Ace Party Supplies Ltd completed the following

transactions during December #576

Ace Party Supplies, Ltd. completed the following transactions during December. Ace uses the
perpetual inventory system in accounting for inventory.Dec 2 Sold party supplies for $1,800 to
Goody Bags on account, with terms of 2/10, n/30, FOB shipping point. The cost of the sale was
$1,125.4 Sold party supplies to a customer for $500, with cost of $350. Customer paid with a
credit card. The credit card company charged a 2% service fee.6 Sold party supplies for $1,200
to Party Queen on account, with terms of 2/10, n/30, FOB shipping point. The cost of the sale
was $750.12 Party Queen returned $200 of the party supplies. The cost of the returned
products was $125. These products were returned to the warehouse for resale.15 Sold party
supplies to customer for $320 cash. The cost of the sale was $200.16 Received payment from
Party Queen, less returns and discount.23 Sold party supplies to a customer for $400, with cost
of $280. Customer paid with a debit card. The bank charged a 2% of service fee.31 Received
payment from Goody Bags.Requirements1. Record the transactions in the journal.2. What are
the amounts for total sales, sales returns and allowances, and sales discounts to be reported in
the income statement?View Solution:
Ace Party Supplies Ltd completed the following transactions during December

ANSWER
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