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

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Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 3.4C

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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.
Match the.last day the discount may be taken to each letter Invoice Date Date Merchandise was Last Date Received Terms for Cash Discount a. September 28 October 4 8/10 EOM b. July 28 August 2 8/10 ROG C. January 22 January 27 2/10 EOM d. March 21 March 27 2/10 ROG е. May 30 June 6 1/15, n/30 f. September 14 September 17 3/10,n/30
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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
Let's assume the merchandiser (buyer) pays after the discount period expires, how will the vendor (seller) journalize the Jeff. Fvpayment? Add the appropriate amount to the appropriate accounts provided below. Use the invoice provided.
Chapter 12 Homework eBook Show Me How Print Item Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228. 3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229. 5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230. 7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231. ACCOUNTS RECEIVABLE DEBIT Page: 1 SALES TAX PAYABLE CREDIT > SALE NO. POST. REF. SALES CREDIT DATE TO WHOM SOLD М.d 1 1 М. d 2 2 М.d М.d 4 4 3.
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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A retailer purchases merchandise with a catalog list price of $28,100. The retailer receives a 16% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period? O a. $23,132 O b. $24,166 O c. $23,604 O d. $28,100

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