On november 15, 2021. Fdn Sold merchandise to rossi company for 148,000 on terms 3/10, 2/10 n/30/ on novermber 18, 2021 analysis, experiments or assignments required is a MAJOR OFFENSE".Question 36FDN Trading had the following selected transactions on November 5:ones)Purchase of furniture on account, P24,000onsPurchase of steel trash bin for cash, P1,800Sale of merchandise for P37,000 less 10 on terms 30% down and the balance 2/10 n/30Hill CampusPaid for the repair of one air-conditioning unit, P3,280.PriveCollected a customer's account, P15,880How much was the total amount debited to Cash?E List26,980Appw-Hillect« Previous This is a CLOSED-NOTES quiz.Other than your main Canvas quiz page, you are NOT allowed to open any tabs nor open any applications during the quiz time. Not even Excel. Use your manual calculator for allIculations.-Be reminded of the provisions of Section 5.3.1.1 of the SH that states that "Cheating in any form during an examination, test, or written reports including reaction papers, casenalysis, experiments or assignments required is a MAJOR OFFENSE".Question 222 ptsFDN Trading uses periodic inventory system. On November 15, 2021, FDN sold merchandise to Rossi Company for P148,000 on terms 3/10, 2/20, n/30. OnNovember 18, 2021, Rossi returned to FDN goods worth P8,700 due to wrong specification. On November 25, 2021, Rossi made partial payment of P39,000. OnDecember 4, 2021, Rossi paid its account in fullL. How much should FDN Trading credit to Sales Revenue on November 15?Next• PreviousActivateGo SemiQuiz saved at 5:04pmSubmit Quiz29°C Mostly sunny

We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Question 36 FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of steel trash bin for cash, P1,800 Sale of merchandise for P37,000 less 10 on terms 30% down and the balance 2/10 n/30 Paid for the repair of one air-conditioning unit, P3,280. Collected a customer's account, P15,880 How much was the total amount debited to Cash? 26,980

Question 36 FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of steel trash bin for cash, P1,800 Sale of merchandise for P37,000 less 10 on terms 30% down and the balance 2/10 n/30 Paid for the repair of one air-conditioning unit, P3,280. Collected a customer's account, P15,880 How much was the total amount debited to Cash? 26,980

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.
On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect Amount of freight cost is P1,000 Assuming X Company issued a debit memorandurn for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will be
On December 28, 2021, Tristar Communications sold 19 units of its new satellite uplink system to various customers for $15,000 each. The terms of each sale were 3/15, n/30. Tristar uses the gross method to account for sales discounts. In what year will income before tax be affected by discounts, assuming that all customers paid the net-of-discount amount on January 6, 2022? By how much? in income before tax will be by
At Dec. 31, 2019. H&M Co. had gift certificates outstanding, which had been sold to customers during 2019 for P 100 each H& M operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at Dec. 31, 2019. * A.N one B.400,000 C.600,000 D.1,000,000
Hi kindly help me with these taxation problems, thanks in advance!
Castro Industries purchased $21,600 of merchandise on February 1, 2020, subject to a trade discount of 5% and with credit terms of 2/15, n/60. It returned $5,000 (gross price before trade or cash discount) on February 4. Castro paid one-half of the outstanding obligation on February 13. The remaining amount was paid 60 days after the date of purchase. Prepare the journal entries Castro would make for the purchase, the return, and the two payments using (1) the gross method and (2) the net method. Castro uses a periodic inventory system.
Pearl Commodities Company signed a long-term noncancelable purchase commitment with a major vegetable supplier to purchase produce in 2021 at a cost of $637,000. At December 31, 2020, the produce to be purchased has a market value of $573,300. Prepare any necessary December 31, 2020 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31
On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $21,500 annually for five years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. Glanville should record sales revenue in January 2021 of: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $107,500 $81,502 $89,652 None of these answer choices are correct.
On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Companywith terms 4/10, n/60. Nobes applies net cost method for purchases and pays this amount March 1, 2021.Make journal entries for Nobes, February 15, and March 1 st .
Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: The issuance of the note The payment of the note at maturity Journalize Zorzi Industries entries to record: The receipt of the note Receipt of the payment of the note at maturity On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold…
On May 1, 2021, Company A shipped merchandise costing $16,000 to Company B on consignment. Company A paid $1,400 in shipping costs to deliver the inventory. On September 30, 2021, Company B advised Company Athat all of the inventory had been sold for a total of $54,000. On October 15, 2021, Company A received payment from Company B for the proceeds, less a 12% commission. Required: Prepare all the journal entries for Company A to account for the transaction from April 2 through October 15.
Case From the following particulars of Al Zahra LLC for the year 2019, Al Zahra LLC. sold goods to General Trading Company on 1st Jan 2019 RO 20000, in that 25% of cash received immediately. The credit term was terms as 3/10 net 30, from the amount due on credit 50% was paid by General Trading Company on 18th January 2019 and the remaining amount was paid on 30th January, 2019. On 4th January, 2019, Goods sold to Mr. Ali on credit for RO 12000 was uncollectible because of his sudden death. Goods sold to Mr. Ahmed on credit on 5th March, 2019 for RO 6000 through credit card was received after one month ie: on 7th April, 2019, for that interest was @ 5%. Amount collected from current years sales was RO 150000 From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables and the total credit sales during the year 2019 was RO 180000the estimated amount of allowance for uncollectible was @ 10% The actual uncollectible amount during the year 2019…