A company purchased $11,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1,300, was added to the invoice amount. On June 20, it returned $2,080 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equalsi Multiple Choice ο ο ο ο ο $9,224. $12,280 $12.900. $12.380 $10,534

A company purchased $11,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1,300, was added to the invoice amount. On June 20, it returned $2,080 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equalsi Multiple Choice ο ο ο ο ο $9,224. $12,280 $12.900. $12.380 $10,534

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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Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $11,300. Pierce prepaid the $272 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $11,300; Sales, credit $11,300 Ob. Accounts Receivable-Stanton, debit $11,572; Sales, credit $11,572 Oc. Accounts Receivable-Stanton, debit $11,300; Sales, credit $11,300, and Delivery Expense, debit $272; Cash, credit $272 Od. Accounts Receivable-Stanton, debit $11,074; Sales, credit $11,074, and Accounts Receivable-Stanton, debit $272; Cash, credit $272
Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?
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
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