On May 10, ABC Company sold S35,000 of merchandise on credit, 3/10, n/30. On May 25, ABC received the amount of this sales. What is the entry to record re amount on May 25? v Debit A. Sales 35,000 v Credit B. Cash 35,000 C. Merchandise inventory 35,000 D. Account receivable 35,000

On May 10, ABC Company sold S35,000 of merchandise on credit, 3/10, n/30. On May 25, ABC received the amount of this sales. What is the entry to record re amount on May 25? v Debit A. Sales 35,000 v Credit B. Cash 35,000 C. Merchandise inventory 35,000 D. Account receivable 35,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
.On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a cost of $20,000 Dr. Sales 50,000; Cr. Account receivable 50,000 .A ?What is the entry to record this sale v Dr. Account receivable 50,0003; Cr. Sales 50,000 .B Dr. Cost of good sold 20,000; Cr. Merchandise inventory 20,000 Dr. Account receivable 20,000; Cr. Sales 20,000.C Dr. Cash 50,000; Cr. Sales 50,000.D
On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a cost of $20,000. v What is the entry to record this sale? A. Dr. Account receivable 20,000; Cr. Sales 20,000 B. Dr. Account receivable 50,000; Cr. Sales 50,000 Dr. Cost of good sold 20,000; Cr. Merchandise inventory 20,000 C. Dr. Sales 50,000; Cr. Account receivable 50,000 D. Dr. Cash 50,000; Cr. Sales 50,000 Activate Wine « Question Go to Settings to Moving to another question will save this response.
EAssignmentMain.do?invoker%3D&takeAssignmes The following Information was taken from the accounting records of Bay Village Paving Co. for the month of January, 20-: Sales $857,000 Sales Returns and Allowances 1,876 Sales Discounts 627 Purchases 378,000 Purchases Returns and Allowances 9,560 Purchases Discounts 2,760 Frelght-In Merchandise Inventory, January 1 3,700 111,000 Merchandise Inventory, January 31 106,000 Complete a partial Income statement for the month of January, showing gross profit. Bay Village Paving Co. Income Statement (partial) For the month ended January 31, 20-- Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise Inventory, January 1 Purchases Purchases returns and allowances $ Purchases discounts Net purchases Frelght-In Cost of goods purchased Goods avallable for sale Merchandise Inventory, January 31 Cost of goods sold Gross profit check My Work 1more Chock My Work dnemanng
Orange Co. sold Red Co. merchandise on account FOB shipping point, 2/10, net 30, for 10,000. Orange Co. prepaid the 200 shipping charge. Using the perpetual inventory system, which of the following entries will Red Co. make if Red Co. pays within the discount period? a. Accounts Payable-Orange Co., debit 10,000; Transportation In, credit 200; Cash, credit 9,800 b. Accounts Payable-Orange Co., debit 10,200; Merchandise Inventory, credit 200; Cash, credit 10,000 c. Accounts Payable-Orange Co., debit 10,000; Transportation In, debit 200; Cash, credit 10,200 d. Accounts Payable-Orange Co., debit 10,200; Merchandise Inventory, debit 200; Cash, credit 10,400
On April 12, HK Company purchases inventory of 60.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made? O a. 60.000 TL debit to 153-lnventory; 6.000 TL debit to 191-D. VAT and 66.000 TL credit to 320- A/P O b. 66.000 TL debit to 153-Inventory and 60.000 TL credit to 320-A/P; 6.000 TL credit to 391- R.VAT O c. 54.545,45 TL debit to 153-Inventory; 5.454,55 TL debit to 191-D. VAT and 60.000 TL credit to 320-A/P d. 66.000 TL debit to 153-Inventory and credit to 320-A/P
On May 14, HK Company purchases inventory of 80.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made? a.88.000 TL debit to 153-Inventory and credit to 320-A/P b.80.000 TL debit to 153-Inventory; 8.000 TL debit to 191-D. VAT and 88.000 TL credit to 320-A/P c.72.727,27 TL debit to 153-Inventory; 7.272,73 TL debit to 191-D. VAT and 80.000 TL credit to 320-A/P d.88.000 TL debit to 153-Inventory and 80.000 TL credit to 320-A/P; 8.000 TL credit to 391-R.VAT
sournal entry? Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330.
ook ne nces Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2024, it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases, Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents) Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2021, the company redeemed 12,400 points and sold additional product of $155,000, so it recorded $167,400 of revenue. The aggregate stand-alone selling price of the purchased products is $167,400. Eighty percent of sales were cash sales, and the remainder were credit sales Required: 1. & 2. Prepare Supply Club's journal entry to record…