Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a a. credit to Sales for $1,078b. debit to Accounts Receivable for $1,100c. debit to Cash for $1,100d. debit to Customer Refunds Payable for $22

2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…

Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. credit to Sales for $1,078 Ob. debit to Accounts Receivable for $1,100 Oc. debit to Cash for $1,100 Od. debit to Customer Refunds Payable for $22

Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. credit to Sales for $1,078 Ob. debit to Accounts Receivable for $1,100 Oc. debit to Cash for $1,100 Od. debit to Customer Refunds Payable for $22

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285
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Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable
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ONLY TYPED SOLUTION
A retailer purchases merchandise with a catalog list price of $28,100. The retailer receives a 16% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period? O a. $23,132 O b. $24,166 O c. $23,604 O d. $28,100
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prepare a journal entry to record transaction Buyer buys merchandise for 3,000, credit terms 2/10 n/30. Merchandise cost 1800