purchased furniture £5400 for sale on credit from home ltd
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purchased furniture £5400 for sale on credit from home ltd
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- g In | Federa x M UMassD Logor X EQuickLaunch -x K myCourses Da: x Univ of Mass - X * Cengage Die education.com mework i Saved View transaction list Journal entry worksheet 1 4 6 7 8 9. 10 cearch 近Purchase merchandise for resale $4,000 terms 4/10, n/30 on account. How much would the payment be made for assuming that the buyer took advantage of the discount.Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Returns and Allowances a. $14,800 - FOB shipping point, 1/10, n/30 $700 b. 11,500 $500 FOB shipping point, 1/10, n/30 1,400 c. 5,200 - FOB destination, 2/10, n/30 500 d. 4,300 200 FOB shipping point, 2/10, n/30 600 e. 3,600 - FOB destination, 2/10, n/30 -
- Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances a. $13,800 $251 FOB shipping point, 1/10, net 30 $1,400 Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances b. $4,900 $59 FOB destination, 2/10, net 45 $1,100BUS 038 : Business Computatns4. You buy goods on an invoice dated October 28, with terms of 2/20, n/45. What is the last day of the discount period?Bought goods on credit from B.Brown £1530 and I Jess £4162
- Required: Record the following transactions of Evelyn's Designs in a general journal: DATE TRANSACTIONS 20x1 April 1 Purchased merchandise on credit from American Fabricators, Invoice 885, $2,000, terms 1/10, n/30; freight of $100 prepaid by American Fabricators and added to the invoice (total invoice amount, $2,100). Paid amount due to American Fabricators for the purchase of April 1, less the 1 percent discount, Check 457. Purchased merchandise on credit from Kalyagin Company, Invoice 145, $1,600, terms 1/10, n/30; freight of $50 prepaid by Kalyagin and added to the invoice. Returned damaged merchandise purchased on April 15 from Kalyagin Company; received Credit Memorandum 332 for $200. Paid the amount due to Kalyagin Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. 15 17 24Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $9,400 $366 FOB Shipping Point, 1/10, net 30 $900 (b) $9,300 $77 FOB Destination, 2/10, net 45 $2,000 a. $fill in the blank 1 b. $fill in the blank 2Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. S b. $ Merchandise (Invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30 Returns and Allowances (Invoice Amount) $1,300 800
- Details of purchase invoices including shipping terms, credit terms, and returns appear below. Compute the total amount to be paid in full settlement of each invoice, assuming that credit for returns is granted before the expiration of the discount period and payment is made within the discount period. Invoice Freight and Credit Terms Transportation Charges Returns and Allowances a) $2,000 FOB destination, 3/10 n/45 $55 $200 b) $5,500 FOB shipping point, 2/10 n/30 $100 $50 c) $6,700 FOB shipping point, 2/10 n/45 $200 $350 d) $9,300 FOB destination, 2/10 n/60 $150 $5502:31 G ileo The following are taken from the records of Debit Credit Sales P764985 Purchase Discount 8200 Purchase returns and allowances 5465 Purchases 159990 Freight-in 9180 Sales Discount 13300 Sales returns and allowances 5455 Depreciation expense Amortization expense 25000 10000 Salarics cxpcnsc Utilities expense Advertising cxpensc Rent expense 80000 55000 35000 60000 Interest incomc 5440 Interest expense 5677 Gain on salc of PPE 5465 Bad debts expense ? Humility Company for the year ended December 31, 2019: Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: а. Net sales b. Net purchases I U A II B
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