A company purchases 1,500 kilograms of Material Z at a price of $4.50 per kilogram. The standard price for Material Z is $4.25 per kilogram. What will the journal entry include for this purchase under standard costing?
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- Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?What amount will the gedgets be reported on the balance sheet for this general accounting question?I need answer
- On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required:Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.(Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.(Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).What is the selling price to the consumer?? General accountingIf 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
- What is the purchaser's net cost of the merchandise?f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. how would I journalize this?On June 1, Adiratna Electric bought $8,500 of goods with terms of 2/15, n/45. Use the net price method to complete the following: Required: a. Determine what amount would be debited to Accounts Payable if payment was made on June 15. b. Prepare the journal entry if payment was made on July 3.