Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Periodic inventory system? a. Cash RO 84,280 Dr / Purchase discount RO 1,720 Dr /Account payable RO 86,000 Cr b. Account payable RO 86,000 Dr / Purchase discount RO 1,720 Cr / Cash RO 84,280 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Cash RO 86,000 Cr

Q: Sunland Company purchased merchandise inventory with an invoice price of $11500 and credit terms of…

A: The term 2/10, and n/30 state that the purchaser can avail of a discount of 2 percent if he paid the…

Q: Brett Co. paid $220 to Paul Co. and received a $10 purchases discount. Journalize the entry.…

A: Given: Amount paid = $220 Discount = $10

Q: Merchandise is sold on account to a customer for $17,800, terms FOB shipping point, 1/10, n /30. The…

A: The credit terms is 1/10, n/30 which means if the payment has been paid within 10 days, then 1%…

Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…

A: Trade discount is that discount which is being given to all the customers on the list price of the…

Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…

A: Payment terms with  4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…

Q: Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms…

A: The journal entries are prepared to record daily transactions of the business.

Q: Q2) Masader Co. purchased merchandise on March 4, 2018, at a price of OR30,000, subject to credit…

A: In net method of recording purchases, purchases are recorded net of discount. If the payment is not…

Q: MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net.…

A: When purchases are recorded using the net method, purchases and accounts payable are recorded at an…

Q: Journalizing using Perpetual Inventory S

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…

A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/

Q: ACCOUNTING INFORMATION SYSTEM Mr. Amjad is a retail merchandiser. The business sells different types…

A: 20th May 2019: Purchased RO 20000 of merchandise inventory from Muna Mobiles terms 5/20, n 45…

Q: CDE1. Nezee Paints purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30.…

A: If goods were returned by buyer then net amount due is $9000-$1200= $ 7800 1. If amount is paid…

Q: You are provided with the following information for DL Traders for the year ended 30 September 2021.…

A: The question is related calculation of cost of sales. The cost of sales is calculated by preparing…

Q: 7. Company A records purchases using the net price method. It an item is purchased from a supplier…

A: Under the net method, purchases are recorded at the discounted price. Purchase discount is not…

Q: Slinky Company purchased merchandise on June 10, 2021, at a price of $31,000, subject to credit…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales…

A: gross method of recording sales -   the sales transaction is recorded at its gross price without…

Q: ses we physica still on

A: Hello. Since your question has multiple parts, we will solve first question  for you. If you want…

Q: The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit…

A: Understanding the payment terms: The payment terms of 2/10 and n/30 means the discount of 2% is…

Q: statements, you were able to obtain the following information: Merchandise inventory Trade accounts…

A: Cost of Good Sold - It is the direct cost of producing goods which is sold. It can be calculated as…

Q: Carla Co, uses the gross method to record sales made on credit. On June 1, 2020, it made sales of S…

A: gross method of recording sales -the sales transaction is recorded at its gross price without…

Q: Modern Enterprises Co purchases $200,000 of merchandise with credit terms of 3/10, n60 on March,…

A: Discount on payment = amount payable x discount rate = 200000 x 3% = $6000

Q: Jojo purchased $3,000 of merchandise on credit, terms 3/15 n/30. The entry to record payment for the…

A: Discount on Payment = Invoice amount x rate of discount = $3,000 x 3% = $90

Q: Cathy's bakery purchased goods for $4,400 (including GST) on credit, terms 4/15, n/30. The entry in…

A: A perpetual inventory system is one in which inventory records are updated on a real time basis.…

Q: Could you check if my journal entries for this information is correct? Palisade Creek Co. is a…

A: A perpetual inventory system is a method of tracking inventory levels and movements in real-time,…

Q: Meteor Co. purchased merchandise on March 4, 2021, at a price of $40,000, subject to credit terms of…

A: Requirement 1 Purchase - March 4, 2021 Merchandise $40,000(debit) Liability- Trade Payable…

Q: On September 14, 2022, Carla Vista Company sells merchandise valued at $42500 on account to Pacifica…

A: 5/10, n/30 means discount of 5% is valid for 10 days from the date of purchase.  Since the payment…

Q: Kate sells goods to local customers. The following sales were made during May 2020: Retail price S…

A: Subsidiary books:   The transactions that are quite similar in nature recorded in the books called…

Q: A business A uses periodic inventory system. On Nov 15, 2021, the business A sold merchandise to…

A: Solution: It is assumed that company is using gross method of accounting for purchase and sales.

Q: Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms…

A: Under net method of perpetual inventory system, inventory purchases are recorded net of discount at…

Q: Question 1 is pinned below i need solutions for this one.

A: 1 a. Jouyrnal entries are as follows

Q: You are accountant for New Horizon Merchandising Company.  New Horizon Merchandising Company buys…

A: New Horizon sold 500 units of Zoom for $15 each plus 8% sales taxes on account to Nice Company.Terms…

Q: Golden Furniture in Muscat follows periodic inventory method. The business Purchased Merchandise 100…

A: As per periodic inventory system, inventory records are updated periodically. Inventory records are…

Q: At what amount would the purchase on February 1 be recorded if the net method were used?

A: Periodic Inventory system: In this inventory system counting the physical stock to determine the…

Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…

A: The cash discount would be calculated on the amount, after deducting the trade discount from list…

Q: Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms…

A: Answer 1.Required journal entry to record the purchase of inventory on account is as under:Date…

Q: Slinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms…

A: Under the net method of recording inventory purchase purchase discounts shall be deducted from the…

Q: Andy Company records its purchases at gross but wishes to change to recording purchases at net.…

A: WHEN PURCHASES ARE RECORDED USING THE NET METHOD , PURCHASES AND ACCOUNTS PAYABLE ARE RECORDED AT AN…

Q: Arctic Adventures purchases merchandise from a supplier on credit, terms 1/10, n/30 for an amount of…

A: Inventory refers to the goods and materials held by a business for the purpose of resale or use in…

Q: Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for…

A: Merchandise subject to terms 4/15, n/28, means there will be a cash discount of 4% if payment is…

Q: ACCOUNTING INFORMATION SYSTEM Mr. Amjad is a retail merchandiser. The business sells different…

A: Subsidiary journal refers to the journal prepared to record frequent transactions like cash payment,…