if a company billed its branch at 25% markup and sent goods at billed price 187500, the company recorded OA. credit inventory for 187500 OB. credit invetory 234375 O c. credit overvaluation 27500 OD. debit inventory 150,000
Q: Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300,…
A: The journal entries are prepared to record the transactions on regular basis. For FOB shipping…
Q: The entry to record the receipt of payment within the discount period on a sale of $4000 with terms…
A: DISCOUNTING PERIOD A firm makes sales to its customer and allows a discount for making payment…
Q: Puzzle Company sold merchandise on credit with a list price of $75,000. Terms were 3/10, n/30. Which…
A: Under net price method accounts receivable and sales revenue will be recorded after considering…
Q: he entry to record the receipt of payment within the discount period on a sale of $2400 with terms…
A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…
Q: A sales invoice included the following information: merchandise price, P4,200; transportation, P320;…
A: Discount on payment = (sales - sales return) x discount rate = (4200-600)*1% = P36
Q: Abbey Co. sold merchandise to Gomez Co. on account, $33,500, terms 2/15, net 45. The cost of the…
A: Net sales = Gross sales - Sales returns and allowance - Sales discount = $33,500 - $2,800 -…
Q: Merchandise is sold on account to a customer for $17,800, terms FOB shipping point, 1/10, n /30. The…
A: The credit terms is 1/10, n/30 which means if the payment has been paid within 10 days, then 1%…
Q: If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and…
A: FOB Shipping Point: Free On Board (FOB) shipping point means that the buyer takes all the risks and…
Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…
A: 2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…
Q: A sales invoice included the following information: merchandise price, $12,400; terms 1/10, n/eom,…
A: Concept of terms 1/10, n/eom: 1/10 means 1% discount is valid of the payment has been made within…
Q: Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal…
A: Sales indicate the income generated by the corporation in its day-to-day operations by selling the…
Q: a. b. Merchandise $10,700 $13,300 a. $ b. $ Freight Paid by Seller $376 $58 Freight Terms FOB…
A: Lets understand the basics.Under FOB destination, freight is the seller's expense and under the FOB…
Q: Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Olympia Company sold merchandise on credit with a list price of $60,000. Terms were 2/10, n/30.…
A: CALCULATION OF AMOUNT : $60,000 - 2% DISCOUNT = $58,800
Q: A sales invoice included the following information: merchandise price, $7,100; terms 1/10, n/eom;…
A: The amount of cash that should be received by the seller = Invoice price + Freight charges –…
Q: An invoice received included the following information: merchandise price, $12,000; terms 1/10,…
A: Invoice is a document on which all goods / services providing details are mentioned. It includes the…
Q: Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of…
A: Gross profit is the profit earned by the entity after considering the cost of merchandise sold. It…
Q: Merchandise with a sales price of $2,800 is sold on account with terms 2/10, n/30. The journal entry…
A: Journal entry is mandatory requirement of the process of accounting. It is done to record the…
Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…
A: Sales discount = $1,100 x 2% Sales discount = $22
Q: Based on the following data, what is the accounts receivable turnover? Sales on account during year…
A: Accounts receivable turnover is the ratio of average accounts receivable divided by net credit sales…
Q: Sales-Related Transactions Merchandise is sold on account to a customer for $21,200, terms FOB…
A: Introduction:- The following basic information as follows under:- Gross sales $21,200 FOB shipping…
Q: ournalize the following merchandise transactions: A. Sold merchandise on account, $21,300 with…
A: >Merchandise inventory can be accounted for using a periodic method or perpetual…
Q: Nieman Company purchased merchandise on account from a supplier for $5,500, terms 2/10, n/30. Nieman…
A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…
Q: The entry to record the receipt of payment within the discount period on a sale of $2400 with terms…
A: A firm makes sales to its customer and allows a discount for making payment early. The discount on…
Q: The Allowance for uncollectible accounts currently has a debit balance of $200. The company's…
A: Allowance for Uncollectible Account Allowance for uncollectible account is the provision created…
Q: (Olympia Company sold merchandise on credit with a list price of $70,000. Terms were 2/10, n/30.…
A: Net amount to pay = 70,000 * ( 1 - 0.02 ) = 68,600
Q: The financial statements for World Company show the following: Cost of goods sold, $728,000.…
A: Formula: Cash paid to suppliers = Cost of goods sold + Increase in inventory - increase in accounts…
Q: 2: Accounts Payable, beg. 70,000.00; Account Payable, end 75,000.00; Merchandise Inventory, beg -…
A: Solution: Merchandise purchases during the period = Cost of goods sold + Ending inventory -…
Q: E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card…
A: The company makes sales on cash as well as sales on account. The company also allows a return…
Q: The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales…
A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…
Q: On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a…
A: Sales of goods means transfer of ownership of goods to some other person. It can be on cash or on…
Q: E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card…
A: The Net sales is an amount which is sales after sales returned by customer , allowance made to…
Q: A sales invoice included the following information: merchandise price, P4,100; transportation, P320;…
A: • FOB ( Destination)shipping point : Its the responsibility of buyer to pay the shipping charges .…
Q: A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom;…
A: Sales - Return = Net Sales Merchandise Price = $11,800 Prepaid Freight = $560 Merchandise…
Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans…
A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…
Q: A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom,…
A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…
Q: The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…
Q: A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom;…
A: The seller is a person who sells the goods and would receive money for the goods sold.
