Mar. 12 13 14 21 Blossom purchased $20,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. The correct company paid freight costs of $175. Blossom returned $3,100 of the merchandise purchased on March 12 because it was damaged. Blossom paid the balance owing to Dalibor.

Mar. 12 13 14 21 Blossom purchased $20,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. The correct company paid freight costs of $175. Blossom returned $3,100 of the merchandise purchased on March 12 because it was damaged. Blossom paid the balance owing to Dalibor.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July sukrale cab the th 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB…
Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system) Accounts Payable........................ 25,000 Purchase Discounts.............................750 Merchandise Inventory........................24,250 Accounts Payable............................25,000 Merchandise Inventory......................... 750 Cash....................................................24,250 Accounts Payable................................. 25,000 Merchandise Inventory.............................. 750 Cash.................................... 5,750 Accounts Payable............................... 25,000 Merchandise Inventory............................25,000
On June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 67 televisions at a cost of $150 each. Century received a 15/7/4 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $127 freight. Terms were 2/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $195 partial payment. Century will pay the balance on May 6. What is Century’s final payment on May 6? Assume no taxes. (Do not round intermediate calculations. Round your answer to the nearest cent.)
The following transactions are for Wildhorse Company. 1. On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2. On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3. On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.
This information relates to Swifty Corporation. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. On April 15, paid the amount due to Blue Spruce in full. Swifty uses a periodic inventory system. Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.) Date Account Titles and Explanation Debit DOOT Credit
Please do not give image format
Information related to Splish Brothers Inc. is presented below. rch On April 5, purchased merchandise on account from Sheffield Company for $26,400, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $930 on merchandise purchased from Sheffield. On April 7, purchased equipment on account for $41,900. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sheffield Company in full. 1. 2. 3. 4. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. 1. 2. Date Account Titles and Explanation norcal_archives_20....zip O i Ei W QCA 5.docx C ((( W response essay.docx Debit < 76°F_^ Credit
Dengar