LO 6-4 E-0 01 E6-10 Reporting Net Sales after Sales Discounts During the months of January and February, Solitare Corporation sold goods to two custo The sequence of events was as follows: Jan. 6 Mang 6 14 Feb. 28 Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The good Solitare $70. Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goo- Solitare $60. Collected cash for the amount due from Wizard Inc. Collected cash for the amount due from Spyder Corp. Required: Eva odnow trope Compute the Net Sales Solitare would report over the two months.

LO 6-4 E-0 01 E6-10 Reporting Net Sales after Sales Discounts During the months of January and February, Solitare Corporation sold goods to two custo The sequence of events was as follows: Jan. 6 Mang 6 14 Feb. 28 Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The good Solitare $70. Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goo- Solitare $60. Collected cash for the amount due from Wizard Inc. Collected cash for the amount due from Spyder Corp. Required: Eva odnow trope Compute the Net Sales Solitare would report over the two months.

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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Question Inventory Systems Dubai Retail Company began operations in August and completed these transactions during the first month of operations. Aug. 1 Purchased OMR 8,000 of merchandise from V. Co. with terms of 2/10 n/30. Aug. 2 Paid OMR 200 in shipping costs for merchandise purchased from V. Co. Aug. 5 Returned OMR 500 of goods to V. Co. due to defects. Aug. 7 Sold OMR 8,000 of goods to C. Co. with terms of 3/10 n/40 (the goods cost OMR 5,000). Aug. 8 Paid V. Co. with check #844. Aug. 10 Purchased OMR 7,000 of goods for resale from W. Co. with terms 3/5 n/45. Aug. 11 C. Co. returned OMR 200 of merchandise. Aug. 12 Sold OMR 4,000 of merchandise to Ali Co. with terms 3/10 n/40 (the goods cost OMR 2,500). Aug. 14 Received full payment from C. Company. Aug. 25 Paid W. Co. in full. Aug. 28 Received full payment from Ali Co. Required: a. Prepare journal entries to record these transactions using perpetual inventory system. b. Prepare journal entries to record these transactions using…
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Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
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