Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. Show your solutions. Trade Discount Purchases Invoice Date Mar 16 List Price 120,000 Payment Date Paid Mar 25 5%,5% 10%,5% Mar 19 90,000 Mar 29 Mar 22 180,000 5%,10%, 15% Apr 03

Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. Show your solutions. Trade Discount Purchases Invoice Date Mar 16 List Price 120,000 Payment Date Paid Mar 25 5%,5% 10%,5% Mar 19 90,000 Mar 29 Mar 22 180,000 5%,10%, 15% Apr 03

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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2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
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Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
Score $250 vork i Saved Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this…
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system and the gross method. July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. July 3 Paid $125 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,300 for $1,700 cash. July 9 Purchased merchandise from Leight Company for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $200 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due from Creek Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company within the…
Quiz - Complete the following (If more than one discount, assume date of last discount): (Use Table 7.1) Date goods are received Last day of discount period Final day bill is due (end of credit period) @ 2 Invoice S April 10 W X 3 E D C $ 4 Terms 2/10, 1/30, n/60 R F G Search or type URL V do 5 % T 6 B Saved 7 of 9 Y H & 7 U N Next > 8 J 1 - ( 9 M ( K O L B P