Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. journalize the following sales transactions for tr

Journalize the following sales transactions for Treasury Trove. Assume Treasury Trove uses the gross method...

90.2K

Verified Solution

Question

Accounting

image

Journalize the following sales transactions for Treasury Trove. Assume Treasury Trove uses the gross method to record sales revenue. Explanations are not required. (Assume the company uses a perpetual inventory system.) (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 4: Sold $16,000 of antiques on account, credit terms are 4/15, n/30. Cost of goods is $9,600. 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 i More Info Jan. 4 Jan. 4 Sold $16,000 of antiques on account, credit terms are 4/15, n/30. Cost of goods is $9,600. 20 Treasury Trove received payment from the customer on the amount due from Jan. 4. 20 Sold $5,400 of antiques on account, credit terms are 4/10, n/45, FOB destination. Cost of goods is $3,240. 20 Treasury Trove paid $70 on freight out. 29 Received payment from the customer on the amount due from Jan. 20, less the discount. Print Print Done Done

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Life rating in Greece. Greece faced a severe economic crisis since the end of 2009. Suppose...

Biology
1.2K views

1) A total of 6147 North American Caucasians were blood typed for the MN locus, which...

Accounting
1.2K views

Aspen Company estimates its manufacturing overhead to be $631,250 and its direct labor costs to be...

Basic Math
1.2K views

Solve the right triangle ABC, with C = 90.B = 61.1, b=116 in.A =___a=___C=___

Statistics
1.2K views

Permutation Formula nPr n n r A daycare has 8 girls and 6 boys Five...

Algebra
1.2K views

1 4 A weight is oscillating on the end of a spring see figure The...

Accounting
1.2K views

Define a note receivable and explain how to calculate the interest due on a short-term...

Accounting
1.2K views

the accounts creative band inc. as of May 31,2009 are listed below in alphabetic order

Accounting
1.2K views

Chapter 13 Problems Saved Help Save & Exit Sbmit Check my work 1 The management...

Accounting
1.2K views

Some special handling devices can be obtained for $12,000. At the end of 4 years...

Finance
1.2K views

You have just sold your house for $1,050,000 in cash. Your mortgage was originally a...

Accounting
1.2K views

Question 10 of 105 Which of the following expenses may a partnership elect to amorize?...