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- Please answer the question correctly. Thank you.16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net MethodOn March 1, ZCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what would be the amount of the sales discount be if the payment is received on March 9?
- Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of $59,000 with terms 4/15, n/45. On June 12, 20X5, full payment for the June 1 sale was received. The journal entry to record the sale would include a debit to sales discounts of $2,360 O credit to sales revenue of $56,640 debit to accounts receivable of $56,640 credit to sales revenue of $59,000Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?On June 1, Compassion Company sold merchandise with a list price of P 1,000,000 to a customer. The entity allowed trade discounts of 20% and 10%. Credit terms were 5 / 10; n/30 and the sale was made FOB shipping point. The entity prepaid P50,000 of delivery cost for the customer as an accommodation. The customer paid in full on June 11. What amount is received from the customer as full remittance?
- On December 1, BCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what would be the amount of the sales discount be if the payment is received on December 7?Presented below is information related to Lathorp Corp., which sells merchandise with terms 2/10, net 60. Lathorp records its sales and receivables net. Oct-1 Lathorp Corp. sold to Pittman Co. merchandise having a sales price of $15,000. 9 Specific accounts receivable of $11,000 (gross) are pledged to Aladin Credit Corp. as security for a loan of $7,000 at a finance charge of 7% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.) Nov- Lathorp Corp. factors receivables with a carrying amount of $32,000 to Anderson 15 Inc. for $27,000 on a with recourse basis. The recourse provision has a fair value of $800. This transaction should be recorded as a sale. Dec- Pittman Co.. notifies Lathorp that it is bankrupt and will pay only 15% of its account. 31 Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on Oct 11 when the discount…Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the merchandise sold is P15,500. Corinto Co. issued a credit memo for P1,750 for merchandise returned that originally cost P1,400. The Genesis Co. paid the invoice within the discount period. What is amount of net sales from the above transactions?
- 26. On December 27, 20x1, XYZ received a sales order for a credit sale of goods with selling price of P45,000, with credit term on 5/10, n/30. The goods were shipped by XYZ on December 31, 20x1 and were received by the buyer on January 2, 20x2. He related shipping costs amounted to P4,500. The buyer XYZ collected the receivable on January 11, 20x2. If the shipping term is FOB destination, freight collect, the amount of cash received from the collection amounts to The correct answer is: 38,250JBL undertook the following transactions for the month of Nov Purchased merchandise or $80,000 less 5-5 on terms 3/10 n/30. The entity paid freight for $2,500 and returned defective goods worth $7,000. JBL paid this account in full within the discount period. How much was the purchase discount?Consider the following transactions for Z-Container Co.: April 4 Z-Container Co. buys $30,400 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. April 10 Z-Container Co. returns $4,800 of the merchandise to Can Makers Corp. What is the net amount of Accounts Receivable due if Z-Container Co. makes payment withing the discount period? $30,400 $25,088 $25,600 $29,792 Consider the following transactions for Grote's Shipping Materials: April 6 Grote's Shipping Materials buys $149,600 worth of merchandise inventory on account with credit terms of 3/10, n/30. Assuming Grote's Shipping Materials uses the periodic inventory system, which is the correct journal entry for this transaction? Accounts Payable $149,600 Debit Purchases $149,600 Credit Inventory $149,600 Debit Accounts Payable $149,600 Credit Purchases $149,600 Debit Accounts Payable $149,600 Credit Accounts Payable $149,600 Debit Inventory…