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?
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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. $195A 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. $500A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business and credit terms are 3/10, n/60. What is the net cost of the goods sold assuming that if the retailer made the payment within the discount period? a. RO 4800 b. RO 144,000 c. RO 155,200 d. RO 160,000Merchandise subject to terms 3/10, n/30, FOB shipping point, is sold on account to a customer for $29,000. What is the amount of the sales discount allowable? a.$1,160 b.$870 c.$1,305 d.$435
- 9. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a a. debit to Sales Discounts for $300 b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry is to record the sale which would include a a. Credit to sales for $4900 b debit to sales discount for $100 c. Debit to cash for $5000 d.A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business and credit terms are 3/10, n/60. What is the amount payable to the wholesaler assuming that if the customer made the payment within the discount period? a. RO 480 b. RO 14,400 c. RO 16,000 d. RO 15,520
- Purchase merchandise for resale $4,000 terms 4/10, n/30 on account. How much would the payment be made for assuming that the buyer took advantage of the discount.10.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount of discount for early payment would be: a) $0 b) $5 c) $10 d) $10.50