On October 4, 2008, Terry Corporation had credit sales transactions of P2,800 from merchandise having cost P1,900. The entries to record the day's credit transactions include a
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On October 4, 2008, Terry Corporation had credit sales transactions of P2,800 from merchandise having cost P1,900. The entries to record the day's credit transactions include a
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- Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 4,948 Sales 4,948 November 10 Accounts Receivable-Welcome Incorporated Sales 1,758 1,758 November 13 Accounts Receivable-Zia Company Sales 1,031 1,031 November 21 Sales Returns and Allowances 266 Accounts Receivable-Zia Company 266 November 30 Accounts Receivable-Ski Shop 3,665 Sales 3,665 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Ending Balance 0 0 Sales Ending Balance Sales Returns and Allowances Ending Balance 0 Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Zia…M6-2 (Algo) Reporting Net Sales with Sales Discounts, Credit Card Discounts, and Sales Returns L06-1 Total gross sales for the period include the following: Credit card sales (discount 34) Sales on account (2/15, n/60) $10,000 $10,200 Sales returns related to sales on account were $250. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. $ 19,950.00 Net salesen June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7
- On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credit should jangles receive? What is jangles outstanding balance?company reported credit sale of 6252900 and cost of goods sold of 3300000 for the year. the acconunt receivable balance at the beginning and end of the year were 516000 and 581000. receivables turnover ratio is 1. 10.8 2. 6.0 3. 11.4 4. 5.7Merchandise costing $539 is sold for 1848 on terms 2/10, n/30. If the buyer pays within the discount period, when collection of cash within the 10 days the credit to accounts receivable will be $
- The credit terms offered to a customer by a Merchandise Business are 2/10, n/30, which means that a. The customer can deduct a 2% discount if the bill is paid within 30 days of the invoice date. The customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. c. The customer must pay the bill within 10 days. d. The customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.On January 15, Tundra Co. sold merchandise to customers for cash of $45,000 (cost $30,600). Merchandise costing $11,400 was sold to customers for $17,000 on January 17; terms 2/10, n/30. Sales totalling $321,500 (cost $216,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $78,600 (cost $52,700) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions. Required: Prepare journal entries for each of the transactions described (assume a perpetual inventory system). View transaction list Journal entry worksheet Record the sale of merchandise on terms 2/10, n/30.es Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 5,775 Sales 5,775 November 10 Accounts Receivable-Welcome Incorporated Sales 1,706 1,706 November 13 Accounts Receivable-Zia Company Sales 1,000 1,000 November 21 Sales Returns and Allowances 258 November 30 Accounts Receivable-Zia Company Accounts Receivable-Ski Shop 258 3,557 Sales 3,557 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Sales Ending Balance 0 0 Zia Company Ending Balance 0 0
- Nkome Traders, owner T Nkome, is a registered VAT vendor. The VAT rate applicable is 15%. Transactions: 20.3 February 3 Received and invoice (re-numbered to 20.3/105) from Bapela Wholesalers for merchandise purchased on credit for R18 975. 5 Some of the items to the value of R1 265 on invoice number 20.3/105 was not received. Issued a debit note for the amount. Bapela Wholesalers granted the claim and issued a credit note for the amount claimed. 10 Bought stationery, R1 035, from Big Stationers and received their invoice. 12 Received an invoice from Electronics Traders for the purchase of a new printer for R3 680. 17 Bought merchandise to the value of R21 965 from Bangani Wholesalers and received their invoice. Complete the given Purchases journal and Purchases returns journal for February 20.3.A customer purchased P5,000 of goods on credit from Discount Paper Supply on September 1. The customer received the bill on September 13 and mailed a P5,000 check on September 30. Discount Paper Supply received the check on October 4. In recording this transaction, Discount Paper Supply should credit Sales Revenue for P5,000 on _____Wildhorse Co. had net credit sales during the year of $1223200 and cost of goods sold of $712000. The balance in accounts receivable at the beginning of the year was $121200 and at the end of the year was $156800. What was the accounts receivable turnover? 10.8 7.5 5.6 8.8