Accounting problem with solution Question: Riverdale Hardware ordered inventory for $85,000 on credit. Thecompany later returned $12,500 worth of damaged merchandise and receiveda $4,200 discount for early payment. What is the final amount RiverdaleHardware must pay to the supplier?

Step 1: Definition of Final Amount Payable to SupplierThe final amount payable to a supplier is the…

Answered: Question: Riverdale Hardware ordered…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 26MC: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...

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A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
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Show Me How Purchase-Related T The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?
Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit.a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?b. What account is debited by Hoffman Company to record the return?
Barans Company purchased merchandise on account from a supplier for $9,200, terms 1/10, n/30. Barans returned $1,500 of the merchandise and received full credit. A. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $________________ B. What account is debited by Barans Company to record the return? Options are: 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Merchandise Inventory 5. Purchases 6. Sales 7. Sales Returns and Allowances
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Piedmont Company purchased merchandise on account from a supplier for $30000, terms 1/10, n/30. Piedmont Company returned $8000 of the merchandise and received full credit.lf Piedmont Company pays the invoice within the discount period, what is the amount of cash required for the payment? Add your answer
Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, terms 2/10, n/30. Elkhorn returned merchandise with an invoice amount of $8,000 and received full credit. If Elkhorn Company pays the invoice within the discount period, what is the amount of cash required for the payment? What account is debited by Elkhorn Company to record the return?
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A buyer received an invoice for P 6,000 dated June 10. If terms are 2/10, n/30, and the buyer paid the invoice within the discount period, what amount will the seller receive? P 6,000 P 5,880 P 4,800 P 120 The purchases discount account is a contra account to Account payable Purchases Sales Sales discount When a seller of merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a Credit memorandum Debit memorandum Official receipt Sales invoice When the seller advances the transportation cost and the terms of sales are FOB shipping point, the seller records the payment of the transportation cost by accounts accounts transportation The account that appears in the chart of accounts for a merchandising entity but not for a service entity is Accounts receivable Accumulated depreciation Advertising expense Sales return and allowances Olive Valenzuela Traders purchased merchandise from…
After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,800. a. What is the amount of the refund owed to the customer? b. Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank. (a) (b)
CDE1. Nezee Paints purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Nezee Paints returned $1,200 of the merchandise two days later and received full credit. 1. If Nezee Paints pays the invoice one day before the end of the discount period, what is the amount of the discount? 2. Under the perpetual inventory system, what account is credited by Nezee Paints to record the return? 3. Assuming the payment was made one day before the end of the discount period, what is the balance of the Merchandise Inventory account after these transactions?

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Question: Riverdale Hardware ordered inventory for $85,000 on credit. The company later returned $12,500 worth of damaged merchandise and received a $4,200 discount for early payment. What is the final amount Riverdale Hardware must pay to the supplier?