Eastern Trading Co purchases $350,000 of merchandise with credit terms of 2/10, n60 on March 4th 2020 and shipping terms FOB Destination from Sohail LLC How will Sohail LLC record the above transaction on March, 4th 2020? Dr Trade Receivables $350,000 Cr Sales $350,000 Dr Cash $350,000 Cr Sales $350,000 Dr Purchases $350,000 Cr Cash $350,000 Dr Trade Payables $ 350,000 Cr Cash $350,000

Eastern Trading Co purchases $350,000 of merchandise with credit terms of 2/10, n60 on March 4th 2020 and shipping terms FOB Destination from Sohail LLC How will Sohail LLC record the above transaction on March, 4th 2020? Dr Trade Receivables $350,000 Cr Sales $350,000 Dr Cash $350,000 Cr Sales $350,000 Dr Purchases $350,000 Cr Cash $350,000 Dr Trade Payables $ 350,000 Cr Cash $350,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 6E: Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was...

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Modern Enterprises Co purchases $200,000 of merchandise with credit terms of 3/10, n60 on March, 4th, 2020 and shipping terms FOB Destination from Al Maha Trading LLC. What Journal entry will be recorded by Al Maha Trading LLC, if it receives the payment from Modern Enterprises on March, gth 2020? Dr Cash $194,000 Dr Discount Received $6,000 Cr. Trade Payables $200,000 Dr Cash $194,000 Dr Discount Allowed $6,000 Cr Trade Payables $200,000 Dr Cash $194,000 Dr Discount Allowed $6,000 Cr Trade Receivables $200,000 Dr Cash $194,000 Dr Discount Received $6,000 Cr Trade Receivables $200,000
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Dr. Receivables Cr. Purchases Dr. Sales Returns Cr. Receivables Dr. Sales Cr. Receivables Dr. Receivables Cr. Sales Modern Enterprises Co purchases $200,000 of merchandise with credit terms of 3/10, n60 on March, 4th, 2020 and shipping terms FOB Desti
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