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

Q: Merchandise subject to terms 3/10, n/25, FOB shipping point, is sold on account to a customer for…

A: When customers pay within the stated discount periods, sales discounts (if offered by sellers)…

Q: Journalize the following merchandise transactions: a. Sold merchandise on account, $12,400, with…

A: Solution a)   Date Particulars Debit ($) Credit ($)   Account Receivable A/c 12,400       To…

Q: The entry to record the receipt of payment within the discount period on a sale of $4000 with terms…

A: DISCOUNTING PERIOD A firm makes sales to its customer and allows a discount for making payment…

Q: After the amount due on a sale of $22,400, terms 1/10, n/eom, is received from a customer within the…

A: The buyer has paid the amount within the discounted period.  So the refund will also be made after…

Q: Purchased merchandise on account from Hillsboro Co., list price $38,000, trade discount 25%, terms…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Purchase with Trade Discount and Sales Discount On May 30, Cecil Company purchased merchandise on…

A: Cecil Company purchase Goods from Ricci Company on credit  Ricci Company provide 25% Trade discount…

Q: Journalize the entries to record the sale on December 31. B. Journalize the entries to record the…

A: Given information is: Scheduled Co. Sold merchandise on account to Bernard Retail Inc. for $15,000,…

Q: he entry to record the receipt of payment within the discount period on a sale of $2400 with terms…

A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…

Q: Journalize the following merchandise transactions: (If an amount box does not require an entry,…

A: Journal is a book where all the entries has been recorded in chronological order. Term 2/10 , net 30…

Q: If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and…

A: FOB Shipping Point: Free On Board (FOB) shipping point means that the buyer takes all the risks and…

Q: Trade Discount and Cash Discounts Merchandise was purchased on account from Jacob's Distributors on…

A: Solution 1: Net amount to record the invoice = Purchase price - Trade discount = $2,100 -…

Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…

A: 2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…

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: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

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: Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of…

A: Gross profit is the profit earned by the entity after considering the cost of merchandise sold. It…

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: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…

A: Sales discount = $1,100 x 2% Sales discount = $22

Q: Merchandise was purchased on account from Jacob's Distributors on May 17. The purchase price was…

A: Discount is a sort of reduction in the price to be paid or received on a sale or purchase. These are…

Q: (a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point…

A: Journal entries are to be recorded for sale and purchase of inventory on the basis of perpetual…

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: Sales-Related Transactions Merchandise is sold on account to a customer for $21,200, terms FOB…

A: Introduction:- The following basic information as follows under:- Gross sales $21,200 FOB shipping…

Q: ournalize the following merchandise transactions: A. Sold merchandise on account, $21,300 with…

A: >Merchandise inventory can be accounted for using a periodic method or perpetual…

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

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: 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: Trade Discount and Cash Discounts

A: Trade discount Purchase price * Rate of trade discount Purchase price $2,000 Rate of trade…

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: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…

A: Given: Price of the invoice = $ 19,700 Partial payment = $ 10,800 Sales term = 515,n45

Q: Alpha Corporation sells $2799 of merchandise on account to Blackwell Company with credit terms of 3…

A: Payments terms of 3/10, n/30 means discount of 3% on goods is valid for 10 days from the date of…

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: Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans…

A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…

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: 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 November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment…

A: Cost of goods sold is the cost of units sold during the period. It is calculated as the beginning…

Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $10,400. The invoice is dated on May 1 with…

A: Discount:  It refers to a percentage that is deducted from the normal selling price of a product.

Q: A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22%…

A: Discount:  It refers to a percentage that is deducted from the normal selling price of a product.

Q: er 1, Jerry's Lighting purchased merchandise with a list price of $4,100 with credit terms of 3/10,…

A: Solution: Amount of discount will be computed on the list price reduced by returns of merchandise if…

Q: What amount should Norfolk debit to the merchandise inventory account (Round your answer to the…

A: Answer:   Option a.

Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…

A: The cash discount would be calculated on the amount, after deducting the trade discount from list…