On 4/2. Fresh Seafood Company purchases seasonings from customer for $500,000, payment terms are 3/10, 1/30 The company pays 70% of the price on 4/8 and the rest on 4/30. Assuming that the company adopts the net method, make a trial entry.
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On 4/2. Fresh Seafood Company purchases seasonings from customer for $500,000, payment terms are 3/10, 1/30 The company pays 70% of the price on 4/8 and the rest on 4/30. Assuming that the company adopts the net method, make a trial entry.
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- Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: Question Content Area Prepare the journal entry to record the sale using the net method Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)Gordon’s Grocers purchases bread from Buddy’s Bread Company at $1.95 per loaf. Gordon’s recently engaged in a customer service contract with Buddy’s to purchase 109,000 loaves of Buddy’s bread. Buddy offered credit to Gordon’s at terms of 3/15, n/45. Buddy expects Gordon to pay within the discount period. Required: If an amount box does not require an entry, leave it blank. Question Content Area Prepare the journal entry to record the sale using the net method. Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)Shatner Importers, Inc. sells coffee pots for $120 each. On November 12, the company sold to a customer on account with terms of /15, n/30. The customer paid for 20 of the coffee pots on November 27 and paid for the remaining on 11th. Provide the necessary journal entries for Shatner to record these transactions under both the most-likely-amount and expected-value methods. For the most-likely-amount method, assume both that the customer will take the discount and won't take the discount. For the expected-value approach, assume that the customer is70% likely to take the discount and ignore any constraints on variable consideration. (Ignore the journal entry that would typically be necessary to record the reduction of inventory and cost of goods sold.) Round to two decimal places.b. Provide a comparison of the impact on the income statement for each method. begin by recording the transactions under the most-likely-amount method, assuming that the customer will take the…
- 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?Headland sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $536) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory To record cost of goods sold) Cash Accounts Receivable Accounts Receivable Sales Revenue To record sales) Cost of Goods Sold Inventory. To record cost of goods sold) Cash Accounts Receivable Sales Discounts Forfeited Debit CreditYou place an order for 1,000 units of Good X at a unit price of $47. The supplier offers terms of 2/25, net 45. a-1. How long do you have to pay before the account is overdue? a-2. If you take the full period, how much should you remit? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b-1. What is the discount being offered? (Enter your answer as a percent.) b-2. How quickly must you pay to get the discount? b-3. If you do take the discount, how much should you remit? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-1. If you don't take the discount, how much interest are you paying implicitly? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-2. How many days' credit are you receiving? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
- EA1. 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 saleB. the subsequent customer payment on March 10Rose Mixer Bhd. is a manufacturer of baking mixer. In January, Rose Mixer Bhd. agreesto sell baking mixers on credit to a customer, Ana Electrical Sdn Bhd. The baking mixerssold are:20 units of baking mixer Model A @ RM1,000 per unit40 units of baking mixer Model B @ RM600 per unitRose Mixer Bhd. gives a credit of 30 days to Ana Electrical Sdn. Bhd. for the debtsettlement.Required:a) Interpret are the goods sold current assets to Rose Mixer Bhd? b) Interpret are the assets sold considered items of trade receivables to Rose MixerBhd in accordance to MFRS 9 Financial Instruments?Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.
- You place an order for 310 units of inventory at a unit price of $160. The supplier offers terms of 1/15, net 90. a-1. How long do you have to pay before the account is overdue? Days until overdue days a-2. If you take the full period, how much should you remit? (Omit "$" sign In your response.) Remittance $ b-1. What is the discount being offered? Discount offered Remittance b-2. How quickly must you pay to get the discount? Number of days days b-3. If you do take the discount, how much should you remit? (Omit "$" sign in your response.) %6 $ c-1. If you don't take the discount, how much interest are you paying implicitly? (Omit "$" sign in your response.) Implicit interest $ c-2. How many days' credit are you receiving? Days' credit daysBotanic Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extend 60 days. On February 10, 2018, a customer purchases $4,000 of products (cost $2,000). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the expected sales return and cost of goods sold includes a: a. debit to cash and a credit to sales revenue of $4,000 b. debit to sales revenue and allowances of $800 and a credit to cost of goods sold of $400 c. debit to cost of goods sold and credit to inventory of $2,000 d. credit to estimated inventory returns of $400You place an order for 470 units of inventory at a unit price of $175. The supplier offers terms of 2/15, net 90. a-1. How long do you have to pay before the account is overdue? a-2. If you take the full period, how much should you remit? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b-1. What is the discount being offered? b-2. How quickly must you pay to get the discount? b-3. If you do take the discount, how much should you remit? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-1. If you don't take the discount, how much interest are you paying implicitly? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-2. How many days' credit are you receiving? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) a-1. Days until overdue a-2. Remittance b-1. Discount offered b-2.…
