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Robertson's Toy World Sells a Variety of Toys at Discount

Question 169

Essay

Robertson's Toy World sells a variety of toys at discount prices. The following transactions occurred on May 16. Consider credit card discount a selling expense. A)Sold a bike for $ 95each.
B)Sold a$ 359swing set; customer will be billed at the end of the month.
C) Customer returned a$ 45doll that had been purchased for cash on May 12; gave customer a cash refund.
D)
Sold a pair of$ 100roller blades; customer paid with a credit card. The credit card company charges Robertson a 2 % fee for this service.
Required: a. Present journal entries for each of the above transactions. b. Compute the net sales for the day.

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