complete) This Quiz: 5 pts possible o Journalize the following sales transactions for Highland Tractors. Explanations are not required. Highland sold $35,000 of inventory on account, credit terms of 4/10, n/30. Cost of goods is $14,000. Highland June 5 uses the gross method to record sales revenue. June 12 Highland receives payment from the customer on the amount due, less the discount. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the perpetual inventory system. Check your spelling carefully and do not abbreviate.) June 5: Highland sold $35,000 of inventory on account, credit terms of 4/10, n/30. Cost of goods is $14,000. Highland uses the gross method to record sales revenue. Begin by preparing the entry to journalize the sale portion of the transaction. (Do not record the expense related to the sale with this entry. We will do that in the following step.) Date Accounts Debit Credit June 5 Now journalize the expense related to the June 5 sale. Cost of goods is $14,000. Date Accounts Debit Credit June 5 Enter any number in the edit fields and then continue to the next question. ? o Type here to search Q 2 DI . 3 7:34 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 3 of 5 (2 complete) This Quiz: 5 pts possible 13A. Performance Computers has the following transactions related to the sale of merchandise inventory. (Click the icon to view the transactions.) Journalize the transactions for Performance Computers assuming that the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Now journalize the expense related to the March 1 sale-Cost of Goods Sold, $6,400 Date Accounts and Explanation Debit Credit Mar. 1 Х More Info Sold a computer (cost of $6,400) for $16,000 to a customer. The customer paid cash. The sales price included a one-year service contract valued at $180. Mar. 1 Dec. 31: Recorded the amount of service contract earned. Dec. 31 Recorded the amount of service contract earned. Date Accounts and Explanation Debit Credit Dec. 31 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Type here to search BI E W 7:32 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 4 of 5 (2 complete) This Quiz: 5 pts possible 14B. Better Electronics and Supply has the following transactions in July related to purchase and sale of merchandise inventory. A (Click the icon to view the transactions.) Journalize the transactions for Better Electronics and Supply assuming that the company uses the periodic inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount.) Jul. 1: Purchase of $22,000 worth of computers on account, terms 3/10, n/60, from Bonne Computers. Х Date More Info Accounts and Explanation Debit Credit Jul. 1 July 1 July 3 July 9 July 12 July 26 Purchase of $22,000 worth of computers on account, terms of 3/10, n/60, from Bonne Computers. Return of $600 of the computers to Bonne Computers. Payment made on account to Bonne Computers. Sold computers on account for $16,000 to Mack Studios, terms 2/15, n/60. Received payment from Mack Studios on balance due. Jul. 3: Return of $600 of the computers to Bonne Computers Date Accounts and Explanation Debit Credit Jul. 3 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Type here to search 近 . Ca (1) 7:33 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 4 of 5 (2 complete) This Quiz: 5 pts possible 14B. Better Electronics and Supply has the following transactions in July related to purchase and sale of merchandise inventory. A (Click the icon to view the transactions.) Journalize the transactions for Better Electronics and Supply assuming that the company uses the periodic inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount.) Jul. 1: Purchase of $22,000 worth of computers on account, terms 3/10, n/60, from Bonne Computers. Х Date Accounts and Explanation More Info Debit Credit Jul. 1 Accounts Payable—Bonne Computers Accounts Receivable-Mack Studios Cash Cost of Goods Sold Delivery Expense Freight in Merchandise Inventory Purchases Purchase Discounts Purchase Returns and Allowances Sales Returns and Allowances Sales Revenue July 1 July 3 July 9 July 12 July 26 Purchase of $22,000 worth of computers on account, terms of 3/10, n/60, from Bonne Computers. Return of $600 of the computers to Bonne Computers. Payment made on account to Bonne Computers. Sold computers on account for $16,000 to Mack Studios, terms 2/15, n/60. Received payment from Mack Studios on balance due. Jul. 3. Return of Date Debit Credit Jul. 3 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Type here to search i . 7:33 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 3 of 5 (2 complete) This Quiz: 5 pts possible 13A. Performance Computers has the following transactions related to the sale of merchandise inventory. (Click the icon to view the transactions.) Journalize the transactions for Performance Computers assuming that the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 1: Sold a computer (cost of $6,400) for $16,000 to a customer. The customer paid cash. The sales price included a one-year service contract valued at $180. