Prepare the appropriate journal entry(s) for the following transaction made by Steel Al tematives Corp. during March.Note: Steel Alternatives Corp. records sales using theNET method.On March 6 Steel Alternatives Corp. sold1.5 millionpounds of aluminum to Southern Framing Inc.The tems of the sale were2/ 10 , n / 30Selling price per pound S0.89COGS per pound is0.36OnMarch 20 Steel Alternatives Corp. received payment from Southern Framing Inc.

The journal entries are prepared to keep the record of day to day transactions of the business.…

Answered: Note: Steel Alternatives Corp. records…

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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Macy of New York sold LeeCo. of Chicago office equipment with a $5,600 list price. Sale terms were 5/10, n/30 FOB New York. Macy agreed to prepay the $80 freight. LeeCo. pays the invoice within the discount period. What does LeeCo. pay Macy?
Monty Corporation shipped $20,600 of merchandise on consignment to Gooch Company. Monty paid freight costs of $1,800. Gooch Company paid $550 for local advertising, which is reimbursable from Monty. By year-end, 63% of the merchandise had been sold for $21,500. Gooch notified Monty, retained a 10% commission, and remitted the cash due to Monty.Prepare Monty’s journal entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Blossom Corporation shipped $21,900 of merchandise on consignment to Cullumber Company. Blossom paid freight costs of $2,100. Cullumber Company paid $550 for local advertising, which is reimbursable from Blossom. By year-end, 65% of the merchandise had been sold for $21,900. Cullumber notified Blossom, retained a 10% commission, and remitted the cash due to Blossom. Prepare Blossom's journal entry when the cash is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation (To record the cash remitted to Blossom.) (To record the cost of inventory sold on consignment.) Debit 11 Credit 1
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
ABC Corp purchased goods on account from XYZ Corp for P10,000. Terms: 10%, 2/10, n/30 FOB Shipping point. Freight is P200, freight collect. If ABC uses the net method, the amount of accounts payable to be credited is: a. 10,000 X 10% X 2% b. 10,000 X 90% X 98% c. 10,000 X 90% X 98% minus 200 d. 10,000 X 90% X 98% plus 200
19.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid. Freight related to the purchase was P1,000.The entry to record the purchase under the net method (periodic system) would include: Cr Accounts Payable 22,290 Cr Accounts Payable 24,290 Dr Purchases 23,290 Dr Purchases 24,290
Hillz sells its goods with terms of 1/16 EOM, net 30. What is the implicit cost of the trade credit? (Do not round intermediate calculations. Use 365 days for calculation. Round answer to 2 decimal places, e.g. 12.25%.)
^ Presented below are transactions related to Concord Corporation. 1. 2. 3. (a) On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. On December 13, Concord Corporation received the balance due from Sarasota Co. Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 3 Dec. 8 > Account Titles and Explanation (To record credit sale) norcal_archives_20....zip W QCA 5.docx W Debit response essay.docx 1 Credit
American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550. %24
Webb Inc. sells $25,000 of merchandise to Jones and Sons on account, the terms were 2/10, n30. The cost of the merchandise is $12,500 Write the entry Webb would make to record this transaction. Sales $24,99
On March 10, FDN Trading sold merchandise with a list price of $337,000 less 10-5, on terms 2/10, n/30. How much was the invoice price of the merchandise? ↓y ess

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