**Transcription for Educational Website:**---**Journal Entries for Transactions by Steel Alternatives Corp. in March***Note: Steel Alternatives Corp. uses the NET method for recording sales.*- **March 6**: Steel Alternatives Corp. sold 1.5 million pounds of aluminum to Southern Framing Inc. - **Terms of Sale**: 2/10, n/30 - **Selling Price per Pound**: $0.89 - **Cost of Goods Sold (COGS) per Pound**: $0.36- **March 20**: Steel Alternatives Corp. received payment from Southern Framing Inc.**Explanation of Terms**: - The terms "2/10, n/30" mean that a 2% discount is available if the payment is made within 10 days. Otherwise, the net (full) amount is due in 30 days.---This transcription provides a clear understanding of the sales transaction details and payment terms for educational purposes.

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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On March 2, Sandhill Company sold $815,000 of merchandise on account to Monty Company, terms 4/10, n/30. The cost of the merchandise sold was $521,000On March 6, Monty Company returned $81,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300 (Those are for reference, part one and part two) The picture is part 3 and needs to be answered
6. Celeste Company provided the following transactions, among others, for the current year. 1 Sold merchandise to XYZ Company for P500,000, terms 2/10, n/30. 2 the above account to Solid Finance under the following agreement June 1 Commission based on gross amount 5%. Hold back based on gross amount 25%. 9 Granted XYZ Company a credit allowance of P50,000 for damage in the shipment. 11 XYZ Company paid in full its account to Solid Finance. 15. Final settlement was made with Solid Finance. How much was the total amount received from the factoring? а. 500,000 b. 350,000 c. 416,000 d. 375,000
^ 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
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
Heller Company offers an unconditional return policy to its customers. During the current period, the company records total sales of $935,000, with a cost of merchandise to Heller of $374,000. Based on past experience, Heller Company expects 4% of sales to be returned. How much in net sales will Heller Company recognize for the current period?
Good Buy Company made total purchases of $270,000 in the most current year. It paid freight in of $1,000 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Good Buy's customers, totaled $7,200. Of the total purchases Good Buy made during the period, it returned $24,000 of the merchandise. Good Buy took advantage of $2,300 of purchase discounts offered by its vendors. What was Good Buy's cost of inventory?

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