Given the solution and accounting question Merchandise is sold on account to a customer for$56,500, terms FOB shipping point, 2/10, n/30. Theseller paid the freight of $2,100.A. Determine the amount of the sale.B. Determine the amount debited to accountsreceivable.C. Determine the amount received within thediscount period.

AAmount of the sale Gross - sale$56,500 Less: Sales discount ($56,500 * 2%)$1,130 Amount of the…

Answered: Merchandise is sold on account to a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...

See similar textbooks

Similar questions

Which of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventory
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.
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.
Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000
Merchandise is sold on account to a customer for $12,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $400. Determine the following. a. the amount of the sale b. the amount debited to Accounts Receivable c. the amount of the discount for early payment d. the amount due within the discount period
Merchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $590. Determine the following: a. Amount of the sale b. Amount debited to Accounts Receivable c. Amount received within the discount period
Merchandise is sold on account to a customer for $72,500, terms GEB shipping point, 3/10, n/30. The seller paid the freight of $4,300. A. Determine the amount of the sale. B. Determine the amount debited to accounts receivable. C. Determine the amount received within the discount period.
General accounting
Merchandise is sold on account to a customer for $17,800, terms FOB shipping point, 1/10, n /30. The seller paid the freight of $530. a. Determine the amount of the sale. $fill in the blank 1 b. Determine the amount debited to Accounts Receivable. $fill in the blank 2 c. Determine the amount of the discount for early payment. $fill in the blank 3 d. Determine the amount due within the discount period. $fill in the blank 4
Sales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $630. Determine the following: a. Amount of the sale $ b. Amount debited to Accounts Receivable $ c. Amount received within the discount period $
Merchandise is sold on account to a customer for $72,500, terms GEB shipping point, 3/10, n/30. The seller paid the freight of $4,300. A. Determine the amount of the sale. B. Determine the amount debited to accounts receivable. C. Determine the amount received within the discount period. Don't use ai

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $2,100. A. Determine the amount of the sale. B. Determine the amount debited to accounts receivable. C. Determine the amount received within the discount period.