WebView the full answer. Transcribed image text: On May 1, Schilling Company sold merchandise in the amount of $5,800 to a customer, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Schilling uses the perpetual inventory system and the gross method. On May 5, the customer complains that $500 of the merchandise arrived … WebGarza Company had sales of $141000, sales discounts of $2100, and sales returns of $3385. Garza Company's net sales equals: $135,515. Explanation: Net Sales= …
Solved On May 1, Schilling Company sold merchandise in the Chegg…
Web122. Award: 1.00 point On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman Company, perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Cash 5,800 Accounts receivable 5,800 Cash 4,000 … Web123) On July 1, Ferguson Company sold merchandise in the amount of $5,800 to Tracey perpetual inventory system and the gross method. On July 5, Tracey returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ferguson must make on July 5 … dancing man brewery
Solved On May 1, Shilling Company sold merchandise in the
WebGross Margin = Net Sales − Cost of Goods Sold; $825,000 − $547,000 = $278,000. Operating Expenses = Gross Margin − Net Income; $278,000 − $98,500 = $179,500. On … Web7 de abr. de 2024 · On May 1, Shilling Company, Inc. sold merchandise in the amount of $5,800 to Anders, ... On July 1, Ferguson Company sold merchandise in the amount of $5,800 to Tracey Company, with credit. Answer: Sales returns and allowances 500 Accounts receivable 500 Merchandise inventory 350 Cost of goods ... WebMayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n∕15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa. charges a 3% fee. birkenhead model yacht club