Main Street Distributors Notes

  • Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale?

    http://assignment.store/products.php?product=Main-Street-Distributors%2C-a-wholesale-firm%2C-made-sales-using-the-following-list-prices-and-trade-discounts.-What-amount-should-be-recorded-for-each-sale%3F\n\nRecord the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places):\n\nDATE\tTRANSACTIONS\n\n2019\t \n\nFeb.\t2\tSold merchandise for cash totaling $3,800 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale.\n\n  15\tSold merchandise totaling $2,100 to customers using American Express.\n\n  20\tReceived amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.\n\n2\n\nOn April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke’s Franks, less discount, on April 10.\n\nRequired:\n\nRecord the transactions on April 1 and April 10.\n\n3\n\nRecord the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales.\n\nDATE\tTRANSACTIONS\n\n2019\t \n\nApril\t2\tSold merchandise for cash, $2,500 plus sales tax.\n\n  3\tThe customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer.\n\n  4\tSold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30.\n\n  6\tAccepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4.\n\n  30\tReceived payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.\n\n4\n\nMain Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale?\n\nList price of $6,000 and trade discounts of 40 percent and 15 percent.\n\nList price of $7,300 and trade discounts of 25 percent and 8 percent.\n\nList price of $7,100 and trade discounts of 20 percent and 5 percent."},{"left":"","right":""},{"left":"","right":""},{"left":"","right":""}]


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