Rashotte Company shipped out an order on February 14th (FOB destination) for a total of $18,367.23. The terms of payment are 5/10 net 30. The order arrived on February 15th. $1,595.61 worth of inventory was returned on February 16th since the customer was not happy with these units. On February 18th, a credit was granted for $3,502.04 since these items were not the right colour, but the customer kept them anyways. On February 20th, the customer paid Rashotte. What is the balance in the AR account on February 17th? a. $13,269.58 b. $18,367.23 c. $16,771.62 d. $19,962.84
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- cle Wholesaling sold merchandise on account, with terms n/60, to Sarah’s Cycles on February 1 for $1,200 (cost of goods sold of $700). On February 9, Sarah’s Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $190). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale. Required: 1. to 3. Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. 4. Calculate the gross profit percentage for the sale to Sarah’s Cycles.Yarn Imports Corp. is preparing an inventory listing, and is assigning a cost to inventory that arrived on December 29, two days before the end of the year. The following elements of potential cost have been identified: Invoice price; the amount was prepaid when the goods were ordered because the supplier offered a 5%. discount for payment up front. Goods were custom-manufactured for Yarn after the order date. The invoice price was for $74,800, less 5% HST on invoice price, $10,659 Interest on borrowed money between the time the deposit was paid and the goods were delivered, $650 Delivery charges, paid by the supplier, $1,050 Required: Calculate the value to include in inventory of Yarn Imports Corp. Value to be included in inventory $ 72,795Sandhill Wholesalers uses a perpetual inventory system.March. 1. Stellar Stores purchases $8,900 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB shipping point.2. The correct company pays $150 for the shipping charges.3. Stellar returns $1,000 of the merchandise purchased on March 1 because it was the wrong colour. Sandhill gives Stellar a $1,000 credit on its account.21.Stellar Stores purchases an additional $12,500 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB destination.22.The correct company pays $195 for freight charges.23.Stellar returns $450 of the merchandise purchased on March 21 because it was damaged. Sandhill gives Stellar a $450 credit on its account.30.Stellar paid Sandhill the amount owing for the merchandise purchased on March 1.31.Stellar paid Sandhill the amount owing for the merchandise purchased on March 21. Additional information: March.1. Sandhill's cost of the merchandise sold to Stellar was $4,100.3.…
- At the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to…At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $7,700. (Note:…
- At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…At the beginning of November, Yoshi Inc.’s inventory consists of 60 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 90 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30.November 3 Pay cash for freight charges related to the November 2 purchase, $231.November 9 Return 13 defective units from the November 2 purchase and receive credit.November 11 Pay Toad Inc. in full.November 16 Sell 100 units of inventory to customers on account, $14,000. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $3 per unit for the purchase discount, or $100 per unit.)November 20 Receive full payment from customers related to the sale on November 16.November 21 Purchase 70 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30.November 24 Sell 90 units of inventory to customers for cash, $12,600.Required:1. Assuming that Yoshi…
- At the beginning of November, Yoshi Inc.'s inventory consists of 69 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 85 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $340. November 9 Return 17 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,100. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight loss $3 per unit for the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 51 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30. November 24 Sell 60 units of inventory to customers for cash, $7,200. (Note: For calculating the…Jordache Corp. uses a perpetual inventory system and sells merchandise on account to Polo Limited for $2.000 on February 2, terms n/10. Management expects returns of 10%. The goods cost Jordache $800. On February 5, Polo returns merchandise worth $500 to Jordache. This merchandise costs $300 and is still in saleable condition; therefore, it was put back into inventory. On February 9, Jordache receives payment from Polo for the balance due. Identify the journal entry that Jordache needs to record for the sale of the merchandise on February 2. Accounts Receivable Sales Refund Liability Cash Accounts Receivable Accounts Receivable Sales Accounts Receivable Sales 2,000 1,800 1.800 2,000 1,800 200 1,800 1,800 2,000At the beginning of November, Yoshi Inc's inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to customers for cash, $7,400. (Note: For calculating the…
