Journalize the following merchandise transactions: a. Sold merchandise on account, $14,200, with terms 2/10, net 30. The cost of the merchandise sold was $9,230. Sale Cost 00
Q: Record the following transactions as general journal entries. Use the gross-price method. Aug. 6…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: Journalize the following merchandise transactions: a. Sold merchandise on account, $12,400, with…
A: Solution a) Date Particulars Debit ($) Credit ($) Account Receivable A/c 12,400 To…
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A: Journal: It is the first step of recording financial transactions. It is used to prepare the…
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A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was…
A: Discount amount = Amount receivable x rate of discount = $72,500 x 2% = $1,450
Q: Journalize the following merchandise transactions: (If an amount box does not require an entry,…
A: Journal is a book where all the entries has been recorded in chronological order. Term 2/10 , net 30…
Q: Journalize the following merchandise transactions: (If an amount box does not require an entry,…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: . Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
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Q: On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30. The cost…
A: Discount = Sales on account x rate of discount = $28,200 x 2% = $564
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A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
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A: Journal entries are used to record the financial transaction. It helps to prepare the ledger and…
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A: Journal: Recording of a business transactions in a chronological order.
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A: Solution: Net cost of purchase = (Gross purchase - Purchase returns) * (1-cash discount rate) +…
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A: Sales discount = $1,100 x 2% Sales discount = $22
Q: Journalize the following merchandise transactions:a. Sold merchandise on account, $72,500 with terms…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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A: The following transactions are journalized as per the given information.
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A: >Merchandise inventory can be accounted for using a periodic method or perpetual…
Q: December 22 Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods…
A: Discount=Sale value×2%=$14,500×2%=$290
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A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains…
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A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Journalize the following merchandise transactions:
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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A: Sales discount = sales x discount rate = $14850 x 2% = $297
Q: What is the amount of sales from the above transactions
A: Discount: - When ever we buy something, we ask the seller to reduce the price of the item. But…
Q: Journalize the following merchandise transactions: (If an amount box does not require an entry,…
A: When an event occurs in the business and it can be measured and expressed in terms of money, it…
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A: Sale of goods on credit Accounts receivable a/c or debtors a/c debit $20,000 To sales a/c $20,000…
Q: Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the…
A: Entries in the books of Sather Co.:
Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…
A: Discount amount (if payment is made within discount period) = Sales x rate of discount
Q: Record the following transactions as general journal entries. Use the gross-price method. Aug. 6…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: a. Sold merchandise on account, $13,400, with terms 2/10, net 30. The cost of the merdchandise sold…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Feb 1. Analisa purchase merchandise with an invoice price of 280,000 and 3/10 , n/30 Feb 3. Analisa…
A: Under FOB Shopping terms, goods are meant to be under ownership of buyer when these are shipped by…
Q: Record the following transactions as general journal entries. Use the gross-price method. Aug. 6…
A: Gross Price Method- Under this method, the entries of sales are recorded at gross price i.e before…
Q: Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30.…
A: Net purchases = Purchases - purchase return = $13400 - 1700 = $11,700
Q: a. Sold merchandise on account, $12,000, with terms 2/10, net 30 on December 26. The cost of the…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: prepare a journal entry to record transaction Buyer buys merchandise for 3,000, credit terms 2/10…
A:
Q: Journalize the following merchandise transactions: c. Issued a credit memo to Wilson Company for…
A: A journal entry is the recording of financial transactions in books of the business entity. It…
Q: A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business…
A: COGS stands for Cost of goods sold which is defined as the direct cost of producing the goods sold…
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000
- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
- Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalRecord the following transactions in general journal form. a. Sold merchandise on account to D. North, invoice no. 4556, 2,515.25. b. Sold merchandise on account to NexStar Industries, invoice no. 4557, 775.00. c. NexStar Industries returned 225.50 worth of the merchandise. Issued credit memo no. 101.Journalize the following merchandise transactions: a. Sold merchandise on account, $12,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,060. Sale Cost b. Received payment within the discount od.
- Journalize the following merchandise transactions: a. Sold merchandise on account, $12,700, with terms 2/10, net 30. The cost of the merchandise sold was $8,255. Sale Cost b. Received payment within the discount period.Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $13,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,710. Sale Cost b. Received payment within the discount period,