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

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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
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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 >
Bramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms of 2/10, n/30. Kingbird returns $800 of merchandise that was damaged, along with a cheque to settle the account within the discount period. What is the amount of the cheque? $4704 $4000 $3920 $4800
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?
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On September 14, 2022, Blossom Company sells merchandise valued at $20000 on account to Pacifica Inc. with terms 3/10, n/30. Both Blossom and Pacifica use the periodic inventory system. Pacifica remits payment to Sampson on September 23. Blossom’s entry on that date is:
Meteor Co. purchased merchandise on March 4, 2021, at a price of $40,000, subject to credit terms of 4/10, n/30. Meteor uses the net method for recording purchases and uses a periodic 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 March 11, 2021 and April 2, 2021.

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