Multiple Choice Songbird Enterprises owes Randy's Instrument Shoppe $3,200 as of November 1. During November, Songbird purchased merchandise from Randy totaling $4,900 and made payments on account to Randy in the amount of $2,200. The amount Songbird owes Randy on November 30 is: O $10,300. $5,900. $500. $3,900.
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- 3. Review the following transactions for Birdy Birdhouses and record any required joumal entries. Birdy Birdhouses purchases 55 birdhouses at $40 each with cash Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund Birdy also discovers that 10 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them sınce the supplier granted an allowance of $20 per birdhouse. Віrdy pays allowances, and/or discounts. Sep. 6 Sep. 8 Sep. 10 Sep. 18 their account in full from the September 8 purchase, less any returns,Find the outstanding balance due at the end of the credit period. Scotty purchased merchandise with a list price of $235,000 with an invoice date of February 10th. He receives the goods on February 15. He is offered a 20/5/5 trade discount and terms of sale 3/15,1/25, n60. He makes a $60,000 partial payment on February 18 and a second partial payment of $40,000 on March 1Sep. 6 Birdy Birdhouses purchases 58 birdhouses at $42 each with cash. Sep. 8 Birdy Birdhouses purchases 80 birdhouses at $40 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Birdy discovers 15 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 14 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $100. Sep. 18 Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts. If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used. Sep. 6 Purchases Purchases Cash Cash Sep. 8 Purchases Purchases Accounts Payable Accounts Payable Sep. 10 Refund Cash Cash Purchase Returns and Allowances Purchase Returns and Allowances Sep. 10 Allowance…
- Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due?Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10
- Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Birdy Birdhouses purchases 52 birdhouses at $50 each with cash. Sep. 8 Birdy Birdhouses purchases 90 birdhouses at $30 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 9 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $100. Sep. 18 Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts. If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used. Sep.6 Sep. 8 Sep. 10 Refund Sep. 10 Allowance Sep. 18Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. Sep. 8 Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Birdy discovers 10 of the birdhouses are damaged from the Sept 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 10 of the birdhouses from the Sept 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per birdhouse. Sep. 18 Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts.Walter's widgets received a bill for merchandise with a net price of $7,170.26. Walter is offered a 2% cash discount if he pays within 10 days of the invoic date. he doesn't have enought to pay the full amount, so he makes a partial payment of $4,000 on day 9. Find the amount credited for the partial payment and find the outstanding balance. Amount credited: ________? Outstanding balance:________?
- Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $27,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,090. Sydney pays $510 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,300 of the $27,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) Required: Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.Sharleen purchased merchandise with a list price of $27,985. She receives a 2% cash discount and a 21/18/12 trade discount. What is Sharleen’s outstanding balance if she makes a $4000 partial payment within the discount period?They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.