A company sold goods for $10,000 on credit, with a cost of $6,000. Record the journal entries for the sale and the cost of goods sold. need answer in table format with explanation thank you
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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 returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods soldJones Company, a customer, has been authorized to return $1,000 of goods purchased on account. The journal entry to record this transaction is a. Sales Returns and Allowances 1,000 Accounts Receivable 1,000 b. Sales 1,000 Sales Returns and Allowances 1,000 c. Accounts Receivable 1,000 Sales Returns and Allowances 1,000 d. Sales Returns and Allowances 1,000 Inventory 1,000
- Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would include:* O A credit to Accounts Receivable $52,0o00 and a debit to Sales Revenue $52,000 A debit to Cost of Goods Sold $21,000 and a credit to Finished Goods Inventory $21,000 A debit to Cost of Goods Sold $52,000 and a credit to Finished Goods Inventory $52,000 None of the above Time tickets indicated 8.000labochours in thelnmduction of lob115.out.ofprepare a journal entry to record transaction Buyer buys merchandise for 3,000, credit terms 2/10 n/30. Merchandise cost 18001. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
- Identify the account that is debited, when business makes credit purchases of goods worth OMR 10,000. O a. Revenue account O b. Purchase account O C. Inventory account O d. Goods accountPresented below are transactions related to Tom Brokaw, Inc. May 10 Purchased goods billed at $15,000 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $13,200 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $11,500 subject to cash discount terms of 2/10, n/30. Instructions a. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. b. Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 if financial statements are to be prepared as of that date.A company purchased P10,000 of merchandise inventory from a vendor who offers credit terms of 2/10 n/30. The company uses the net cost method of recording purchases of merchandise. The company paid the vendor 30 days after receiving the invoice. The journal entry to record the payment would include which of the following? a. A credit to Cash for 10,000. debit to account payable 9,800 b. A debit to Accounts Payable for 10,000, debit merchandise inventory 9800 c. A debit to Purchase Discounts for 200, credit to cash 9,800 d. a debit to account payable 10,000, credit purchase discount 200
- Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Receivable is $3,200 The starting balance of Cash is $13,700 The starting balance of Inventory is $5,100 1. Buy $14 worth of manufacturing supplies for cash 2. Sell product for $35 in cash with historical cost of $35 3. Receive payment of $13 owed by a customer What is the final amount in Inventory? Note: No unit adjustments are necessary.help with working
