a. The amount of recorded sale b. The amount of cash received upon payment

Q: All of the following are examples of assurance services except: a. Financial engagement.   b.…

A: Assurance services are a type of independent professional service usually provided by certified or…

Q: Melisandre Merchandising sold merchandise on credit to Ellaria, terms 2/10, r/45, $25,000, on April…

A:

Q: On February 20, 2023, LIME COrporation sold merchandise with a list price of ₱ 150,000 to Durian on…

A: DISCOUNTING TERM The 2/15 net 40 Calculation is a Way of Providing cash discount on Purchase. It…

Q: Given credit terms of 3/10, n/30 on a sale of $2,000, calculate the sales discount, assuming payment…

A: credit terms: 3/10 - means 3% discount given if payment is made within 10 days

Q: On 12th January 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600…

A: Sales allowance is reduction of price when customer keep the product but he is not satisfied with…

Q: The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30.  How…

A: Purchase discount is a discount provided by the seller if payment is made within a specific period…

Q: 1. During the year, Fall Company purchased merchandise having a gross invoice cost of P1,000,000.…

A: There are different methods of recording the inventory transaction.

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

A: The invoice for sales includes the terms for sales price, discount terms and payment date, etc. It…

Q: Merchandise with an invoice price of $5,000 is purchased on March 1 subject to terms of 2/10, n/30.…

A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: 2/10 indicates that a sales discount of 2% is allowed if the payment is made within 10 days.

Q: Merchandise costing $668 is sold for $1,230 on terms 2/10, n/30. If the buyer pays within the…

A:

Q: Trading company Andin in September 2020, recorded the following transactions: Date Information…

A: Special Journal There is much difference in the General journal entry and the special journal entry.…

Q: Q2) Masader Co. purchased merchandise on March 4, 2018, at a price of OR30,000, subject to credit…

A: In net method of recording purchases, purchases are recorded net of discount. If the payment is not…

Q: Journalize the entries to record the transactions of Gelora Raya.

A: Step 1 Journal is the part o book keeping.

Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,817. The retailer…

A: Trade discount is the reduction in the list price of the product. which is offered by the seller at…

Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…

A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/

Q: On June 3, 2022, Marigold Company sold to Ann Mount merchandise having a sales price of $7,600 (cost…

A: Lets understand the basics.Journal entry is required to make to record tranaction and event happen…

Q: On May 30, Cecil Company purchased merchandise on account from Ricci Company as follows - List…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: 1. During the year, Fall Company purchased merchandise having a gross invoice cost of P1,000,000.…

A: As per the net method for recording journal entries, the sales and purchase transactions are…

Q: CDE1. Nezee Paints purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30.…

A: If goods were returned by buyer then net amount due is $9000-$1200= $ 7800 1. If amount is paid…

Q: retailer purchases some merchandise with an invoice price of $19,100 and terms of sale of 5/15,…

A: A partial payment is one that is given for a fraction of the total amount owing for a product,…

Q: Slinky Company purchased merchandise on June 10, 2021, at a price of $31,000, subject to credit…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Carla Co, uses the gross method to record sales made on credit. On June 1, 2020, it made sales of S…

A: gross method of recording sales -the sales transaction is recorded at its gross price without…

Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…

A: Discount on sales value: When the customer pays the amount within discount period then customer is…

Q: Prepare the journal entries for Cagayan Groceries using journal sheets Cagayan Groceries entered in…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Modern Enterprises Co purchases $200,000 of merchandise with credit terms of 3/10, n60 on March,…

A: Discount on payment = amount payable x discount rate = 200000 x 3% = $6000

Q: 17) Magnum mart purchased goods on 4th January, 2019 for RO 86,000 on credit under the payment…

A: Perpetual inventory is a form of stock management that uses computerized point-of-sale processes and…

Q: Question Three: Journalize the following selected transaction for Paradise Co. during July 2022 12th…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: uestion Prepare the related books of prime entry for the above transactions.

A: Sales Books is a book of original entry in which only credit sales are recorded similarly purchase…

Q: the data and terms and condition for the purchase of merchandise: Invoice Date October 12, 2020…

A: Net purchases = Catalog Price X (1 -  Trade Discoun1 ) x (1 - Trade Discount 2 ) = P230.000 x (1 -…

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,200. The retailer…

A: Merchandise transaction are recorded in the companies which they buy and sell inventory items. Some…

Q: Activity 2: On November 5, of the current year, Ligaya Merchandising Enterprise purchased…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this…

A: Term 3/10, n/20 represents that if the payment received for the sales made within 10 days then the…

Q: Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Land Equipment…

A: Statement of Cash Flow - Statement of Cash flow includes inflow and outflow of cash in the financial…

Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,684. The retailer…

A: Cost of Inventory Purchased = List Price - Trade Discount - Cash Discount

Q: Willy Company sold on credit merchandise having a list price of P200,000 with the following terms:…

A: Solution: Price after trade discount = 200000*90%*95% = 171,000 Sales discount = 171000*3% = 5130…

Q: Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms…

A: Discount=Accounts payable×Rate=RO 86,000×2%=RO 1,720

Q: On December 15, 2022, ABC Company purchased merchandise from DEF Company with trade discounts of 10%…

A: Gross method and Net method are two methods used for accounting of purchase of inventories. Under…