17. Merchandise with a sales price of P500 is sold on account with term 2/10, n/30.The journal entry to record the sale would include aa. debit to Cash for P500b. Debit to Sales Discounts for P10C. Credit to Sales for P500d. Debit to Accounts Receivable for P49018. Merchandise subject to terms 1/10, n/30, FOB shipping point, is soldaccount to a customer for P15,000. The seller paid transportation costs etP1,000 and issued a credit memorandum for P5,000 prior to payment. What ithe amount of the cash discount allowable?a. P160b. P150c. P140d. P10019. The entry to record the return of merchandise from a customer would includeaa. debit to Salesb. credit to Salesc. debit to Sales Returns and Allowancesd. credit to Sales returns and Allowances20. A sales invoice included the following information: merchandise price, P4,000;transportation, P300; terms 1/10, n/eom, FOB shipping point. Assuming thacredit for merchandise returned of P600 is granted prior to payment, trhattransportation is prepaid by the seller, and that the invoice is paid within tediscount period, what is the amount of cash received by the seller?a. Р3,366b. P3,400с. Р3,666d. P3,950

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Answered: 10, n/30. 17. Merchandise with a sales…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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
Presented below are transactions related to Bramble, Inc. May 10 (a) 11 19 24 Purchased goods billed at $15,200 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $11,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $12,300 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $66,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it bla b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Gr APR étv
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21-The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Credit period c. Discount period d. Trade discount
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
Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $12,900, with terms 2/10, net 30. The cost of the merchandise sold was $8,385. Sale Cost b. Received payment within the discount period.
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable
A5
1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.

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10, n/30. 17. Merchandise with a sales price of P500 is sold on The journal entry to record the sale would include a a, debit to Cash for P500 b. Debit to Sales Discounts for P10 C. Credit to Sales for P500 d. Debit to Accounts Receivable for P490