**Important Note!**Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem.Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.| Merchandise (gross) | Terms | Payment ||---------------------|------------|---------|| a. $7,800 | 2/10, n/60 | || b. $24,200 | 1/15, n/90 | || c. $80,600 | 1/10, n/30 | || d. $17,000 | 3/15, n/45 | |- **Terms Explanation:** - The terms indicate the discount percentage and periods. For example, "2/10, n/60" means a 2% discount is available if paid within 10 days; otherwise, the net amount is due within 60 days.

Here given that principle of amount.due for payment is A. $7800 with the discount terms of…

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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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Journalize the following merchandise transactions: a. Sold merchandise on account, $21,950 with terms 2/10, n/30. The cost of the merchandise sold was $13,170. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory Cash - Accounts Receivable 21,950 13,170 b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable 21,950 13,170 c. Issued a $1,000 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. 81
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1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $29,000 of merchandise, which cost $22,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,900 of merchandise, which cost $3,450, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 Transaction 1-a. Sold $29,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. 4 General Journal Debit Credit
PB3. LO 6.2 Costume Warehouse sells costumes and accessories and purchases their merchandise from a manufacturer. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses A. the perpetual inventory system B. the periodic inventory system Jun. 4 Costume Warehouse purchases 88 costumes on credit at a purchase price of $15 per costume. The terms of the purchase are 5/15, n/30, with an invoice date of June 4. Jun. 12 Costume Warehouse returns 20 costumes to the manufacturer for a full refund. Jun. 19 Costume Warehouse pays in full for the remaining costumes, less the return.
Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $19,200. What is the amount of the sales discount allowable? a.$384 b.$96 c.$192 d.$480
H1.
Purchase Transactions and T AccountsUsing T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. 1. Purchase of merchandise with cash. Post the transactions in the given order.Merchandise is purchased for cash, $1,100.Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash. Cash ________ | _______ ________ | _______ Purchases ______ | ______ ______ | ______ 2. uploded picture 3. up loaded picture 4. Purchase of merchandise with freight-in. A. Merchandise is purchased on account, $2,300 plus freight charges of $100. Terms of the sale were FOB shipping point. B. Payment is made for the cost of the merchandise and the freight charge. Cash Accounts Payable Purchases Freight- In
17. Merchandise with a sales price of P500 is sold on account with term 2/10, n/30. The journal entry to record the sale would include a a. debit to Cash for P500 b. Debit to Sales Discounts for P10 C. Credit to Sales for P500 d. Debit to Accounts Receivable for P490 18. Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold account to a customer for P15,000. The seller paid transportation costs et P1,000 and issued a credit memorandum for P5,000 prior to payment. What i the amount of the cash discount allowable? a. P160 b. P150 c. P140 d. P100 19. The entry to record the return of merchandise from a customer would include a a. debit to Sales b. credit to Sales c. debit to Sales Returns and Allowances d. credit to Sales returns and Allowances 20. A sales invoice included the following information: merchandise price, P4,000; transportation, P300; terms 1/10, n/eom, FOB shipping point. Assuming tha credit for merchandise returned of P600 is granted prior to payment, trhat…
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