Macy of New York sold LeeCo. of Chicago office equipment with a $8,000 list price. Sale terms were 3/10, n/30 FOB New York. Macy agreed to prepay the $60 freight. LeeCo. pays the invoice within the discount period. What does LeeCo. pay Macy?
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- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.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?Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.
- Macy of New York sold LeeCo. of Chicago office equipment with a $5,600 list price. Sale terms were 5/10, n/30 FOB New York. Macy agreed to prepay the $80 freight. LeeCo. pays the invoice within the discount period. What does LeeCo. pay Macy?What does Lee pay Jordan's?Bell Corporation sold merchandise on account with a list price of $18,000 and a cost of $10,000. Payment terms were 1/10, n/30. Bell shipped the goods FOB destination and paid $600 in freight costs. Prior to payment of the invoice, the customer returned merchandise with a list price of $1,800 and a $1,000 cost. The customer paid the amount due within the discount period. What is Bell Corporation's net sales amount as a result of these transactions?
- Subject - account Please help me. Thankyou.On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required:Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.(Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.(Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 FOB Boston. J.C. Penney has agreed to prepay freight $300. Assuming Lee's pays within the discount period, how much will Lee's pay J.C. Penney?
- Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a trade discount of 6%, 1%, and term of sales of 2/45, n/60. Mr. Adrian pay the shipper of the shipping costs up to the buyer's warehouse. 1. How much is the invoice price? 2. When is the due date to avail the 2% discount? 3. What is the term of shipment? Choose if: FOB Shipping Point - Freight Collect, FOB Shipping Point - Freight Prepaid, FOB Destination - Freight Prepaid, FOB Destination - Freight CollectFill in the blanks: Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a trade discount of 6%, 1%, and term of sales of 2/45, n/60. Mr. Adrian pay the shipper of the shipping costs up to the buyer's warehouse. 1. How much is the invoice price? 2. When is the due date to avail the 2% discount? 3. What is the term of shipment? Choose if. FOB Shipping Point - Freight Collect, FOB Shipping Point - Freight Prepaid, FOB Destination - Freight Prepaid, FOB Destination - Freight Collect INSTRUCTIONS: 1. DO NOT ABBREVIATE THE MONTH OF YOUR ANSWER. IF YOUR ANSWER IS SEPTEMBER, ENCODE IT AS SEPTEMBER. 2. DO NOT USE COMMA AND PESO SIGN. IF YOUR ANSWER IS P1,000.50, ENCODE IT AS 1000.50 3. USE TWO DECIMAL PLACES FOR YOUR ANSWER. IF YOUR ANSWER IS P22,785, ENCODE IT AS 22785.00Zonker Inc. purchases 500 units of an item at an invoicecost of $30,000. What is the cost per unit? If the goods areshipped f.o.b. shipping point and the freight bill was$1,500, what is the cost per unit if Zonker Inc. pays thefreight charges? If these items were bought on 2/10, n/30terms and the invoice and the freight bill were paid withinthe 10-day period, what would be the cost per unit?