amount collected by Givench
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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
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Q: am.101.
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Q: None
A: Net sales = (Sales - Sales return) = ( 35,000 - $3,6000)=$31,400 As Mr. Gomez Co. paid the amount…
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Versace Merchandising purchased merchandise from Givenchy Company with a list price of P 36,000, trade discount of 10% and 5%, terms 1/10, n/30 FOB destination, freight collect. Freight charges amounted to P1,000. Versace returned defective merchandise with a list price of P4,000 and later paid the amount due within the discount period. How much was the amount collected by Givenchy? (Ignore VAT)
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- HOW DO I PREPARE A TRANSACTION CHART? On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Wildhorse pays the freight costs of $590 on June 11. Damaged goods totaling $350 are returned to Novak for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system.During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. FOB shipping point. • Who is the owner of the goods in transit? • When is the due date if no discount?Information on Monty Corp., which reports under ASPE, follows: July 1 Dec. 29 3 5 9 Monty Corp. sold to Sandhill Ltd. merchandise having a sales price of $9,200, terms 2/10, n/60. Ignore cost of goods sold entry. Sandhill returned defective merchandise having a sales price of $900. The merchandise was not saleable and was scrapped. Accounts receivable of $20,200 are factored with Pronghorn Corp. without recourse at a financing charge of 8%. Cash Is received for the proceeds and collections are handled by the finance company. Specific accounts receivable of $15,700 are pledged to Landon Credit Corp. as security for a loan of $10,700 at a finance charge of 3% of the loan amount plus 8% Interest on the outstanding balance. Monty will continue to make the collections. All the accounts receivable pledged are past the discount period and were originally subject to a 2% discount. Sandhill notifies Monty that It Is bankrupt and will be able to pay only 10% of its account. Prepare the entry to…
- 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…American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550. %24Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764
- es ! Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. Income Statement Components Sales (gross) Sales discounts Sales returns and allowances Net sales Cost…am. 103.Newton general merchandise had the following transactions in march 2021:March 2 Purchased merchandise to Php 36,000. Terms: 2/10, n/30 FOB shipping point. Paid the freign bill amounting to Php 4,000.March 5 Returned Php 3,000 of the merchandise purchased on March 2 because they were defective.March 8 Sold merchandise on account for Php 10,000. Terms 3/15, n/30. The cost of the merchandise sold was Php 6,000.March 10 Paid the purchase made on March 2 less the return and the discount.March 12 Received Php 2,000 of the merchandise sold on March 8. The cost of the merchandise returned was Php 1,200.March 22 Received cash from the March 8 custome in full settlement of his account less the return of the discount. Prepare the appropriate journal entries for both periodic and perpetual inventory systems.
- i want to know what is wrong, thank youOn September 1, ABC Company bought goods with a list price of $20,000 terms 2/10, n/30. On On September 5, ABC Company returned goods with a list price of $2,500 for credit. On September 9, ABC Company made a payment for their inventory purchase. How much did ABC Company pay for the inventory? $17,500 $19,600 $20,000 $17,150Please answer the question correctly. Thank you.