Q: Based on the following data, what is the accounts receivable turnover? Line Item Description…
A: The objective of the question is to calculate the accounts receivable turnover based on the given…
Q: A company reports the following: Line Item Description Amount Sales $235,060 Average accounts…
A: The account receivables turnover is calculated as net sales divided by average account…
Q: Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier…
A: Discount is a benefit offered by a seller to the buyer for the payment done within the time period…
Q: Sales-related transactions Sayers Co. sold merchandise on account to a customer for $83,000 terms…
A: According to the template given, Sales need to be recorded using the net method. Because under the…
Q: Bramble Corp. made a $26200 sale on account with the following terms: 3/10, n/30. If the company…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: Accounts receivable = Selling price- discount = $11300-($11300×2%) =$ 11300 -$226 =$11074
Q: Merchandise with a sales price of $5,700 is sold on account with terms 2/10, n/30. The journal entry…
A: Discount = Sales x cash discount rate = $5,700 x 2% = $114
if a company billed its branch at 25% markup and sent goods at billed price 187500, the company recorded OA. credit inventory for 187500 OB. credit invetory 234375 O c. credit overvaluation 27500 OD. debit inventory 150,000
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- Action Signs recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. How would the entry to this sale be recorded? cash decreases by $3,000 sales discounts increase by $200 sales increases by $9,800 accounts receivable increases by $10,000The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,800, terms FOB shipping point, n/30. The cost of the goods sold is $66,480. Shore paid freight of $1,900. Shore Co, issued a credit memo for $7,900 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box does not require an entry, leave it blank. Sale Credit Memo Payment C
- Accounting for Sale on Credit: Net Versus Gross Methods. On December 29, 20X5, Sable Company sold merchandise for P20,000 on credit terms, 3/10, n/60. The accounting period ends December 31.Required:1. Give the following entries under the net method and the gross method: a. To record the 20X5 sale.b. To record collection of the account:• assumption A, on January 5, 20X6;• assumption B, on April l, 20X6. 2. Show what should be reported on the 20X5 and 20X6 statement of financial position and income statements under each approach and for each assumption for the-above transactions.Vaughn Company reported the following balances at June 30, 2022:Sales RevenueSales Returns andAllowancesSales DiscountsCost of Goods Sold$164007002907500 Net sales for the month is $ 16400. $7910. $15700. $15410.company reported credit sale of 6252900 and cost of goods sold of 3300000 for the year. the acconunt receivable balance at the beginning and end of the year were 516000 and 581000. receivables turnover ratio is 1. 10.8 2. 6.0 3. 11.4 4. 5.7
- Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $2,100. Determine the following: (a) amount of the sale, (b) amount debited to Accounts Receivable, and (c) amount received within the discount period.
- Consider the following financial statement information for the Newk Corporation: Beginning $10,382 Ending $ 11,180 6,181 6,293 Item Inventory Accounts receivable Accounts payable Net sales. Cost of goods sold 5,651 5,952 Operating cycle Cash cycle $ 139,303 87,113 Assume all sales are on credit. Calculate the operating and cash cycles. Note: Do not round intermediate calculations and round your answers to 2 decimal pla 2.19 days daysMifflin Company reported the following for the current year: Net sales $ 60,000 Cost of goods sold 38,000 Beginning balance in accounts receivable 14,000 Ending balance in accounts receivable 6,000 Compute (a) accounts receivable turnover and (b) days’ sales uncollected. Compute the accounts receivable turnover. Accounts Receivable Turnover Numerator: / Denominator: = Accounts Receivable Turnover / = Accounts receivable turnover / = times Compute the days’ sales uncollected. Days' Sales Uncollected Numerator: / Denominator: × Days = Days' Sales Uncollected / × = Days' sales uncollected / × = daysAbbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021
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