Required information [The following information applies to the questions displayed below.] Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the gross method of accounting for cash discounts is used. Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2024. The units have a list price of $640 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10 "/30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 No 1 Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the gross method of accounting for cash discounts is used. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Date General Journal November 17, 202 Accounts receivable Sales revenue Answer is not complete. Cash Sales discounts Accounts receivable Debit 72,000 70,560 X 1,440 Credit 72,000 72,000

Q: 29 - How are purchase refunds recorded to which account? A) From the purchase to the debt of the…

A: Purchase returns are always in a nature of returns made to the sellers and thus decreasing the…

Q: After the amount due on a sale of $22,400, terms 1/10, n/eom, is received from a customer within the…

A: The buyer has paid the amount within the discounted period.  So the refund will also be made after…

Q: Determine the amount to be paid in full settlement of each purchase invoice, assuming that credit…

A: In the case of FOB Shipping point Amount to be paid = ( Purchases - Return ) * ( 1 - Discount rate )…

Q: 1) Sohar trading has returned goods to supplier for the damaged goods during the month May 2019, it…

A: Whenever business purchases any goods, then it will be recorded in purchases book. At the time of…

Q: Calculate the missing information for the purchase. Item Selling Price (in $) Sales Tax Rate Sales…

A: Introduction:- The following Formula for purchase price after sales tax as follows:- Purchase price…

Q: sing the ordinary dating method, calculate the discount date and the net date for the transaction.…

A: Discount is amount to be paid below the invoice price of the goods and services to given to the…

Q: The journal entry to record the payment of merchandise on account with a discount under the Periodic…

A: Periodic inventory method: It is a inventory valuation method. In this method inventory account is…

Q: On October 10, 202X, Jackson Co. issued debit memorandum no. 1 for $380 to Ada Co. for merchandise…

A: Journal entry:Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Match each phrase with its definition. 1. Refers to credit terms where goods in transit are owned by…

A: Below is the definition of each phrase:

Q: Which of the following is correct when a company uses the net price method of recording receivables?…

A: Under net method, the sales are initially recorded with the net amount after deducting the amount of…

Q: (To record sales returns) Accounts Receivable Purchase Returns and Allowances (To record cost of…

A: The procedure via which a customer returns previously acquired goods to a business is known as a…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: Prepare general journal entries for the transactions above under the assumption that purchases are…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of…

A: FOB shipping point and FOB destination point are two important terms using during the transfer of…

Q: Purchase-related transactions The Stationery Company purchased merchandise on account from a…

A: Perpetual inventory system is an effective inventory system which is used to record inventory in a…

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: FOB SHIPPING POINT FOB shipping point explains that the ownership of the inventory is transferred to…

Q: 1. A purchaser dissatisfied with his purchases returns the goods to the seller for a cash refund.…

A: A perpetual inventory system, as opposed to a physical inventory, is a program that constantly…

Q: The journal entry to be recorded by the seller upon receiving payment from a customer who had…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Which of the following transaction is not recorded in the general journal? Select one: A. All of…

A: Correct option is A i.e.  All of the above

Q: Which two accounts are used to recognize shipping charges for a buyer, assuming the buyerpurchases…

A: The term "free on board" (FOB) relates to whether the vendor or customer is liable for damaged or…

Q: Prepare the Journal Entries for the following purchase transactions: I. Purchase of merchandise…

A: Journal entries recording is termed as first step in accounting cycle proces, in which atleast one…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A:

Q: When recording a purchase of inventory on credit, which accounts are typically affected? A) Debit…

A: When assets or expenses increases it should be debited and when decreases it should be…

Q: 6. Which of the following must be part of the cost of inventory? a. Transportation cost paid for the…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Determine the amount to be paid in full settlement of each of the following invoices, assuming that…

A: FOB shipping point explains that the ownership of the inventory is transferred to the purchaser once…

Q: An invoice received included the following information: merchandise price, $3,800; terms 1/10,…

A: Sales invoice:Sales invoice refers to the document which is used to inform the customer the amount…

Q: The purchase journal is____. Select one: A. all of the above B. used to record all purchases C.…

A: Correct option is C i.e. used only to record credit purchases

Q: Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns…

A: MERCHANDISE PURCHASED = MERCHANDISE - RETURN ALLOWANCE = $13,200 - $1,300 = $11,900   = MERCHANDISE…

Q: Sale of goods for cash would be recorded in the _______________ Select one: A. purchase journal B.…

A: Correct option is D i.e. cash receipts journal

Q: Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and…

A: A freight expense is a price associated with moving cargo from the source site to the destination…

Q: A sales invoice included the following information: merchandise price, P4,100; transportation, P320;…

A: • FOB  ( Destination)shipping point : Its the responsibility of buyer to pay the shipping charges .…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: Required Informatlon [The following information applies to the questions displayed below.] Now that…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: The journal entry to record a Purchase of Merchandise Inventory from Supplier for cash under…

A: As per the periodic inventory method, all the inventory related transactions are recorded through…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of…

A: The invoice is made against the account receivables.

Q: a. Explain TWO differences between the perpetual and the periodic systems.  b. How do we record a…

A: Perpetual Inventory System : In this system, inventory is tracked continuously at each movement. The…

Q: Travis Company purchased merchandise on account from a supplier for $12,000, terms 2/10, net 30.…

A: Under perpetual inventory system, inventory account is used instead of purchases account. For every…

Q: Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of…

A:

Q: Using the following excerpts from the Michigan Company’s financial statements and the list of terms…

A: Financial statements depicts the entity's profitability and exact final position.

Q: Compute the amount to be paid for each of the four separate invoices assuming that all invoices are…

A: Introduction:- Discount term "2/10, n/60" means If the invoice is paid within 10 days of its date, a…

Q: An invoice received included the following information: merchandise price, $3,200; terms 1/10,…

A: Sales invoice:Sales invoice refers to the document which is used to inform the customer the amount…