Post the following transactions- On March 20, the store received payment of $120
ID: 2393228 • Letter: P
Question
Post the following transactions-
On March 20, the store received payment of $120 from a customer who purchased a snowboard on credit during week 2. On March 21, a customer returned an unused snowboard. Avery gave the
On March 23, week 3 sales were recorded. Sales for week 3 totaled $4300. Of this amount, $1700 was in cash, the remainder on credit. The cost of the snowboards sold was $1421. On March 27,
On March 31, week 4 sales are recorded. Sales for week 4 totaled $3700. $1256 was in cash, the remainder on credit. The cost of the snowboards sold was $1073.
On March 31, the store received a bill for internet and phone services for the month of March. The amount of the bill is $1098. The bill is due on April 15.
You perform an inventory of the supplies on March 31. The count reveals that there is $134 worth of supplies left on hand at the end of the month. Wages for the last 2 weeks of March in the amount of $2120 will be paid on April 1.
On March 20, the store received payment of $120 from a customer who purchased a snowboard on credit during week 2. On March 21, a customer returned an unused snowboard. Avery gave the
customer a full refund, in the amount of $330 in cash. The snowboard cost Avery $178.On March 23, week 3 sales were recorded. Sales for week 3 totaled $4300. Of this amount, $1700 was in cash, the remainder on credit. The cost of the snowboards sold was $1421. On March 27,
Avery paid the Mad River Snow Board Manufacturing Company $1320.On March 31, week 4 sales are recorded. Sales for week 4 totaled $3700. $1256 was in cash, the remainder on credit. The cost of the snowboards sold was $1073.
On March 31, the store received a bill for internet and phone services for the month of March. The amount of the bill is $1098. The bill is due on April 15.
You perform an inventory of the supplies on March 31. The count reveals that there is $134 worth of supplies left on hand at the end of the month. Wages for the last 2 weeks of March in the amount of $2120 will be paid on April 1.
Explanation / Answer
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Date Account Debit Credit 20 Cash 120 Accounts Receivable 120 21 Sales 330 Cash 330 21 Inventory 178 Cost of Goods Sold 178 23 Accounts Receivable 2600 Cash 1700 Sales 4300 23 Cost of Goods Sold 1421 Inventory 1421 27 Accounts Payable 1320 Cash 1320 31 Accounts Receivable 2444 Cash 1256 Sales 3700 31 Cost of Goods Sold 1073 Inventory 1073 31 Telephone Expense 1098 Accounts Payable 1098 31 Supplies Expense (425-134) 291 Supplies 291 31 Wages Expense 2120 Wages Payable 2120