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During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows:
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Jan. |
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6 |
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Purchased goods for $1,060 from Noah with terms 2/10, n/30. |
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|
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6 |
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Purchased goods from Emma for $890 with terms 1/10, n/30. |
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14 |
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Paid Emma in full. |
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15 |
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Paid Noah in full. |
On January 14, when Ava pays Emma, the credit to cash will be ?
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- Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 314 for July rent, $1,400. 1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211, $2,500, terms 2/10, n/30. 3 Purchased merchandise on account from Jones & Company, Invoice No. 812, $2,800, terms 1/10, n/30. 5 Returned merchandise purchased from Topper’s Toys receiving a credit memo on the amount owed, $400. 8 Purchased merchandise on account from Downtown Merchants, Invoice No. 159, $1,600, terms 2/10, n/30. 11 Issued Check No. 315 to Topper’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 316 to Jones & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Downtown Merchants receiving a credit memo on the amount owed, $600. 18 Issued…Assign on Apt 6, Home Furmtshings purchased $25,200 of mechandise from Una's Imports, terms 2/10, n/45. On April 8, Horne Furntshtngs ed $2,400 of the merchandise to Una's Imports for credit Home Fumishings pald cash for the merchandise on April 15. Required What ts the amount that Home Furnishings must pay Una's Imports on April 15? Record the events In a hortzontal statements model In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change In cash. If the element Is not affected by the event, leave the cell blank How much must Home Furnishings pay for the merchandise purchased if the payment Is not made until April 20? 1. Record the payment of the merchandise In Requirement (c) In a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for Investing activity, FA for financing activity, or NC for net change In cash If the element is not affected by the event,…Use the information at the top of this screen (next to Instructions) to complete the general ledger of Foster Incorporated:
- The following terms appeared on an invoice dated May 20, sent by a manufacturer to a retail store: 2/10, net 30. The amount of the invoice was $2,000. Assuming the retailer paid the invoice on May 30 (10 days after the products were delivered), how much should he have paid?16. Joseph Howard owns a bicycle parts business called Quality Bike Products. The following transactions took place during July the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $3,300. 8 Paid freight charge on merchandise purchased, $330. 12 Sold merchandise on account to Big Time Spoiler, $4,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $470. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. 2. Journalize the above transactions in a general journal using the perpetual inventory method. GENERAL JOURNAL (Periodic Inventory Method) Page 1 Post Date Description Ref. Debit Credit1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR Accounts Receivable CR Revenue DR COGS CR Inventory DR Inventory DR PP&E I b. Purchased merchandise inventory on account from various suppliers for $92,600. 92,600 CR Accounts Payable Paid rent of $23,500 for the month of October. CR Cash 170,000 23,500 73,000 23,500 170,000 73,000 92,600
- The question in the images. Thank you for your help!Allison, the owner of a brewery in Toronto, receives a shipment of barley on April 29, 2014 with an invoice dated April 23, 2014 valued at $38,600 and cash discount payment terms 2/10, n/30, R.O.G. What cash discount would she receive if the invoice is settled on the following dates? a. May 4? Round to the nearest cent b. May 9? Round to the nearest cent c. May 20?The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $2,200 sales price in cash. The goods cost Bear's $1,200. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $7,600 (total); terms 3/10, n/30. The goods cost Bear's $4,300. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bear's $4,900. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory…
- On 6th August, Tasha purchased goods on credit from Nisha Ltd, with a list price of $3,360, less trade discount of 20%, and a cash discount of 2% if the invoice was paid within 30 days. On 15th August, Tasha returned one- third of the goods to the supplier. What is the balance due to Nishaitd at 30th August? O A. Debit balance of $2,240 B. Credit balance of $3.360 C Credit balance of $1,792 O D Debit balance of $1.568May you explain how to complete journal entries? How to properly do this one?During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows: Jan. 6 6 14 30 Purchased goods for $1320 from Noah with terms 2/10, n/30. Purchased goods from Emma for $860 with terms 1/10, n/30. Paid Emma in full. Paid Noah in full. On January 30, when Ava pays Noah, the debit to cash will be ?
