Crane Co. returned defective goods costing $4000 to Blossom Company on April 19, for credit. The goods were purchased April 10, on credit, terms 2/10, n/30. The entry by Crane Co. on April 19, in receiving full credit is: Accounts Payable 4000 Inventory 80 Cash 3920 Accounts Payable 4000 Inventory 80 Cash 4080 Accounts Payable 4000 Inventory 4000 Accounts Payable Purchase Discounts Inventory 4000 80 3920
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- Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system) Accounts Payable........................ 25,000 Purchase Discounts.............................750 Merchandise Inventory........................24,250 Accounts Payable............................25,000 Merchandise Inventory......................... 750 Cash....................................................24,250 Accounts Payable................................. 25,000 Merchandise Inventory.............................. 750 Cash.................................... 5,750 Accounts Payable............................... 25,000 Merchandise Inventory............................25,000
- Rasner Co. returned defective goods costing $9,000 to Markum Company on April 19. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Rasner Co. on April 19 to return the goods isis: O O O O Accounts Payable Purchase Discounts Inventory Accounts Payable Cash Inventory Accounts Payable Inventory Cash Accounts Payable Inventory Debit 9,000 Debit 9,000 Debit 9,000 270 Debit 9,000Senger Company sold merchandise of $10,000, terms 2/10, n/30, to Burris Inc. on April 23. Burris paid Senger for the merchandise on May 2. On May 12, Senger paid Burris $440 for costs incurred by Burris to repair defective merchandise. A. Journalize the entry by Senger Company to record the customer refund to Burris Inc.* B. Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burris's outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo.* *Refer to the Chart of Accounts for exact wording of account titles.Senger Company sold merchandise of $19,500, terms n/30, to Burris Inc. on April 12. Burris paid Senger for the merchandise on May 12. On June 1, Senger paid Burris $400 for costs incurred by Burris to repair defective merchandise. a. Journalize the entry by Senger Company to record the customer refund to Burris Inc. b. Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burris's outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo.
- Information on Grouper Corp., which reports under ASPE, follows: Grouper Corp. sold to Sheridan Company merchandise having a sales price of $9,800, terms 2/10, n/60. Ignore cost of goods sold entry. July 1 3 Sheridan Company returned defective merchandise having a sales price of $800. The merchandise was not saleable and was scrapped. Accounts receivable of $19,000 are factored with Sheffield Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds and collections are handled by the finance company. Specific accounts receivable of $15,200 (gross) are pledged to Landon Credit Corp. as security for a loan of $10,600 at a finance charge of 3% of the loan amount plus 9% interest on the outstanding balance. Grouper will continue to make the 9. collections. All the accounts receivable pledged are past the discount period and were originally subject to a 2% discount. Sheridan Company notifies Grouper that it is bankrupt and will be able to pay only 10% of its…Customer refundSenger Company sold merchandise of $15,500, terms 2/10, n/30, toBurris Inc. on April 23. Burris paid Senger for the merchandise on May 2.On May 12, Senger paid Burris $650 for costs incurred by Burris to repair defective merchandise. (A) Journalize the entry by Senger Company torecord the customer refund to Burris Inc. (B) Assume that instead ofpaying Burris cash, Senger issued a credit memo to Burris to be usedagainst Burris's outstanding account receivable balance. Journalize theentry by Senger Company to record the issuance of the credit memo.Steritech Co., a furniture wholesaler, sells merchandise to Butler Co. on account, $86,000, terms n/30. The cost of the merchandise sold is $51,600. Steritech Co. issues a credit memorandum for $5,000 for merchandise that was damaged in shipment. Butler Co. agreed to keep the damaged merchandise. Illustrate the effects on the accounts and financial statements of Butler Co. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. The purchase. Financial Statement Effects DE PA Assets + Statement of Cash Flows Balance Sheet Liabilities + Stockholders' Equity Income Statement
- UrmilabenInformation related to Splish Brothers Inc. is presented below. rch On April 5, purchased merchandise on account from Sheffield Company for $26,400, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $930 on merchandise purchased from Sheffield. On April 7, purchased equipment on account for $41,900. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sheffield Company in full. 1. 2. 3. 4. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. 1. 2. Date Account Titles and Explanation norcal_archives_20....zip O i Ei W QCA 5.docx C ((( W response essay.docx Debit < 76°F_^ CreditFDN Company sold goods to a customer with terms 3/10, 2/20 n/30, FOB Shipping Point amounting to P250,000 on April 3. On April 8, the customer found out that P20,000 worth of goods have a manufacturing defect and returned it. The cost of shipping is P20,000. On April 10, the company made a half partial payment and the account was finally settled in full on April 20. How much is the Net Sales from this transaction?