p. 288 PE 6-2B Purchases transactions OBJ. 2 Wiseman Company purchased merchandise on account from a supplier for $85,000, terms 1/10, n/30. Wiseman Company returned $9,800 of the merchandise and received full credit. a. If Wiseman Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is debited by Wiseman Company to record the return? 3 p. 291 PE 6-3A Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise. OBJ. 2

p. 288 PE 6-2B Purchases transactions OBJ. 2 Wiseman Company purchased merchandise on account from a supplier for $85,000, terms 1/10, n/30. Wiseman Company returned $9,800 of the merchandise and received full credit. a. If Wiseman Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is debited by Wiseman Company to record the return? 3 p. 291 PE 6-3A Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise. OBJ. 2

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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Question

**Purchases and Sales Transactions Exercises**

**PE 6-2B: Purchases Transactions**

Wiseman Company purchased merchandise on account from a supplier for $85,000, with terms 1/10, n/30. Wiseman Company returned $9,800 of the merchandise and received full credit.

a. If Wiseman Company pays the invoice within the discount period, what is the amount of cash required for the payment?

b. What account is debited by Wiseman Company to record the return?

---

**PE 6-3A: Sales Transactions**

Journalize the following merchandise transactions:

a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900.

b. Received payment less the discount.

c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.

---

*Note: These exercises focus on applying accounting principles related to purchasing and sales transactions, including handling discounts, returns, and credit memos.*

**© 2021 Cengage Learning. All Rights Reserved.**

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