Calculate the net sales On November 1, 2015, Wrenns Martch sold merchandisewith a cost of $5,000 for $10,000, FOB destination, withpayment terms of 3/10, n/40, Wrenns paid transportationcosts of $100. Of these, merchandise sold for $3,000 (witha cost of $1,500) was returned on November 6. Thecompany received the payment for the balance amounton November 10, 2015.Calculate the Net sales revenue.a. $7,000b. $4,790c. $7,790d. $6,790

Explanation of Gross Sales Revenue:Gross Sales Revenue is the total sales amount a company earns…

Answered: On November 1, 2015, Wrenns Martch sold…

Principles of Accounting Volume 1

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ISBN:9781947172685

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Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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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.
Calculate the net sales revenue?
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On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.
(Sales with Returns) On June 3, 2017, Hunt Company sold to Ann Mount merchandise having a sales price of $8,000 (cost $6,000) with terms of n/60, f.o.b. shipping point. Hunt estimates that merchandise with a sales value of $800 will be returned. An invoice totaling $120 was received by Mount on June 8 from Olympic Transport Service for the freight cost.Upon receipt of the goods, on June 8, Mount returned to Hunt $300 of merchandise containing flaws. Hunt estimates the returned items are expected to be resold at a profit. The freight on the returned merchandise was $24, paid by Hunt on June 8. On July 16,the company received a check for the balance due from Mount.InstructionsPrepare journal entries for Hunt Company to record all the events in June and July.
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…
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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…
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?

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