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During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows:
|
Jan. |
|
6 |
|
Purchased goods for $1,060 from Noah with terms 2/10, n/30. |
|
|
|
6 |
|
Purchased goods from Emma for $890 with terms 1/10, n/30. |
|
|
|
14 |
|
Paid Emma in full. |
|
|
15 |
|
Paid Noah in full. |
On January 14, when Ava pays Emma, the credit to cash will be ?
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- The following transactions occurred. Bigby (buyer) buys supplies from Super Coffee (seller). - Apr. 1 Buyer buys merchandise for $3,000, credit terms 2/10, n/30. Merchandise cost $1,800. - Apr. 4. Buyer returns $300 of merchandise for full credit. The merchandise is returned to inventory. - Apr. 9 Buyer pays the amount due from the April 1 sales less the return on April 4. 1. Prepare journal entries to record the transactions for buyer. Be sure to date each entry. (Prefer you use gross method for amount to record.) 2. Prepare journal entries to record the transactions for the seller. Be sure to date each entry. (Prefer you use gross method for amount to record.)Susanne purchased merchandise with a net price of $347,500 with terms of sale of 4/15, n30. He makes a $15,000 partial payment on day 14. Find the outstanding balance due at the end of credit period.Big Buy Appliances sells Mike and Katy a refrigerator for $1,200 in March. Big Buy paid $500 for the refrigerator in Feburary. Big Buy received a 900 payment from Mike and Katy in March and will receive an additional 300 in April. If Big Buy uses the Accrual Basis of Accounting then the gross profit rate for the month of March would bea. 500b. 800c. 900d. 700
- The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,400 purchase with cash. The goods cost Evergreen Company $840. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $5,300 on terms 3/10, n/30. The goods cost Evergreen Company $3,710. July 16 Sold merchandise to Otto's Ottomans at a selling price of $3,150 on terms 3/10, n/30. The goods cost Evergreen Company $1,980. July 23 Received cash from Claudio's Chair Company for the amount due from July 15. July 31 Received cash from Otto's Ottomans for the amount due from July 16. Required: Prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the net method in a perpetual inventory system. Forfeited discounts are recorded as Other Revenue. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest…Record the transactions on the books of Martinez corporation.During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Incorporated with terms 2/10, n/30. June 5 Returned goods costing $1,100 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,000 with terms 2/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.
- At January 1, the total of the purchases ledger accounts was $38,000, while at December 31 it was $43,000. During the year the firm paid out $83,000 to credit suppliers, while enjoying discounts of $8,800. How much was purchased on credit during the year ? Select one : A.$88,000 B.$96,000 C.$82,600 D.$97,000 Clear explanation of answer neededOn Nov 3, Ali Mercadejas sold merchandise for $180,000 less 15-10 on terms 3/10 2/20 n/30. Two days after, the customer returned $17,000 worth of defective goods. On Nov 13, the customer made a partial payment of $40,000. The account was finally paid in full on Nov 23. How much was the net sales generated from the above transactions?The following transactions were selected from the records of Evergreen Company:July 12 Sold merchandise to Wally Butler, who paid the $1,000 purchase with cash. Thegoods cost Evergreen Company $600.15 Sold merchandise to Claudio’s Chair Company at a selling price of $5,000 onterms 3/10, n/30. The goods cost Evergreen Company $3,500.20 Sold merchandise to Otto’s Ottomans at a selling price of $3,000 on terms 3/10,n/30. The goods cost Evergreen Company $1,900.23 Collected payment from Claudio’s Chair Company from the July 15 sale.Aug. 25 Collected payment from Otto’s Ottomans from the July 20 sale.Required:Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the twomonths ended August 31.
- Can you help me fill out this journal entry?Given the information below, what was the net income from all of the May transactions? May 5: Kesha purchases black cocktail dresses from Party Attire Inc. on account. Kesha purchased 100 dresses for $60 each. Terms are 2/15 n30. Freight terms are FOB shipping point. May 7: Kesha returns 10 dresses from the May 5 purchase because they are the incorrect color. May 9: The freight bill for the May 5 purchase is $500. May 11: Kesha sells 100 jumpsuits purchased in April to Danni's Boutique for $40 each. The cost of the jumpsuits was $25. Terms are 3/10 n45. Shipping terms are FOB destination point. May 11: The freight bill for the May 11 sale to Danni's Boutique is $75. May 12: Danni's Boutique calls and complains that 5 of the jumpsuits purchased were damaged. Rather than send them back, Danni requested a $200 allowance. Kesha granted the allowance. May 12: Kesha purchases for cash 200 Lew E. Vitton Handbags from Knockoffs R Us, Co. for $45 each. Freight terms are FOB…The following are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 6 Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30. Dodson Company returned merchandise with a sales price of $500 to Molina. Molina collected the amount due from Dodson Company from the March 1 sale. 15 Molina sold merchandise for $400 in its retail outlet. The customer used his Molina credit card. 31 Molina added 1.5% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation March 1 く Accounts Receivable Sales Revenue March 3 く Sales Returns and Allowances Accounts Receivable Debit Credit
