On November 1, 2015, Wrenns Martch sold merchandise with a cost of $5,000 for $10,000, FOB destination, with payment terms of 3/10, n/40, Wrenns paid transportation costs of $100. Of these, merchandise sold for $3,000 (with a cost of $1,500) was returned on November 6. The company received the payment for the balance amount on November 10, 2015. Calculate the Net sales revenue. a. $7,000 b. $4,790 c. $7,790 d. $6,790
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- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.On July 2, 2015, Lake Company sold to Sue Black merchandise having a sales price of $6,000 (cost $3,600) with terms of 2/10, n/30, f.o.b. shipping point. Lake estimates that merchandise with a sales value of $600 will be returned. An invoice totaling $120, terms n/30, was received by Black on July 6 from Pacific Delivery Service for the freight cost. Upon receipt of the goods, on July 3, Black notified Lake that $250 of merchandise contained flaws. The same day, Lake issued a credit memo covering the defective merchandise and asked that it be returned at Lake’s expense. Lake estimates the returned items to have a fair value of $100. The freight on the returned merchandise was $20 paid by Lake on July 7. On July 12, the company received a check for the balance due from Black. Questions: (a) Prepare journal entries for Lake Company to record all the events noted above assuming sales and receivables are entered at gross selling price. (b) Prepare the journal entry assuming that Sue…On June 16, 2013, llano Co. sold merchandise to PascualCo. for 6k terms 2/10, n/30. Shipping costs were 600. Pascual Co, received the goods and llano Co.'s invoice on June 17. On June 24, Pascual Co. sent the payment to llano Co., which llano Co. received on June 25. Both llano Co. and Pascual Co. use the periodic inventory system. The following are several arrangements regarding the shipping costs: a. Shipping terms are FOB shipping point, freight prepaid. Llano paid the shipping costs on June 16 and added the 600 cost to the invoice sent to Pascual. Pascual remitted 6480 on June 24.: 1. Prepare the entries for llano Co. to record sale and freight payment and the cash receipt. 2. Prepare the entries for Pascual Co. to record the purchase, (with shipping cost added to the invoice from Ilano) and the cash remittance b. Shipping terms are FOB destination, freight collect. Pascual Co. paid the shipping costs on June 17 and deducted the 600 from the amount owed to llano Co. A copy…
- Ex The following information is for BOUNTY Company for December 2015: 1. On December 1, purchased merchandise from CMU Company for $700 terms 2/10, n/30, FOB shipping point. 2. On December 7, paid freight cost $50 on merchandise purchased from CMU Company. 3. On December 12, sold merchandise to ALENA Company for $900, terms n/30. The merchandise sold had a cost of $600. 4. On December 15, received $100 credit from CMU Company for returned merchandise. Instructions: Prepare the journal entries to record these transactions for the month of December on the books of BOUNTY Company using a periodic inventory system.On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required:Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.(Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.(Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?
- On September 1, Jerry's Lighting purchased merchandise with a list price of $4,100 with credit terms of 3/10, n/60; freight of $200 prepaid and added to the invoice. On September 3, Jerry's returns of $500 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry's Lighting is;(Purchases Recorded, Gross Method) Cruise Industries purchased $10,800 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.Instructions(a) Assuming that Cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.(b) Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.(c) At what amount would the purchase on February 1 be recorded if the net method were used?Please answer the question correctly. Thank you.
- Please see below. Need help with this asap please and thank you.Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the following information: Total merchandise purchases for the year 7,000,000 Merchandise inventory at December 31 1,400,000 Collection from customers 4,000,000 All merchandise was marked to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible. What is the balance of accounts receivable on December 31, 2018?Please see below. I need help with this asap please and thank you.