Table 7-8 Nordin Avionics
J Cash Receipts Journal -Refer to Table 7-8, What Was the Gross Margin for January

question 86

Essay

Table 7-8 Nordin Avionics
J. Nordin Avionics began business on January 1, 2019. The business was started with $10,000 in the cash account and $30,000 of inventory in stock. Nordin uses a sales journal to record credit sales and a cash receipts journal to record all cash receipts, including both cash sales and cash collections of credit sales. At the end of January, the two journals appeared as follows: Sales Journal
$\begin{array}{c}\begin{array}{|l|}\hline\\\\\text { Date }\\\hline\text {Jan} 4 \\\hline 6 \\\hline 13 \\\hline 20 \\\hline 22 \\\hline\\ \hline\end{array}\begin{array}{l|}\hline\\\\\text { Invoice \# }\\\hline 1000 \\\hline 1001 \\\hline 1002 \\\hline 1003 \\\hline 1004 \\\hline \\\hline \end{array}\begin{array}{l|}\hline\\\\\text {Customer}\\\hline\text {Reed, A.}\\\hline\text {Charles, \( B \).}\\\hline\text {Reed, A.}\\\hline\text {Williams, D.}\\\hline\text {Charles, B.}\\\hline\text {Total}\\\hline \end{array}\begin{array}{l|}\hline\\\text {Post}\\\text {Ref.}\\\hline\\\hline\\\hline\\\hline\\\hline\\\hline\\\hline\end{array}\begin{array}{l|}\hline\text {Accts Rec}\\\text {\( \mathrm{DR} / \)}\\\text {Sales Rev CR}\\\hline \$ 5,000 \\ \hline 1,240 \\ \hline 3,200 \\ \hline 900 \\ \hline 5,100 \\ \hline \$ 15,440\\\hline \end{array}\begin{array}{l|}\hline \\\text {COGS DR/ }\\\text { Inventory CR}\\\hline \$ 4,100\\\hline 990 \\\hline 2,800 \\\hline 820 \\\hline 4,600 \\\hline \$ 13,310 \\\hline\end{array}\end{array}$


Cash Receipts Journal
$\begin{array}{c}\begin{array}{|l|}\hline\\\\ \text {Date}\\\hline \text {Jan 5}\\\hline10\\\hline14\\\hline\\18\\\hline\\\hline \end{array}\begin{array}{l|}\hline\\ \text {Cash}\\ \text {Debit}\\\hline\$3,300\\\hline5,000\\\hline9,000\\\hline\\1,240\\\hline\$ 18,540 \\\hline \end{array}\begin{array}{l|}\hline\\\text {Sales Revenue}\\\text {Credit}\\\hline \$ 3,300 \\\hline\\\hline9,000\\\hline\\\\\hline\$ 12,300 \\\hline \end{array}\begin{array}{l|}\hline \text {Accts.}\\\text {Rec.}\\\text {Credit}\\\hline\\\hline \$ 5,000\\\hline\\\hline\\1,240\\\hline\$ 6,240\\\hline\end{array}\begin{array}{l|}\hline \\\\\text {Invoice \#}\\\hline \\\hline 1000\\\hline \\\hline \\1001\\\hline \\\hline \end{array}\begin{array}{l|}\hline \\\\\text {Customer}\\\hline \\\hline\text { Reed, A.}\\\hline \\\hline\text {Charles,}\\\text { B.}\\\hline \\\hline \end{array}\begin{array}{l|}\hline \\\text {COGS DR/}\\\text {Inv entory CR}\\\hline\$ 2,700 \\\hline\\\hline8,000\\\hline\\\\\hline\$ 10,700 \\\hline \end{array}\end{array}$



-Refer to Table 7-8, what was the gross margin for January?