A company purchased $10,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. On June 20, it returned $1,280 of thatmerchandise. The shipping charges for the purchase totaled $800. On June 24, it paid the balance owed for the merchandise taking any discount itis entitled to. The cash paid on June 24 equals:Multiple Choice$8,722.$11,400.$10,980.$9,840.$11,080.

To calculate the cash paid on June 24th:Start with the invoice amount: $10,600Reduce invoice amount…

Answered: A company purchased $10,600 of…

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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On September 1, Jerry's Lighting purchased merchandise with a list price of $12,500 with credit terms of 3/5, n/60. On September 3, Jerry's returns $1,300 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry's Lighting is:
On March 2. Metlock Company sold $936,300 of merchandise to Ivanhoe Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571.70o. On March 6, Ivanhoe Company returned $110,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,200. On March 12, Metlock Company received the balance due from Ivanhoe Company. Debit Credit Date Account Titles and Explanation ck if you would like to Show Work for this question: Open Show Work Versia I Q 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. %23 3/1 hp 米 fe 4+ pr IOI 144 & 24 4. 6. L. 8. { E R T. Y U D F G H K C alt ctrl V Σ 3.
On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice О Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 О Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventory 9.600
On March 2, Blossom Company sold $960,000 of merchandise on account to Pina Company, terms 3/10, n/30. The cost of the merchandise sold was $562,000. On March 6, Pina Company returned $96,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000. On March 12, Blossom Company received the balance due from Pina Company. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts) Account Titles and Explanation Debit Credit
On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $10,400. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,300 and the merchandise originally cost Silverman Enterprises $2,250. a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 20Y4. If an amount box…
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Gibson Corporation’s balance sheet indicates that the company has $580,000 invested in operating assets. During the year, Gibson earned operating income of $67,280 on $1,160,000 of sales. Required Compute Gibson’s profit margin for the year. Compute Gibson’s turnover for the year. Compute Gibson’s return on investment for the year. Recompute Gibson’s ROI under each of the following independent assumptions:(1) Sales increase from $1,160,000 to $1,392,000, thereby resulting in an increase in operating income from $67,280 to $76,560.(2) Sales remain constant, but Gibson reduces expenses, resulting in an increase in operating income from $67,280 to $69,600.(3) Gibson is able to reduce its invested capital from $580,000 to $464,000 without affecting operating income.
A company purchased $3,200 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $350 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: Multiple Choice $2,822. $350. $2,818. $3,200. $2,850.
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box, does not require an entry, leave it blank. Sale Credit Memo Payment 00 00 00 00 00 00 00 00 00 00 00 00
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $38,210. The cost of the merchandise sold was $20,810. 5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice. 6 Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the merchandise sold was $10,190. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $231,570. The cost of the merchandise sold was $142,060. 15 Paid Papoose Creek Co. on account for purchase of…
On March 2, Cullumber Company sold $ 884,000 of merchandise on account to Riverbed Company, terms 2/10, n/30. The cost of the merchandise sold was $616,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts On March 6, Riverbed Company returned $ 88,400 of the merchandise purchased on March 2. The cost of the returned merchandise was $ 55,600. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts On March 12, Cullumber Company received the balance due from Riverbed Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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