On February 1, 2021, Marigold Company sells merchandise on account to Ivanhoe Company for $6470. The entry to record thistransaction by Marigold Company isNotes Receivable6470Accounts Receivable6470Sales RevenueAccounts Payable64706470Accounts Receivable6470Sales Revenue6470Cash6470Sales Revenue6470

Step 1: Analyze the transaction.Marigold sold items on credit to Ivanhoe for 6470this means that…

Answered: On February 1, 2021, Marigold Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

12.
Song, Inc. (seller), engaged in the following transactions during January 2019: Song, Inc. DATE TRANSACTIONS 2019 Jan. 8 Received payment of $2,058 on account from Bowden Company in payment of Invoice 1885 dated December 30, 2018, less cash discount of $42. 10 Sold merchandise for $1,550 on account to Bowden Company, Invoice 1920, terms 2/10, n/30. 15 Issued Credit Memorandum 320 to Bowden Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Received payment from Bowden Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount. 30 Sold merchandise for $3,300 to Bowden Company, Invoice 1950; terms 2/10, n/30. Required: Journalize the transactions above in a general journal for Song, Inc. No Date General Journal Debit Credit 1 Jan 08, 2019 2 Jan 10, 2019…
Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,500. What is the amount of sales discount allowable? O $134 O S390 O s189 Previous 6:31 PM 38) 3/22/2021
Haha
Concord Company made a purchase of merchandise on credit from Ivanhoe Company on August 8, for $9700, terms 2/10, n/30. On August 17, Concord makes the appropriate payment to Ivanhoe. The entry on August 17 for Concord Company is: A) Accounts Payable 9700 Cash 9700 B) Accounts Payable 9700 Inventory 194 Cash 9506 C) Accounts Payable 9700 Purchase Returns and Allowances 194 Cash 9506 D) Accounts Payable 9506 Cash 9506
On January 10, 2022, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30, On February 9, Robertsen Co. gave Cullumber Co.a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation) Date Jan 10 4 Feb. 9 # Debit Credit 1000
Slinky Company purchased merchandise on June 10, 2021, at a price of $38,000, subject to credit terms of 3/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.Required:1. Prepare the journal entry to record the purchase.2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.
Concord Company made a purchase of merchandise on credit from Pharoah Company on August 8, for $8300, terms 3/10, n/30. On August 17, Concord makes the appropriate payment to Pharoah. The entry on August 17 for Concord Company is: Accounts Payable 8300 Purchase Returns and Allowances 249 Cash 8051 Accounts Payable 8300 Cash 8300 Accounts Payable 8300 Inventory 249 Cash 8051 Accounts Payable 8051 Cash 8051
On January 10, 2020, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30. On February 9, Robertsen Co. gave Cullumber Co. a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit >
Recording Revenue and Receivables Under a Consignment Arrangement On March 15, 2020, Drexel Corp. provides goods to a retailer through consignment where Drexel Corp. retains ownership of the goods until the goods are sold to the retailer’s customer. Sale to the final customer is documented when the goods are scanned at the cash register of the retailer. Drexel Corp. receives a daily report on the number of units sold by the retailer to the end customer. Any unsold product can be returned to Drexel Corp. at anytime. Drexel Corp. has the right through the contract to recall any goods shipped and to transfer the goods to another retailer as a way to increase the rate of sales to the final customer. After the sale of the products to the final customer, the retailer cannot return the items to Drexel Corp. During March of 2020, Drexel Corp. transferred 2,400 units to the retailer, and the retailer sold 2,000 units. The product cost Drexel Corp. $80 per unit and the product was sold for $115…
Recording Revenue and Receivables Under a Consignment Arrangement On March 15, 2020, Drexel Corp. provides goods to a retailer through consignment where Drexel Corp. retains ownership of the goods until the goods are sold to the retailer’s customer. Sale to the final customer is documented when the goods are scanned at the cash register of the retailer. Drexel Corp. receives a daily report on the number of units sold by the retailer to the end customer. Any unsold product can be returned to Drexel Corp. at anytime. Drexel Corp. has the right through the contract to recall any goods shipped and to transfer the goods to another retailer as a way to increase the rate of sales to the final customer. After the sale of the products to the final customer, the retailer cannot return the items to Drexel Corp. During March of 2020, Drexel Corp. transferred 720 units to the retailer, and the retailer sold 600 units. The product cost Drexel Corp. $80 per unit and the product was sold for $115 per…
Eastman Corporation sells merchandise with a list price of $13,000 on February 1, 2019, with terms of 1/10, n/30. On February 10, 2019, payment was received on merchandise originally billed for $7,500, and the balance due was received on March 1, 2019. Required: 1. Prepare the journal entries to record the preceding information assuming that Eastman records accounts receivable and sales at (a) the gross price and (b) the net price. 2. Next Level What implied annual interest rate is Eastman’s customer incurring by failing to take the cash (sales) discount? (Assume a 365-day year.) 3. Next Level Which method—recording accounts receivable at the gross price or net price—is theoretically superior? Why?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS