Quiz: Module 6- Quiz
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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
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7:34 PM
10/11/2020
Quiz: Module 6- Quiz
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This Question: 1 pt
3 of 5 (2 complete)
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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
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7:32 PM
10/11/2020
Quiz: Module 6- Quiz
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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
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7:33 PM
10/11/2020
Quiz: Module 6- Quiz
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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
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7:33 PM
10/11/2020
Quiz: Module 6- Quiz
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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
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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
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7:32 PM
10/11/2020
Quiz: Module 6- Quiz
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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%
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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
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7:32 PM
10/11/2020
Quiz: Module 6- Quiz
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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
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7:33 PM
10/11/2020
Quiz: Module 6- Quiz
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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
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7:33 PM
10/11/2020
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