A buyer of $8,100 in merchandise Inventory failed to take advantage of the vendor's credit terms of 3/15, n/45, and instead paid the invoice in full atthe end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of.Multiple ChoiceO$810.О$1,215.O$81.$100.$243.

Step 1:Credit term explanation:The credit term of 3/15, n/45 indicates that a 3% cash discount will…

Answered: A buyer of $8,100 in merchandise…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kindly answer number 8. Thank you
Aa 162.
Please do not give image format Kline Goods purchases merchandise with a catalog list price of $45,000. The retailer receives a 25% trade discount and credit terms of 2/10, n/30. What amount should Kline debit to the Merchandise Inventory account? none of the above $33,075 $23,750 $33,525
Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $18,000.Record Santa Fe paid within the discount period.Record Santa Fe paid after the discount period. Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $18,000. Record the merchandise had cost Mesa $12,276. Record cash received within discount period. Record cash received after discount period.
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Only 4b question. Thanks!
M IN V F. R | B. H. G. 9- 4. 8. 2$ ) MacBook Pro b. a. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. Travis Company purchased merchandise on account from a supplier for $5,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.
r 个 O any purchased inventory for $2,500 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $500. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory balance, the cost of inventory would be (Assume a perpetual inventory system.) OA. $1,960 B. $2,060 OC. $2.400 S
6
. Which of the following error will be rectified through suspense account Purchase return to Vishal $1,000 not recorded Purchase return to Vishal $1,000 recorded through Sales return book Purchase return book under cast by $1,000 Purchase return to Vishal $1,000 recorded as $100
Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
34-Ms. Sumaya is an Accountant in a Wholesale merchandise business. The business uses periodic inventory system. The Business purchase merchandise on Credit from Nizwa Industries for OMR 25,000. But it has been posted to Credit side of Nizwa Industries as OMR 52,000 but purchase account was posted correctly by the accountant. Which of the following rectification entry is Correct? a. Debit Purchase OMR 27,000 Credit Nizwa Industries OMR 27,000 b. Credit Nizwa Industries with OMR 27000 c. Debit Nizwa Industries OMR 27,000 Credit Purchase OMR 27,000 d. Debit Nizwa Industries with OMR 27000

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