Net Purchase price? 5 Marks Question- FINANCIAL ACCOUNTINGSummit Traders purchased goods listing $60,000,receiving trade discount 10% and quantity discount5%. What is the net purchase price?

Explanation of List Price: The List Price is the original price of goods or services before any…

Answered: 5 Marks Question- FINANCIAL ACCOUNTING…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195
A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
5 Marks Question- FINANCIAL ACCOUNTING Summit Traders purchased goods listing $60,000, receiving trade discount 10% and quantity discount 5%. What is the net purchase price?
Financial accounting
General accounting
A company that purchases inventory costing $10,000 onterms 2/10, n/30, but first returns one-half of those goods,will receive a discount of what amount if it pays on thelast day of the discount period?a. $0 c. $200b. $100 d. $5,000
What is the amount of the trade discount on goods ordered with a list price of $3,450 and a trade discount rate of 3 3 4 % to the nearest cent? A. $86.25 B. $129.38 C. $862.50 D.$1,293.75
Marigold Company purchased merchandise inventory with an invoice price of $6000 and credit terms of 2/10, n/30. What is the net cost of the goods if Marigold Company pays within the discount period? $5880 $6000 $5520 $5400
Financial Accounting Q
Under the periodic inventory system, the entry to record a purchase of P60,000, with terms 2/10. n/30 would include a. Debit to Accounts Payable for P58,800 b. Credit to Purchases for P60,000 c. Credit to Accounts Payable for P60,000 d. Debit to Purchase Discounts for P1,200

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5 Marks Question- FINANCIAL ACCOUNTING Summit Traders purchased goods listing $60,000, receiving trade discount 10% and quantity discount 5%. What is the net purchase price?