Sophia acc 201 financial accounting milestone 3-5

23 please quickly  thanks! calculations See the transactions in the picture presented. a. Record the journal entries of the transactions on Nov 6th. (Assuming the purchase is on credit) b. How much is the merchandise sold using perpetual LIFO method? (Show the calculations) C. How much is the gross profit in November? Nov 1    Inventory         140units at $25 Nov 6    Credit Sales     60 units at $30 (Selling price) Nov 14    Purchase       100 units at $22 Nov 19    Credit Sales   80 units at $30 (Selling price) Nov 25    Credit Sales   60 units at $30 (Selling price) Nov 30    Purchase        70 units at $20

25. Jacob Co. sells merchandise on credit to Isaiah Co. for $11,000. The invoice is dated on May 1 with terms of 2/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? a.$440, May 15 b.$440, May 16 c.$220, May 16 d.$220, May 15

Using T accounts can you please explain the answer and why each entry goes where please the answe is 937050

Rahul

EB 14. LO 6.5 Review the following situations and record any necessary journal entries for Wall World. Dec. 6 Wall World purchases $5,510 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $146 cash. Terms of the purchase are 2/15, n/40, FOB Shipping Point, invoice dated December 6. Dec. 10 Wall World sells $3,590 worth of merchandise to a customer, who pays on credit. The merchandise has a cost to Wall World of $1,400. Shipping charges are an extra $115 cash. Terms of the sale are 4/10, n/30, FOB Destination, invoice dated December 10.

16 Mario’s Home System has sale of $2,820, costs of goods sold of $2,160, inventory of $504, and accounts receivable of $430. How many days, on average, does it take Mario’s to sell its inventory? a. 88.00 days b. 72.66 days c. 65.23 days d. 85.17 days e. 55.66 days

Chapter 12 Homework eBook Show Me How Print Item Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228. 3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229. 5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230. 7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231. ACCOUNTS RECEIVABLE DEBIT Page: 1 SALES TAX PAYABLE CREDIT > SALE NO. POST. REF. SALES CREDIT DATE TO WHOM SOLD М.d 1 1 М. d 2 2 М.d М.d 4 4 3.

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Question 21 Listen. Siddiqui, Inc. made sales of $556 on Visa credit cards. The credit card service charge is 4%. When the transaction is recorded, what is the amount should be debited to Service Charge Expense? Round your answer to the nearest whole number. Your Answer: Answer Question 22 Listen On January 15 JMiller Enterprises sold $490,000 of merchandise to KCranford Company on account, terms 2/10, n/30. The cost of the merchandise sold was $100,000. When making the journal entry to record this transaction, how much should KCranford Company credit Accounts Payable for? Your Answer: Answer

MF2  9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination.   Analysis Component:   As the senior purchaser for Belton Company, you are concerned that the purchase discounts you have negotiated are not being taken advantage of by the accounts payable department. Calculate the cost of the lost discount regarding the July 9 purchase. Assume a 6% interest rate. (Do not round intermediate calculations. Round your final answer to 2 decimal places. Assume 365 days a year.)

ambridge IGCSE and O Level Accounting Exam-style questions 1 Ava maintains a full set of books of prime entry. a State one advantage of maintaining purchases and sales journals. 3 Ravi is a trader. His February 2 So 4 Bo 10 Re make entries in her books of prime entry). 14 So Business document 19 B Book of prime entry 20 D sales journal 21 F purchases journal sales returns journal Enter these a February 20 purchases returns journal b Write up the sales, purch her ledger. The first one has been completed as an example. Ledger entry sales account It is not ne Book of prime entry credit sales journal purchases journal sales returns journal purchases returns journal 4 In which book A purchases C sales jour 5 Which entrie d Name two other books of prime entry which Ava may use. e Name the ledger in which Ava will maintain the following accounts: i sales account Acco A indiv ii purchases returns account iii Charles (a credit customer) B indiv indi pur Ava provided the following information…

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Knowledge Check 01 A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Complete the buyer's necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet

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Chapter 11 Homework еBook Show Me How Print Item Trade Discount and Cash Discounts Instructions Chart of Accounts Calculations General Journal Instructions Merchandise was purchased on account from Grant's Distributors on June 12. The purchase price was $4,000, less a 10% trade discount and credit terms of 2/10, n/30. Required: 1. Calculate the net amount to record the invoice, less the 10% trade discount. 2. Calculate the amount to be paid on this invoice within the discount period. 3. Journalize the purchase of the merchandise on June 12 and the payment on June 22 (within the discount period) in a general journal. %3D