DISCUSSION 3 - Professional Conduct - DUE END OF WEEK 9On December 1, 2016, Cardinal Company, a garden retailer, purchased $10,000 of corn seed, terms 2/10, n/30,from lowa Farm Co. Even though the discount period had expired, Sandi Kurtz subtracted the discount of $200when she processed the documents for payment on December 15, 2016.In just a few sentences, discuss whether or not Sandi Kurtz behaved in a professional manner and the possibleconsequences that might result because of the way that she processed the payment.

In the given question, LF Company offered that if the C’s company makes the payment of corn seed…

Answered: DISCUSSION 3 - Professional Conduct -…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 8EA: Record the journal entry for each of the following transactions. Glow Industries purchases 750...

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On July 29, 20Y1, Ever Green Company, a garden retailer, purchased $12,000 of seed, terms 2/10, n/30, from Fleck Seed Co. Even though the discount period had expired, Mary Jasper subtracted the discount of $240 when she processed the documents for payment on August 13, 20Y1. Is Mary committing an illegal act? Is Mary behaving in a professional manner? Mary Jasper is not behaving in a Give reasons for your answers. What choices does Fleck Seed Co. have when it processes the receipt of $11,760 for payment of the invoice?
On December 1, 2021 Cardinal Company, a garden retailer, purchased $20,000 of corn seed, terms 2/10, n/30, from IowaFarm Co. Even though the discount period had expired, Rosa Lopez subtracted the discount of $400 when she processedthe documents for payment on December 15, 2021. Discuss whether Rosa Lopez behaved in a professional manner by subtracting the discount, even though the discount period had expired.
Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
Blue Barns purchased 888 gallons of paint at $19 per gallon from a supplier on June 3. Terms of the purchase are 2/15, n/45, invoice dated June 3. Blue Barns pays their account in full on June 20. On June 22, Blue Barns discovers 20 gallons are the wrong color and returns the gallons for a full cash refund. Record the journal entries to recognize these transactions for Blue Barns.
On April 18, 2019, Botanica Company, a garden retailer, purchased $9,800 of seed, terms 2/10, n/30, from Whitetail Seed Co. Even though the discount period had expired, Shelby Davey subtracted the discount of $196 when he processed the documents for payment on May 1, 2019. Discuss whether Shelby Davey behaved in a professional manner by subtracting the discount even though the discount period had expired.
#5_Issue: During the last week of 2017, George Green, controller of We ‘R’ Appliances, received a memorandum from the firm’s president, Jane Anderson. The memorandum stated that Anderson had negotiated a very large sale with a new customer and directed Green to see that the order was processed and the goods shipped before the end of the year. Anderson noted that she had to depart from the usual credit terms of n/30 and allow terms of n/60 to clinch the sale. Although the credit terms were unusual for the company, Green was particularly pleased with the news because business had been somewhat slow. The goods were shipped on December 29 and the sale was incorporated into the 2017 financial data. It is now mid-February 2018, and two events have occurred recently that, together, cause concern for Green. First, he was inadvertently copied on a letter from the firm’s bank to Anderson. The letter stated that the bank had reconsidered its decision to deny a loan to the company and is now…
Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
On April 18, 2019, Bontanica Company, a garden retailer, purchased $9,800 of seed, terms 2/10, n/30, from Whitetail Seed Co. Even though the discount period had expired, Shelby Davey subtracted the discount of $196 when he processed the documents for payment on May 1, 2019.Discuss whether Shelby Davey behaved in a professional manner by subtracting the discount even though the discount period had expired.
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120 3.Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays theiraccount in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size but decides to keep them after the sup Canaryan allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers. Solution er gives 4.Recordjournal entries forthe following sales transactions of Balloon Depot. 38ner bundle. The cost to Balloon
Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost of the purchase to Window World is $56,200. On September 4, Window World determined that Nile Jenkinss account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, however, that in most cases the direct write-off method is not allowed.
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