MoonshineMoonshine

Jewelry sells to retailers who then resell the products.

MoonshineMoonshine

does not offer sales discounts for early​ payment; it asks that customers pay in full within

1515

days or at the point of sale with a credit card. The company had the following selected transactions during

JulyJuly​:

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​(Click the icon to view the​ transactions.)

Read the requirements

LOADING…

.

1. Journalize

MoonshineMoonshine​'s

JulyJuly transactions.​ (You do not need to record the cost of goods sold​ entries.)

2.

Calculate the gross sales revenue for the month.

PrintDone

Requirement 1. Journalize

MoonshineMoonshine​'s

JulyJuly

transactions.​ (You do not need to record the cost of goods sold​ entries.) ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.)

JulyJuly

​2: Sold

$ 20 comma 000$20,000

of merchandise to

OffhausOffhaus

Jewels on account.

Journal Entry

Date

Accounts

Debit

Credit

July

2

JulyJuly

​3: Sold

$ 9 comma 000$9,000

of merchandise to

BuchanBuchan

​Crystals, which paid by credit card. The credit card company charges

MoonshineMoonshine

a fee of

33​%

on credit card sales.

Journal Entry

Date

Accounts

Debit

Credit

July

3

JulyJuly

​16:

OffhausOffhaus

Jewels paid the balance of what it owed for the purchase on

JulyJuly

2.

Journal Entry

Date

Accounts

Debit

Credit

July

16

JulyJuly

​17: Sold

$ 45 comma 000$45,000

of merchandise to

PalluckPalluck

Stones on account.

Journal Entry

Date

Accounts

Debit

Credit

July

17

JulyJuly

​19:

PalluckPalluck

Stones noticed that some of the merchandise received was​ damaged, so it returned

$ 9 comma 000$9,000

worth of merchandise to

MoonshineMoonshine.

​ (Assume that expected future returns have been​ recorded.)

Journal Entry

Date

Accounts

Debit

Credit

July

19

JulyJuly

​30:

PalluckPalluck

Stones paid the balance of what it owed for the purchase on

JulyJuly

17.

Journal Entry

Date

Accounts

Debit

Credit

July

30

Requirement 2. Calculate the gross sales revenue for the month.

Moonshine Jewelry's gross sales for the month is $

.

Choose from any list or enter any number in the input fields and then continue to the next question. Moonshine Jewelry sells to retailers who then resell the products. Moonshine does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale with a credit card. The company had the following selected transactions during July: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Moonshine's July transactions. (You do not need to record the cost of goods sold entries.) (Record debits first, then credits. Exclude explanations from any journal entries.) July 2: Sold $20,000 of merchandise to Offhaus Jewels on account Journal Entry Date Accounts Debit Credit July 2 * Requirements X July 3: Sold $9,000 ard. The credit card company charges Moonshine a fee of 3% on credit card sales. Accounts Payable Accounts Receivable-Buchan Crystals Accounts Receivable-Offhaus Jewels Accounts Receivable—Palluck Stones Allowance for Uncollectible Accounts Cash Credit Card Discount Expense Sales Refunds Payable Sales Revenue Uncollectible-Account Expense Date 1. Journalize Moonshine's July transactions. (You do not need to record the cost of goods sold entries.) 2. Calculate the gross sales revenue for the month. Debit Credit July Print Done July 16: Offhaus Jewels paid the balance of what it owed for the purchase on July 2. Journal Entry Accounts Date Debit Credit July 16 July 17: Sold $45,000 of merchandise to Palluck Stones on account. Journal Entry July 16: Offhaus Jewels paid the balance of what it owed for the purchase on July 2. Journal Entry Date Accounts Debit Credit July 16 July 17: Sold $45,000 of merchandise to Palluck Stones on account. Journal Entry Accounts Date Debit Credit – July 17 July 19: Palluck Stones noticed that some of the merchandise received was damaged, so it returned $9,000 worth of merchandise to Moonshine. (Assume that expected future returns have been recorded.) Journal Entry Accounts Date Debit Credit July 19 July 30: Palluck Stones paid the balance of what it owed for the purchase on July 17. Journal Entry Accounts Date Credit Debit C July 30 30 C July Accounts Payable Accounts Receivable-Buchan Crystals Accounts Receivable-Offhaus Jewels July 17: Sold $45,00 Accounts Receivable-Palluck Stones Allowance for Uncollectible Accounts Cash Date Credit Card Discount Expense July Sales Refunds Payable Sales Revenue Uncollectible-Account Expense Debit Credit July 19: Palluck Stones noticed that some of the merchandise received was damaged, so it returned $9,000 worth of merchandise to Moonshine. (Assume that expected future returns have been recorded.) Journal Entry Accounts Date Debit Credit July 19 July 30: Palluck Stones paid the balance of what it owed for the purchase on July 17. Journal Entry Date Accounts Debit July 30 Credit || Requirement 2. Calculate the gross sales revenue for the month. Moonshine Jewelry's gross sales for the month is $ ales for the month is s Choose from any list or enter any number in the input fields and then continue to the next question.

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