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.

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.

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...

See similar textbooks

Related questions

Q: Solve this question financial accounting

A: Step 1: Define Payroll TaxesIn payroll taxes, employers act as collectors, and the employees are the…

Q: Calculate your taxable income for this year.

A: Calculation of Taxable Income for the 3rd yearTaxable Income for the 3rd year = Gross Income for 3rd…

Q: None

A: Step 1: Define Net IncomeNet income shows the profit or loss that a corporation makes throughout the…

Q: Both que's answer wanted.

A: Given Information:Current assets = $4,900Net fixed assets = $27,300Current liabilities =…

Q: Please answer the following requirements on these general accounting question

A: Step 1: Definition of Receivable Turnover and Average Collection PeriodReceivable Turnover: It…

Q: Financial Account

A: Explanation:"Money damages from a personal injury lawsuit" are generally not taxable if they are…

Q: Expense when the year end adjusting journal entry is made ?

A: Step 1: Define Bad Debt ExpenseBad debt expense refers to the expense that is based on estimates and…

Q: During April, the first production department of a process manufacturing system completed its work…

A: To calculate the equivalent units of production (EUP) for materials and conversion costs using the…

Q: Which of the following statements explain the permanent differences between tax and financial…

A: The correct answer is:d. ii and iii ExplanationPermanent differences between tax and financial…

Q: Financial accounting

A: Step 1: Define Return on InvestmentReturn on Investment is a profitability ratio which assesses the…

Q: Need help with this accounting question please answer

A: Step 1: Define EquityEquity represents the ownership interest in a business after all liabilities…

Q: Answer me

A: Explanation of Activity-Based Costing (ABC): Activity-based costing is a costing method that…

Q: Step by step solution

A: Explanation of Cash Flow from Operating ActivitiesCash flow from operating activities refers to the…

Q: How much was beemers 2011 net income

A: Step 1: Define Net IncomeNet income or profit refers to the value that a company has earned by…

Q: General accounting question

A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…

Q: General accounting

A: Step 1: Define Income StatementThe income statement is the financial statement in which the revenues…

Q: Calculate dynamic's net income for the year?

A: Step 1: Define Net IncomeThe net income is the surplus of revenue over the expenses incurred during…

Q: Please solve this question general accounting

A: Step 1: Define Predetermined overhead ratePre-determined overhead rate is the standard allocation…

Q: Please given correct solution this question

A: Accounts Receivable TurnoverThis measures how efficiently the company collects its accounts…

Q: Financial Accounting Question

A: Step 1: Define Profit IncreaseThe profit increase from selling additional meals depends on the…

Q: Need help with this financial accounting question

A: Step 1: Apply the Compound Growth Formula• Formula: FV = PV × (1 + r)ᵗ Step 2: Calculate (1 + r)ᵗ•…

Q: Get Financial Account Solution

A: A) Calculate Caraway's Stockholders' EquityThe accounting equation is:…

Q: The month of October?

A: Step 1: Define Net IncomeIn a single-step income statement, the net income can be calculated by…

Q: What is the actual debt service coverage ratio on these financial accounting question?

A: Step 1: Define Debt Service Coverage RatioThe debt service coverage ratio is a financial measure to…

Q: Given correct answer general Accounting question

A: Step 1: Define Different Cost TypesWhen we say costs, we mean costs related to production activity…

Q: What is the initial gross margin of this accounting question?

A: Step 1: Define Gross MarginThe gross margin measures the profitability of a product, calculated as…

Q: TR's has annual sales of $612,200, total debt of $153,000, total equity of $354,000, and a profit…

A: Step 1: Given Value for Calculation Sales = s = $612,200Total Debt = d = $153,000Total Equity = e =…

Q: WIP DIV 2 has the following information: Beginning Units 9,100 Units Started 48,000 10,500 Ending…

A: Step 1: Key Information RecapBeginning Units: 9,100Units Started: 48,000Ending Units: 10,500 (40%…

Q: None

A: Step 1: Define Cost of GoodsWe have manufacturing costs, cost of goods manufactured, and cost of…

Q: Grill Masters Restaurant has budgeted the following costs for... Please answer the general…

A: Step 1: Compute the total variable cost by adding the material cost and the labor cost for 2,000…

Q: Veer Trucking raised $280 million in new debt and used this to buy back stock. After the recap,…

A: RecapitalizationVeer Trucking raised $280 million by issuing new debt. The company used all this…

Q: Question

A: Explanation of Credit Terms (3/10, n/30)Credit terms like "3/10, n/30" indicate the conditions under…

Q: What is the sales margin for the division on these financial accounting question?

A: Step 1: Define Ratio AnalysisFinancial ratios help assess a company's performance over time by…

Q: Please solve this question general accounting

A: Step 1: Introduction to time value of moneyTime value of money is a financial concept which is used…

Q: The current ratio of a company is 8:1 and its acid-test ratio is 1:1. If the inventories and prepaid…

A: Given DataCurrent Ratio: 8:18:18:1Acid-Test Ratio: 1:11:11:1Inventories and Prepaid Items:…

Q: Sarah invested in a stock solution general accounting question

A: The question requires the determination of the capital gains yield. A capital gains yield is the…

Q: How much gross profit did Harmony Electronics report on these general accounting question?

A: Step 1: Define Gross ProfitGross profit is a financial metric that represents the difference between…

Q: During 2025, Crane Furniture Company purchases a carload of wicker chairs. The manufacturer sells…

A: 1. Problem OverviewCrane Furniture Company purchased a carload of wicker chairs for a lump sum of…

Q: Give true answer the general accounting question

A: Step 1: Define Conservatism PrincipleTo apply the conservatism principle, the companies would use…

Q: White Co. incurs a cost of $15 per pound to produce Product X, which it sells for $26 per pound. The…

A: Step 1: Introduction to cost accountingThe field of accounting known as cost accounting is utilized…

Q: Please answer

A: To determine the number of widgets the firm must sell for its EBIT (Earnings Before Interest and…

Q: Given answer accounting questions

A: Step 1: Definition of Adjusting EntryAdjusting entries are made at the end of an accounting period…

Q: Quick answer of this accounting questions

A: Step 1: Define Net IncomeNet income is an important value that is calculated by a company by…

Q: What was kennedys net income for the year?

A: Step 1: Introduction to income statementIncome statement is referred to as the financial statement…

Q: Provide correct answer general Accounting

A: Step 1: Define Accounts Receivables DaysAccounts receivables days is the average number of days…

Q: Need general account solutions.

A: To determine the total assets of the business, we use the accounting equation:…

Q: Do fast answer of this accounting questions

A: Step 1: Define Gross Profit MarginThe gross profit margin is one of the profitability ratios to…

Q: At the end of the year, Tahir Incorporated's balance for Allowance for Uncollectible Accounts is…

A: Explanation of Allowance for Uncollectible AccountsAllowance for Uncollectible Accounts is a…

Q: Hi expert provide correct answer general accounting

A: Step by step YearCash flowFuture value of 1Future value of cash flowabc=1.10^(8-a)d =…

Q: Head First Company plans to sell 5000 bicycle helmet at 75

A: Explanation of Variable Costs: Variable costs are expenses that change in direct proportion to…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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.
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
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
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
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
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?
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
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
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.
When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00
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 $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