Question in image, thanks! Marigold Company sells merchandise on account for $6200 to Ivanhoe Company with credit terms of 1/10, n/30. Block Companyreturns $1600 of merchandise that was damaged, along with a check to settle the account within the discount period. What is theamount of the check?○ $6154○ $4600○ $4554○ $6138

Step 1: Identify the original sale amountStep 2: Subtract the value of returned merchandise from the…

Answered: Marigold Company sells merchandise on…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Similar questions

A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
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.
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods sold
Oriole Company sells merchandise on account for $7800 to Sunland Company with credit terms of 2/13, n/30. Sunland Company returns $1200 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? $6468 $7668 $7644 $6600
Pharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of 2/15, n/30. Riverbed Company returns $150 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?
Bramble Company sells merchandise on account for $4800 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company returns $1100 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? O $4663 O $4752 O $3700 O $3663 Save for Later Attempts: 0 of 1 used Submit Answer
Pharoah Company sells merchandise on account for $3600 to Morton Company with credit terms of 2/14, n/30. Morton Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Pharoah Company make upon receipt of the check? Cash 2940 Sales Returns and Allowances 600 Sales Discounts 60 Accounts Receivable 3600 Cash 2940 Sales Returns and Allowances 660 Accounts Receivable 3600 Cash 3000 Accounts Receivable 3000 Cash 3528 Sales Discounts 72 Sales Returns and Allowances 600 Accounts Receivable 3000
Ball Company sells merchandise on account for $1,500 to Edds Company with credit terms of 2/10, n/30. Edds Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? Question 9 options: A) $1,470 B) $1,476 C) $1,176 D) $1,200
Bramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms of 2/10, n/30. Kingbird returns $800 of merchandise that was damaged, along with a cheque to settle the account within the discount period. What is the amount of the cheque? $4704 $4000 $3920 $4800
What is the amount of the check?
Python Company sells merchandise on account for $5,000 to Monte Company with credit terms of 2/10, n/30. Monte Company returns $1,500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? Select one: a. $3,430 b. $4,900 C. $4,000 d. $4,430 Previous page Next page

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