QS 5-4 Computing net invoice amounts LO P1 Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise (gross) a. b. C. d. $ 9,600 26,900 84,200 21,500 Terms 2/10, n/60 1/15, EOM 1/10, n/30 3/15, n/45 Payment

QS 5-4 Computing net invoice amounts LO P1 Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise (gross) a. b. C. d. $ 9,600 26,900 84,200 21,500 Terms 2/10, n/60 1/15, EOM 1/10, n/30 3/15, n/45 Payment

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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QS 5-8 Recording sales, returns, and discounts taken LO P2 Prepare Journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $6,600, vith eredit terna n/30; invoice dated April 1. The cost of the merehandise is $3,960. Apr. 4 The customer in the April 1 sale returned $740 of nerchandise for ful1 credit. The nerchandine, which had cont $444, is returned to inventory. Apr. B Sold merehandise for $2,000, vith credit terma of 1/10, n/30, invoice dated April . Cost of the nerehandise is $1,960. Apr. 11 Received payment for the anount due from the April 1 nale leas the return on April 4. View transaction list Journal entry worksheet 2 3. 5. Sold merchandise for $6,600, with credit terms r30. Note Enter debits before credta Date General Journal Debit Credit Apr 01
Exercise 4-12A Effect of purchase returns and allowances and freight costs on the financial statements: Perpetual system LO 4-2, 4-4, 4-6 [The following information applies to the questions displayed below.] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles. Cash Inventory Common Stock Retained Earnings The following events affected the company during the Year 2 accounting period: Beginning Balances $6,110 3,010 7,360 1,760 1. Purchased merchandise on account that cost $4,100. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $215 cash. 3. Returned $465 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $280 allowance. 5. Sold merchandise that cost $2,650 for $4,750 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $110 cash. 7. Paid $2,850 on the merchandise purchased…
QS 5-4 (Algo) Computing net invoice amounts LO P1 Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. a. b. Merchandise (gross) $ $ GA GA C. $ d. $ 7,600 23,900 80,200 16,500 Terms 2/10, N/60 1/15, n/90 1/10, n/30 3/15, n/45 Payment
Problem 4-3 (ACP) collected charge amounted to P10.000. The account was within the discount period. Required: Prepare journal entries to record the transactions under the following freight terms: 1. FOB destination and freight collect 2. FOB destination and freight prepaid 3. FOB shipping point and freight collect 4. FOB shipping point and freight prepaid
ex 11-3 entries for discounting notes payable ramsey company issues an $800,000, 45-day note to Buckner company for mechandise inventory. Buck ner discounts the note at 7%
Question 18 Riggy Company provided you with the unadjusted selected accounts on December 31, 200E. P 850,000 50.000 P S00.000 Sales Less: Sales renurns Net Sales P 74,000 12,000 P 62,000 Accounts Receivable Less: Allow, for bad debts Net Realazable value Beginning inventory Ending inventory P45,000 60,000 Freight in Freight out 12,000 20,000 If bad debts are estimated to be 2% of Sales, how much would be debited to bad debts? P4,000 P 17,000 P 16,000 P5,000
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Trac 1 Post Meridian (PM) Co. uses the "installment sales method." PM Co. sells new merchandise costing P10,000 to a customer for P16,000. PM Co. accepts old merchandise with fair value of P3,000 as trade-in and gives the customer a trade-in value of P4,000. PM Co. subsequently collects P6,000 from the customer. Requirements: a. Prepare the journal entry to record the sale. b. Compute for the realized gross profit in the year of sale.
.ll Verizon LTE 11:37 AM 1@ 73% AA v2.cengagenow.com Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal The following were selocted from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.…
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