I need help with accounting question Merchandise with an invoice price of $4,000 is purchasedsubject to terms of 2/10, n/30, and FOB destination.Transportation costs paid by the seller totaled $150.What is the cost of the merchandise, assuming thediscount is taken?A. $4,070B. $3,920C. $4,067D. $4,150

Step 1: Define InventoriesIn financial accounting, inventories serve as a significant account in the…

Answered: Merchandise with an invoice price of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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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?
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?
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.
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Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $300. What is the net cost of the merchandise?
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What is the purchaser's net cost of the merchandise?
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Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?
Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry is to record the sale which would include a a. Credit to sales for $4900 b debit to sales discount for $100 c. Debit to cash for $5000 d.

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Merchandise with an invoice price of $4,000 is purchased subject to terms of 2/10, n/30, and FOB destination. Transportation costs paid by the seller totaled $150. What is the cost of the merchandise, assuming the discount is taken? A. $4,070 B. $3,920 C. $4,067 D. $4,150