QS 5-9 Sale of merchandise: trade discount--perpetual L03As a co-op student, you are working as an accounts receivable cleric at Asian Foods. The controller asksyou to record a customer payment from Liu and Li Co. The sales mvoice is dated October 1, 2017 for$3,000 of tea and tapioca pearls. The payment terms are 4/20, n/60.a. Determine the beginning and end date of the discount period.b. Calculate the discount amount available.c. If today is October 20, record the journal entry.d. If today is October 23, record the journal entry.

a. Determine the beginning and end date of the discount period: The payment terms "4/20, n/60" mean…

Answered: QS 5-9 Sale of merchandise: trade…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.4C

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Chapter 11 Homework еBook Show Me How Print Item Trade Discount and Cash Discounts Instructions Chart of Accounts Calculations General Journal Instructions Merchandise was purchased on account from Grant's Distributors on June 12. The purchase price was $4,000, less a 10% trade discount and credit terms of 2/10, n/30. Required: 1. Calculate the net amount to record the invoice, less the 10% trade discount. 2. Calculate the amount to be paid on this invoice within the discount period. 3. Journalize the purchase of the merchandise on June 12 and the payment on June 22 (within the discount period) in a general journal. %3D
Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
Chapter 12 Homework eBook Show Me How Print Item Journalizing Cash Payments Sandcastles Northwest uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased April 3, $8,700, terms 2/10, n/30. Payment is made within the discount period. 19 Issued Check No. 430 to Finest Company for merchandise purchased April 10, $4,500, terms 1/10, n/30. A credit memo had previously been received from Finest Company for merchandise returned, $300. Payment is made within the discount period after deduction for the return dated April 12. 21 Issued Check No. 431 to Funny Follies for merchandise purchased March 21, $2,800, terms n/30. 29 Issued Check No. 432 to Classic Data for merchandise purchased April 20, $6,600, terms 2/10, n/30. Payment is made within the discount period. Page: POST, GENERAL…
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Complete journal entries 1-4 and show steps to solve please and thank you
6
Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. Show your solutions. Purchases Payment Invoice Date Mar 16 List Price 120,000 90,000 Trade Discount 5%,5% 10%,5% Date Paid Mar 25 Mar 19 Mar 29 Mar 22 180,000 5%, 10%, 15% Apr 03
Ch. 9 Practice Exercises (i Saved Help Sav 1 K 1 2 3 4 Sold $6,200 of merchandise on an assortment of bank dredit cards. These cards charge a 4% fee. eBook Hint Note: Enter debits before credits. Print Transaction General Journal Debit Credit ferences 2-a Cash Credit card expense Sales
Chapter 11 Homework eBook Show Me How Print Item Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Instructions Chart of Accounts General Journal General Ledger Accounts Payable Ledger Instructions Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts. March Transactions: Mar. Returned merchandise to Tower Industries, $500. Returned merchandise to A &D Arms, $600. Returned merchandise to Mighty Mansion, $325. 11 23 > General Ledger Account No. Account Balance Mar. 1, 20-- 202 Accounts Payable $7,950 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance Mar. 1, 20- A & D Arms Mighty Mansion $2,100 1,350 Tower Industries 4,500 Required: Journalize and post the transactions.
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QS 9-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.

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