sales invoice included the following information: merchandise price, $4,500; transportation, $300; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of $600 is granted prior to payment, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller?

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

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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: Describe each transaction. b. What was the invoice amount of the merchandise that was returned?

A: Accounts receivable:  It is a current asset of an organization. It is the amount due from customers…

Q: A sales invoice included the following information: merchandise price, P4,200; transportation, P320;…

A: Discount on payment = (sales - sales return) x discount rate = (4200-600)*1% = P36

Q: Merchandise with a sales price of $4,600 is sold on account with terms 2/10, n/30. The journal entry…

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Q: A sales invoice included the following information: merchandise price, $4,200; terms 1/10, r/eom;…

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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…

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Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…

A: 2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…

Q: need help with this ASAP, thanks.  A sales invoice included the following information: merchandise…

A: The buyer can avail discount if he makes the payment within the discount period.

Q: a. b. Merchandise $10,700 $13,300 a. $ b. $ Freight Paid by Seller $376 $58 Freight Terms FOB…

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Q: A sales invoice included the following information: merchandise price, $7,100; terms 1/10, n/eom;…

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A: Invoice is a document on which all goods / services providing details are mentioned. It includes the…

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

A: After the products are shipped from the seller's location, the buyer acquires ownership of them…

Q: Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10,…

A: Net Purchases = Purchases - Purchase return = $10,600 - $2,200 = $8,400

Q: 6-Which of the following document will be raised by the supplier at the time of Merchandise sales…

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A:

Q: The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit…

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A: Lets understand the basics.The journal entries are prepared to record the transactions on regular…

Q: Sales-related transactions. After the amount due on a sale of $22,600, terms n/eom, is received from…

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

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

A: Note: Under FOB destination, freight is the seller's expense and under the FOB shipping point,…

Q: Hider Company had a customer return merchandise purchased with cash with a sales price of $7,500.…

A: The journal entries are prepared to record the transactions on regular basis. Under estimated…

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: A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom;…

A: Sales - Return = Net Sales  Merchandise Price = $11,800 Prepaid Freight  = $560  Merchandise…

Q: Journalize the following merchandise transactions: a. Sold merchandise on account, $21,950 with…

A: The objective of this question is to journalize the given merchandise transactions. Journalizing is…

Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans…

A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…

Q: A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom,…

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

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.

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is