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts and Explanation Debit Credit Mar. 1 More Info Х Mar. 1 Sold a computer (cost of $6,400) for $16,000 to a customer. The customer paid cash. The sales price included a one-year service contract valued at $180. Recorded the amount of service contract earned Now journalize the expense related to the March 1 sale-Cost of Goods Sold, $6,400. Dec. 31 Date Accounts and Explanation Debit Credit Print Done Mar. 1 Choose from any list or enter any number in the input fields and then continue to the next question. O Type here to search o IT o CH 3 7:32 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 3 of 5 (2 complete) This Quiz: 5 pts possible 13A. Performance Computers has the following transactions related to the sale of merchandise inventory. (Click the icon to view the transactions.) Journalize the transactions for Performance Computers assuming that the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Now journalize the expense related to the March 1 sale-Cost of Goods Sold, $6,400 Date Accounts and Explanation Debit Credit Mar. 1 Х More Info Sold a computer (cost of $6,400) for $16,000 to a customer. The customer paid cash. The sales price included a one-year service contract valued at $180. Mar. 1 Dec. 31: Recorded the amount of service contract earned. Dec. 31 Recorded the amount of service contract earned. Date Accounts and Explanation Debit Credit Dec. 31 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Type here to search BI E W 7:32 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 2 of 5 (2 complete) This Quiz: 5 pts possible o Assume Painted Pottery made Net Sales Revenue of $76,000 and Cost of Goods Sold totaled $56,000. What was Painted Pottery's gross profit percentage for this period? (Round your answer to the nearest whole percent.) O A. 3.5 times OB. 74% O C. 5% OD. 26% Click to select your answer. ? O Type here to search o 近 O a (1) 7:32 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 3 of 5 (2 complete) This Quiz: 5 pts possible 13A. Performance Computers has the following transactions related to the sale of merchandise inventory. (Click the icon to view the transactions.) Journalize the transactions for Performance Computers assuming that the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 1: Sold a computer (cost of $6,400) for $16,000 to a customer. The customer paid cash. The sales price included a one-year service contract valued at $180. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts and Explanation Debit Credit Mar. 1 More Info Х Mar. 1 Sold a computer (cost of $6,400) for $16,000 to a customer. The customer paid cash. The sales price included a one-year service contract valued at $180. Recorded the amount of service contract earned Now journalize the expense related to the March 1 sale-Cost of Goods Sold, $6,400. Dec. 31 Date Accounts and Explanation Debit Credit Print Done Mar. 1 Choose from any list or enter any number in the input fields and then continue to the next question. O Type here to search o IT o CH 3 7:32 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 4 of 5 (2 complete) This Quiz: 5 pts possible 14B. Better Electronics and Supply has the following transactions in July related to purchase and sale of merchandise inventory. A (Click the icon to view the transactions.) Journalize the transactions for Better Electronics and Supply assuming that the company uses the periodic inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount.) Jul. 1: Purchase of $22,000 worth of computers on account, terms 3/10, n/60, from Bonne Computers. Х Date Accounts and Explanation More Info Debit Credit Jul. 1 Accounts Payable—Bonne Computers Accounts Receivable-Mack Studios Cash Cost of Goods Sold Delivery Expense Freight in Merchandise Inventory Purchases Purchase Discounts Purchase Returns and Allowances Sales Returns and Allowances Sales Revenue July 1 July 3 July 9 July 12 July 26 Purchase of $22,000 worth of computers on account, terms of 3/10, n/60, from Bonne Computers. Return of $600 of the computers to Bonne Computers. Payment made on account to Bonne Computers. Sold computers on account for $16,000 to Mack Studios, terms 2/15, n/60. Received payment from Mack Studios on balance due. Jul. 3. Return of Date Debit Credit Jul. 3 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Type here to search i . 7:33 PM 10/11/2020 Quiz: Module 6- Quiz Submit Quiz This Question: 1 pt 4 of 5 (2 complete) This Quiz: 5 pts possible 14B. Better Electronics and Supply has the following transactions in July related to purchase and sale of merchandise inventory. A (Click the icon to view the transactions.) Journalize the transactions for Better Electronics and Supply assuming that the company uses the periodic inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount.) Jul. 1: Purchase of $22,000 worth of computers on account, terms 3/10, n/60, from Bonne Computers. Х Date More Info Accounts and Explanation Debit Credit Jul. 1 July 1 July 3 July 9 July 12 July 26 Purchase of $22,000 worth of computers on account, terms of 3/10, n/60, from Bonne Computers. Return of $600 of the computers to Bonne Computers. Payment made on account to Bonne Computers. Sold computers on account for $16,000 to Mack Studios, terms 2/15, n/60. Received payment from Mack Studios on balance due. Jul. 3: Return of $600 of the computers to Bonne Computers Date Accounts and Explanation Debit Credit Jul. 3 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Type here to search 近 . Ca (1) 7:33 PM 10/11/2020
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