Challenge Problem 7-49 (Algo) [LU 7-1 (1, 2, 4), LU 7-2 (1)] On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 58 televisions at a cost of $125 each. Century received a 12/3/2 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $82 freight. Terms were 2/10 EOM. When Century received the goods, 4 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $155 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. (Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment

Challenge Problem 7-49 (Algo) [LU 7-1 (1, 2, 4), LU 7-2 (1)] On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 58 televisions at a cost of $125 each. Century received a 12/3/2 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $82 freight. Terms were 2/10 EOM. When Century received the goods, 4 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $155 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. (Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment

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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Exercise 6.10 (Algo) Cash Discounts (LO6-6) Golf World sold merchandise to Mulligans for $93,000, offering terms of 1/15, n/30. Mulligans paid for the merchandise within the discount period. Both companies use perpetual inventory systems. a. Prepare journal entries in the accounting records of Golf World to account for this sale and the subsequent collection. Assume the original cost of the merchandise to Golf World had been $60,450. b. Prepare journal entries in the accounting records of Mulligans to account for the purchase and subsequent payment. Mulligans records purchases of merchandise at net cost. c. Assume that, because of a change in personnel, Mulligans failed to pay for this merchandise within the discount period. Prepare the journal entry in the accounting records of Mulligans to record payment after the discount period.
m-Aug 28 + d.vst.idref%3DP7001016677000000000000000003B8F]!/4/2[P700101667700000000000... QAA E S4-3 Collins Woodworking accepts VISA and MasterCard at its store. Collins is charged a processing fee of 3% of the total amount of any credit card sale. Assume that Russell Knight purchases $8,000 of custom furniture and pays with a VISA card. Make the entry to record the sale to Knight. (You do not need to make the cost of goods sold entry.)
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PA13. LO 6.7 Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $435 per set. Terms of the sale are 10/15, n/60, invoice date March 9. Emma discovers 8 of the dish sets are damaged from the March 9 sale and returns Mar. 5 Mar. 9 Mar. 13 them to Dish Mart for a full refund. Mar. 14 Dish Mart sells 6 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $450 per set. Terms of the sale are 10/10, n/60, invoice date March 14. Emma discovers that 3 of the dish sets from the March 14 purchase and 7 of the dish sets from the March 5 sale are missing a few dishes but keeps them since Dish Mart granted an allowance of $200…
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Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared [LO7-3] [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $450 each, but Thomas was given a 30% trade discount. The terms of the sale were 3/10, n/30. Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Prepare the journal entries to record the sale on November 17 (ignore cost of goods)…
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