Problem 9

Problem C- Use the following information to answer questions below: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and Allowances 20,000 Freight In 30,000 Operating Expenses 350,000 In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 1. Cost of goods sold for the period was а. Р235,000 с. Р200,000 b. P160,000 d. P170,000 2. Profit for the period was a. P525,000 C. P250,000 b. P450,000 d. P175,000

High-Quality Jewelers uses the perpetual inventory system. On March 3, High Quality sold merchandise for $50,000 to a customer on account with terms 4/15, n/30. The cost of goods sold was $20,000. On March 18, High Quality received payment from the customer. Calculate the amount of gross profit. A. $28,000 B. $30,000 C. $48,000 D. $20,000

Calculate the amount of gross profit?

Show Journal entries 3/1/22 Purchased $10,000 merchandise on account. Terms were 2/10, n/30, FOB Shipping Point. Sales taxes were 6% not included in the price. The shipping cost was $100. 3/3/22 Sold $20,000 merchandise to WG Company. Credit terms were 2/10, n/30, FOB Destination. The cost of goods sold was $8,000. Sales tax was 7% not included in the price. Paid $100 to UPS to ship the merchandise to WG Company 3/6/22 Bought back 500 shares of its own common stock at $14 per share from an unsatisfied stockholder 3/10 Collected from WG Company for the above sales.

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $14,850 with terms 2/10, n/30. The cost of the merchandise sold was $8,910. Sale Cost b. Received payment less the discount. C. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420. Refund Inventory

Please Give me Answer with calculation

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Sales transactionsJournalize the following merchandise transactions:a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800.b. Received payment less the discount.c. Refunded $600 to customer for defective merchandise that was not returned.

K On February 1, Hu Company sold inventory on account to a customer for $13,400 with terms 2/10, n/30. The cost of the inventory was $6,900. On February 6, the customer received an allowance of $2,100 from Hu Company. If the customer made payment on February 9, how much Cash would the customer pay? A. $13,400 OB. $10,720 OC. $11,300 D. $11,074 CILE

QUESTION 5 Sold 3500 of merchandise on credit (cost of 2000), with terms 2/10, n/30, and invoice dated January 6. Record the transaction. Jan 6 Accounts Receivable 3430 Sales 3430 Jan 6 Cost of Goods Sold 2000 Merchandise Inventory 2000 Jan 6 Merchandise sold 2000 cash 2000 Jan 6 Accounts payable 3500 cash 3500 Jan 6 Accounts Receivable 3500 Sales 3500 O Jan 6 Cost of Goods Sold 3500 Merchandise Inventory 3500 Jan 6 Accounts Receivable 3500 Sales 3500 Jan 6 Cost of Goods Sold 2000 Merchandise Inventory 2000

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8. Using the following information, what is the amount of cost of merchandise sold? Purchases P28,000 Merchandise inventory April 1 6,500 Sales returns and allowances 750 Purchases returns and allowances 1,000 Purchases discounts P800 7,800 57,000 Merchandise inventory April 30 Sales 880 Transportation in a. 25,780 b. 23,270 C. 31,220 d. 24,020

Obj. 2 PR 5-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12. Received check for amount due from Equinox Co. for sale on March 2.

Sales-related transactions Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, n/30. The cost of the goods sold was $59,000. a.  Journalize Sayers’ entries to record the sale.   Accounts Receivable                  x   Sales               x     Cost of Goods Sold                 x   Inventory               x   b.  Journalize the receipt of payment within the discount period.   Cash             x   Accounts Receivable          x   c.  Journalize the entry to record the receipt of payment beyond the discount period of ten days.   Cash                 x   Accounts Receivable            x     Sales            x

accounting

Using the following information, determine the cost of merchandise sold. Purchases $32,000         Selling expenses $960 Merchandise inventory, September 1 5,700         Merchandise inventory, September 30 6,370 Administrative expenses 910         Sales 63,000 Rent revenue 1,200         Interest expense 1,040   a.$32,670 b.$32,400 c.$38,370 d.$31,330

Sh39

Sales Transactions Journalize the following merchandise transactions: a.  Sold merchandise on account, $19,400 with terms 1/10, n/30. The cost of the goods sold was $11,640. Sale   fill in the blank                       x                         x fill in the blank Cost   fill in the blank                       x                           x fill in the blank b.  Received payment less the discount.     fill in the blank                         x                              x fill in the blank c.  Refunded $470 to customer for defective merchandise that was not returned.     fill in the blank                    x             x fill in the blank

The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000

Provide solution

31. Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? a.$31,400 b.$30,772 c.$10,500 d.$7,972

ACCOUNT

April 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,880. April 4 The customer in the April 1 sale returned $560 of merchandise for full credit. The merchandise, which had cost $336, is returned to inventory. April 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Sold merchandise for $4,800, with credit terms n/30. Note: Enter debits before credits. Date April 01 General Journal Debit Credit