Prepare the appropriate journal entry_a teacher buys 100 copies of a

Prepare the appropriate journal entry_a teacher buys 100 copies of a


Please prepare the appropriate journal entry. If you are not sure of a debit or credit, please indicate what information you do know.

A teacher buys 100 copies of a book. Retail price is $29.95 each and cost is $2.1822 each. The customer is non-tax exempt and terms are Net 30. They want overnight shipping, which is 5% of total sales. Sales tax is 7%. Please prepare the sales journal entry.

At December 31, 2012, there are 10 books in one of the sale rep’s office. The inventory is adjusted to reflect those books. Six months later, the sales rep returns the books to inventory, what is the effect on inventory?

Amazon originally purchased 55 copies of “Motivating Students” for a price of $29.95 each and freight of $35.00, via credit card. Amazon sells this book for $44.95 each in order to make a profit based on their cost of $29.95. They returned 21 copies. Our policy is to credit customers for return freight costs proportional to the original expense. Our cost per unit is $3.50. Prepare the journal entry showing the return of the sale, including any applicable sales tax adjustment (7%).

Wilmington County School district, a tax-exempt entity, mailed in a purchase order for 25 copies (Retail price is $29.95 each and cost is $2.1822 each) of a book along with a check in order to take a 5% discount. Regular shipping applies ($35.00). Please prepare the sales journal entry.

 

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