Feb. 10 Purchased merchandise for $6,800 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 1980, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. Schmidt, Inc. DATE TRANSACTIONS 20X1 Feb. 10 Sold merchandise for $6,800 on account to Bushard Company, Invoice 1980, terms 1/10, n/30. The cost of merchandise sold was $3,900. 13 Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 1980, dated February 10. The cost of the returned goods was $300. 19 Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. equired: oth companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company nd Schmidt, Inc. (Round final answers to the nearest whole dollar value.)

Feb. 10 Purchased merchandise for $6,800 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 1980, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. Schmidt, Inc. DATE TRANSACTIONS 20X1 Feb. 10 Sold merchandise for $6,800 on account to Bushard Company, Invoice 1980, terms 1/10, n/30. The cost of merchandise sold was $3,900. 13 Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 1980, dated February 10. The cost of the returned goods was $300. 19 Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. equired: oth companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company nd Schmidt, Inc. (Round final answers to the nearest whole dollar value.)

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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Multiple choice
Versace Merchandising purchased merchandise from Givenchy Company with a list price of P 36,000, trade discount of 10% and 5%, terms 1/10, n/30 FOB destination, freight collect. Freight charges amounted to P1,000. Versace returned defective merchandise with a list price of P4,000 and later paid the amount due within the discount period. How much was the amount collected by Givenchy? (Ignore VAT)
Aa 162.
Please answer both
Goods in the receiving department, returned by customer, in good condition 18.750.00 Goods ordered and in the receiving department, invoice not received 150,000.00 Goods ordered, invoice received but goods not received. Freight paid by seller 112,500.00 Goods shipped today, invoice mailed, FOB shipping point 93,750.00 Goods shipped today, invoice mailed, FOB shipping destination 55,000.00 Goods currently being used for window display 75,000.00 Goods in the counter for sale 300,000.00 Goods in the receiving department, refused by us because of damage 67,500.00 Goods included in count, damaged and unsalable 18,750.00 Goods in the shipping department 101,250.00 46. How much is the additional adjustment to the balance? A.P 500,000. B. P 600,000. CP 700,000. D.P 800,000.
2021 TRANSACTIONS August 1 Phil Trading purchased merchandise from Webb Inc., P5,000; terms: 2/20, n/30; FOB SP, freight collect. 3 Merchandise was purchased from Heaven Co., P10,000; terms:5-5, 2/10 EOM; FOB destination, freight prepaid; freight cost, P80. Phil Trading paid freight on shipment from Webb Inc., P120. 5 5 Merchandise was sold to Brian Inc., P7,000 cash. 6 Phil Trading paid freight on shipment to Brian Inc., P250. 8 Phil Trading returned P500 defective goods purchased August 1 from Webb Inc. 10 Cash of P1,000 was refunded to Brian Inc., for allowances granted due to defective goods sold. 12 Merchandise with list price of P8,500 was sold to Bambi Co.,; terms: 10-10, 2/10, n/30; FOB SP, freight collect; freight cost of P180. 15 Phil Trading sold merchandise sold to Sulu Co., P12,000; terms: 10 EOM; FOB SP, freight prepaid; freight cost P360. 18 Merchandise was sold to Pan Co., P15,000; terms: 1/15, n/60; FOB destination, freight collect; freight cost P505. 20 Phil Trading…
Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $18,000.Record Santa Fe paid within the discount period.Record Santa Fe paid after the discount period. Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $18,000. Record the merchandise had cost Mesa $12,276. Record cash received within discount period. Record cash received after discount period.
Please answer Letter D, E, F, G. Thankyou
A28
Determine the amount to be paid in full settlement of the invoice assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight paid by seller Freight terms Returns and Allowances 99000 1000 FOB shipping point, 2/10,Net30 26000 Add your answer
Journal Entries for Merchandise Transactions on Seller’s and Buyer’s Records—Periodic System The following are selected transactions for Jefferson, Inc., during the month of April: April 20 Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 1/10, n/30. April 27 Lind Stores returned defective merchandise billed at $300 on April 20. April 29 Received from Lind Stores a check for full settlement of the April 20 transaction. Required Prepare the necessary journal entries for (a) Jefferson, Inc., and (b) Lind Stores. Both companies use the periodic inventory system. Sellers journal entries Buyer's journal entries JEFFERSON, INC. GENERAL JOURNAL Date Description Debit Credit Apr. 20 Answer Answer Answer Answer Answer Answer Sold merchandise to Lind Stores terms 1/10, n/30. 27 Answer Answer Answer Answer Answer Answer Merchandise returned by Lind Stores. 29…
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the goods sold was $55,500. Sale Cost b. Received payment less the discount. c. Refunded $750 to customer for defective merchandise that was not returned. 2. BE.05-04 eBook Show Me How Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $36,000 $800 FOB destination, 1/10, n/30 $4,000 b. 44,900 375 FOB shipping point, 2/10, n/30 2,400 a. $ b. $ 3. BE.05-05 eBook Show Me How Transactions for Buyer and…