Merchandise with a sales price of $4,600 is sold on account with terms 2/10, n/30. The journal entry for the sale would include a a.debit to Sales Discounts for $92 b.debit to Cash for $4,600 c.debit to Accounts Receivable for $4,488 d.credit to Sales for $4,508

Q: Journalize the following merchandise transactions: a.  Sold merchandise on account, $19,400 with…

A: The journal entries for merchandise transactions are as follows:

Q: After the amount due on a sale of $22,400, terms 1/10, n/eom, is received from a customer within the…

A: The buyer has paid the amount within the discounted period.  So the refund will also be made after…

Q: Sales-related transactions After the amount due on a sale of $28,200, terms n/eom, is received from…

A: Step 1:Answer a.The total amount due on a sale was $28,200 which the customer has already paid.…

Q: he entry to record the receipt of payment within the discount period on a sale of $2400 with terms…

A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…

Q: A sales invoice included the following information: merchandise price, P4,200; transportation, P320;…

A: Discount on payment = (sales - sales return) x discount rate = (4200-600)*1% = P36

Q: SALES TRANSACTIONS AND T ACCOUNTS Using T accounts for Cash, Accounts Receivable, Sales Tax Payable,…

A: ‘’Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business…

A: Formula: Cash discount: Goods sold on credit base. If the amount paid with in the discount period…

Q: Journalize the following merchandise transactions:a. Sold merchandise on account, $94,800 with terms…

A: Solution:- Preparation of journal entries as follows under:-

Q: Journalize the following merchandise transactions: (If an amount box does not require an entry,…

A: Journal is a book where all the entries has been recorded in chronological order. Term 2/10 , net 30…

Q: A company records the following journal entry: debit Cash $1,470, debit Sales Discounts $30, and…

A: Sales Discount is the discount which is given by the seller to their customer on sale of goods or…

Q: A sales invoice included the following information: merchandise price, $12,400; terms 1/10, n/eom,…

A: Concept of terms 1/10, n/eom: 1/10 means 1% discount is valid of the payment has been made within…

Q: retailer assuming that if the retailer made the payment within the discount period? a. RO 78,400 b.…

A: Discount on payment = invoice price x discount rate = RO 80,000 x 2% = RO 1,600

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Given: Payments terms of 2/10, n/30, means that discount of 2% is valid for 10 days from the date of…

Q: Purchase-related transactions The Stationery Company purchased merchandise on account from a…

A: Perpetual inventory system is an effective inventory system which is used to record inventory in a…

Q: A sales invoice included the following information: merchandise price, $7,100; terms 1/10, n/eom;…

A: The amount of cash that should be received by the seller = Invoice price + Freight charges –…

Q: An invoice received included the following information: merchandise price, $12,000; terms 1/10,…

A: Invoice is a document on which all goods / services providing details are mentioned. It includes the…

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Travis Company purchased merchandise on account from a supplier for $9,400, terms 2/10, net 30.…

A: The journal entries are prepared to record the transactions on regular. Under perpetual inventory…

Q: Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10,…

A: Net Purchases = Purchases - Purchase return = $10,600 - $2,200 = $8,400

Q: ournalize the following merchandise transactions: A. Sold merchandise on account, $21,300 with…

A: >Merchandise inventory can be accounted for using a periodic method or perpetual…

Q: Nieman Company purchased merchandise on account from a supplier for $5,500, terms 2/10, n/30. Nieman…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…

Q: Prepare the Journal Entries for the following purchase transactions: I. Purchase of merchandise…

A: Journal entries recording is termed as first step in accounting cycle proces, in which atleast one…

Q: Consider the following facts: a. Beginning and ending Accounts Receivable are $25,000 and $27,000,…

A: The cash collection from customers includes the cash collected from the customers during the period.…

Q: Purchase transactions: Rolfes company purchased merchandise on account from Springhill Company for $…

A: Purchase discount is calculated by multiplying purchase less return by discount rate. 2/10, n/30…

Q: The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit…

A: Understanding the payment terms: The payment terms of 2/10 and n/30 means the discount of 2% is…

Q: A sale is made for $7,600; terms are 3/10, n/30. Give the required entries to record the sale and…

A: Step 1: Gross method of recording sales discount:- In the gross method, At the time of sales, sales…

Q: Barans Company purchased merchandise on account from a supplier for $7,100, terms 2/10, n/30. Barans…

A: The cash discount which has available on the purchases is when the condition is fulfilled and the…

Q: An invoice received included the following information: merchandise price, $3,800; terms 1/10,…

A: Sales invoice:Sales invoice refers to the document which is used to inform the customer the amount…

Q: Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and…

A: Lets understand the basics.The journal entries are prepared to record the transactions on regular…

Q: Merchandise with a sales price of $5,200 is sold on account with terms 2/10, n/30. The journal entry…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a   a. debit to Sales…

A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…

Q: 7. The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales…

A: Terms 2/10 means if the Buyer made the payment within 10 days from the date of invoice then 2%…

Q: A sales invoice included the following information: merchandise price, P4,100; transportation, P320;…

A: • FOB  ( Destination)shipping point : Its the responsibility of buyer to pay the shipping charges .…

Q: A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom;…

A: Sales - Return = Net Sales  Merchandise Price = $11,800 Prepaid Freight  = $560  Merchandise…

Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans…

A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…

Q: A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom,…

A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…

Q: A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom;…

A: The seller is a person who sells the goods and would receive money for the goods sold.

Q: Journalize the following merchandise transactions. Refer to the chart of accounts for the exact…

A: DATEACCOUNT TITLES AND EXPLANATIONPOST. REF.DEBITCREDITMar 1Accounts Receivable120$77,100  Sales410…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is