aymen period of 10 days Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were - EX 5-15 Determining amounts to be paid on invoices Obj 2 paid within the discount period: Merchandise Invoice Amount Freight Paid by Seller Customer Returns and Allowances FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB shipping point, 2/10, n/30 FOB destination, 1/10, n/30 a. $32,000 $1,600 b. 12,800 $300 2,500 21,000 9,000 77,400 C. 4,000 d. 175 1,000 e. 5-16 Sales-related transactions wcase Co., a furniture wholesaler, sells merchandise to Balboa Co on D. The cost of the goods sold is $15? 700 Obj 2 merchandiu
aymen period of 10 days Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were - EX 5-15 Determining amounts to be paid on invoices Obj 2 paid within the discount period: Merchandise Invoice Amount Freight Paid by Seller Customer Returns and Allowances FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB shipping point, 2/10, n/30 FOB destination, 1/10, n/30 a. $32,000 $1,600 b. 12,800 $300 2,500 21,000 9,000 77,400 C. 4,000 d. 175 1,000 e. 5-16 Sales-related transactions wcase Co., a furniture wholesaler, sells merchandise to Balboa Co on D. The cost of the goods sold is $15? 700 Obj 2 merchandiu
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Only exercise 5-15
Transcribed Image Text:7,000
900 (2)
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the
Determine the amount to be paid in full settlement of each of the following invoices, assuming
within the discount period, and (c) the receipt of payment beyond the discount period of 10 days.
goods sold was $58,000. Journalize Sayers' entries to record (a) the sale, (b) the receipt of paymen
Estimated Returns Inventory
900
(4)
Customer Refunds Payable
1,470
(3)
a.
Describe each transaction.
D. What was the invoice amount of the merchandise that was returned?
EX 5-14 Sales-related transactions
Obj 2
SHOW ME HOW
• EX 5-15 Determining amounts to be paid on invoices
Obj 2
Va. $30,400
that credit for returns and allowances was received prior to payment and that all invoices
paid within the discount period:
SHOW ME HOW
Merchandise
Invoice Amount
Freight
Paid by Seller
Customer Returns
and Allowances
$32,000
FOB destination, n/30
$1,600
a.
b.
$300
FOB shipping point, 2/10, n/30
FOB shipping point, 1/10, n/30
FOB shipping point, 2/10, n/30
FOB destination, 1/10, n/30
12,800
2,500
C.
21,000
4,000
d.
9,000
175
1,000
e.
77,400
EX 5-16 Sales-related transactions
Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co, on account, $254,500, termb
n/30. The cost of the goods sold is $152,700. Showcase Co. issues a credit memo for $50,00
for merchandise returned prior to Balboa Co, paying the original invoice. The cost of the e
chandise returned is $17,500. Journalize Showcase Co's entries for (a) the sale, including u
cost of the goods sold, (b) the credit memo, including the cost of the returned merchandise, a
(c) the receipt of the check for the amount due from Balboa Co.
Obj. 2
SHOW ME HOW
EX 5-17 Purchase-related transactions
Based on the data presented in Fr
(h) the
SHOW ME HOu
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