Activity 2: On November 5, of the current year, Ligaya Merchandising Enterprise purchased merchandise with the list price of P120,000. The merchandise is subject to a treade discount of 15%, 10%, 5% with credit terms of 3/10, n/30. (Ligaya Merchandising Enterprise is a non-VAT registered business) Required: Answer the following questions based from the above data. 1. How much is the invoice price? 2. At what amount should Ligaya Merchandising Enterprise debit Purchases? 3. How much is the trade discount?

Activity 2: On November 5, of the current year, Ligaya Merchandising Enterprise purchased merchandise with the list price of P120,000. The merchandise is subject to a treade discount of 15%, 10%, 5% with credit terms of 3/10, n/30. (Ligaya Merchandising Enterprise is a non-VAT registered business) Required: Answer the following questions based from the above data. 1. How much is the invoice price? 2. At what amount should Ligaya Merchandising Enterprise debit Purchases? 3. How much is the trade discount?

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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A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
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Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
a. net sales for Dec 2018 b. cost of good sold for Dec 2018 c. net income for Dec 2018
Hh1. calculate net sales, cost of goods sold and gross profit from sales
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Accounting Fulco Company engaged in the following transactions in March 2020 March Sold merchandise on credit to James William, terms n/30, FOB shipping point, $3,000 (cost, $1,800). 7 Purchased merchandise on credit from Leverage Company, terms n/30, FOB shipping point, $6,000. Paid Leverage Company for shipping charges on merchandise purchased on March 8, $254 9 Sold merchandise on credit to Deepak Soni, terms n/30, FOB shipping point, $2,400 (cost, $1,440). 14 Returned damaged merchandise received from Leverage Company on March 8 for credit, $600. 14 17 Received check from James William for his purchase of March 7. 21 Paid Leverage Company the balance from the transactions of March 8 and March 14. Accepted from Deepak Soni a return of merchandise, which was put back in inventory, $200 (cost, $120). 24 Prepare journal entries to record the transactions, assuming use of the perpetual inventory system.