OBJ. 2EX 6-13 Determining amounts to be paid on invoicesDetermine the amount to be paid in full settlement of each of the following invoices,assuming that credit for returns and allowances was received prior to payment and thatall invoices were paid within the discount period:نه - ن کاa.b.C.d.e.Merchandise$20,50031,10024,00011,00042,200FreightPaid by Seller1$560370FOB destination, n/30FOB shipping point, 2/10, n/30FOB shipping point, 1/10, n/30FOB shipping point, 2/10, n/30FOB destination, 1/10, n/30Customer Refundsand Allowances$4,8005,9001,3001,800

a Merchandise 20,500 Less: Return and Allowances -4,800 Amount to be paid in…

Answered: EX 6-13 Determining amounts to be paid…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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28 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 320 SELLERS XXX 103 CHECKS GIVEN XXX Which transaction does the journal entry belong to?A) The check has been returnedB) Check ReceivedC) Check turnoverD) Sellers have been given checksE) Check has been paid
Exercise 4-9 (Algo) Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $27,700. The merchandise had cost Mesa $18,891. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. Complete this question by entering your answers in the tabs below.
Question 12 of 20 Which one of the following statements is NOT true? A. Details from the purchases journal are posted to the debtors ledger. B. Details from the sales journal are posted to the debtors ledger. C. When subsidiary journals for a month have been completed, the joumal columns are added up and the totals are posted to the general ledger. D. The combined totals of the individual accounts contained in the debtors ledger must balance with the balance of the debtors contral account in the general ledger.
ACCT 102
Activity 11-5. VAT ( Compute for tne VAT and write the appropriate accounting entry: 1. Invoice Price, gross of VAT Entry: (If Sale) P 11,200 2. Invoice Price, net of VAT Entry: (If Purchase) P 11,200 P 25,000 3. Gross Selling Price, including VAT Entry: (If Sale) 4. Gross Purchase Price, excluding VAT P Entry: (If Purchase) 20,000 5. Compute the VAT Payable:
Please answer
40-If any discount is offered for early payment of invoice will be called as a. Trade discount b. Cash discount c. Any discount d. No discount
Which of the following statements related to job cost sheets is FALSE? a. Job cost sheets normally do not include the selling price of the job completed. O b. None of the given answers is FALSE. O c. Individual job cost sheets are used by companies which produce shoes. O d. Applied manufacturing overhead costs are included in job cost sheets. O e. Ajob cost sheet does not include selling and administrative costs. US PAGE NEXT PAGE MAR 18 étv 66 MacBook Air
Exercise 4-12A Effect of purchase returns and allowances and freight costs on the financial statements: Perpetual system LO 4-2, 4-4, 4-6 [The following information applies to the questions displayed below.] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles. Cash Inventory Common Stock Retained Earnings The following events affected the company during the Year 2 accounting period: Beginning Balances $6,110 3,010 7,360 1,760 1. Purchased merchandise on account that cost $4,100. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $215 cash. 3. Returned $465 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $280 allowance. 5. Sold merchandise that cost $2,650 for $4,750 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $110 cash. 7. Paid $2,850 on the merchandise purchased…
ex 11-3 entries for discounting notes payable ramsey company issues an $800,000, 45-day note to Buckner company for mechandise inventory. Buck ner discounts the note at 7%
EE 6-5 Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.
question 9 please

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