Love Co. sold merchandise to Kind Co. on account, P35,000, terms 2/15, net 45. The cost of the merchandise sold is P24,500. Love Co. issued a credit memo for P3,600 for merchandise returned that originally cost P1,700. Kind Co. paid the invoice within the discount period. What is the amount of gross profit earned by Love Co. on the above transactions? 8,600 10,500 6,272 7,972

Love Co. sold merchandise to Kind Co. on account, P35,000, terms 2/15, net 45. The cost of the merchandise sold is P24,500. Love Co. issued a credit memo for P3,600 for merchandise returned that originally cost P1,700. Kind Co. paid the invoice within the discount period. What is the amount of gross profit earned by Love Co. on the above transactions? 8,600 10,500 6,272 7,972

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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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?
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00
Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the merchandise sold is P15,500. Corinto Co. issued a credit memo for P1,750 for merchandise returned that originally cost P1,400. The Genesis Co. paid the invoice within the discount period. What is amount of net sales from the above transactions?
Abbey 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
Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of merchandise sold is $20000. Abbey co. Issued a credit memo for $4700 for merchandise returned that originally cost $2800. Gomez co. Paid the invoice within the discount period. What is the amount of gross profit earned by abbey co on the above transactions?
Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 of undiscounted merchandise returned which originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? A. $10,500 B. $30,772 C. $7,972 D. $31,400
Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the merchandise sold is $18000. Abbey Co. issued a credit memo for $4000 for merchandise returned that originally cost $2200. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? Add your answer
Abbey Co. sold merchandise to Gomez Co. on account, $10,400, terms 2/15, net 30. The cost of the goods sold is $7,280. Abbey Co. issued a credit memo for $3,000 for merchandise returned that originally cost $2,100. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?
What is the amount of net sales from the transactions on these accounting?
Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?