Sheffield Company on July 15 sells merchandise on account to Pharoah Co. for $4500, terms 2/10, n/30. On July 20 Pharoah Co. returns merchandise worth $1500 to Sheffield Company. On July 24 payment is received from Pharoah Co. for the balance due. What is the amount of cash received? O $2940 O $3000 O $2790 O $4500

Sheffield Company on July 15 sells merchandise on account to Pharoah Co. for $4500, terms 2/10, n/30. On July 20 Pharoah Co. returns merchandise worth $1500 to Sheffield Company. On July 24 payment is received from Pharoah Co. for the balance due. What is the amount of cash received? O $2940 O $3000 O $2790 O $4500

Name: Sheffield Company on July 15 sells merchandise on account to Pharoah
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Sheffield Company on July 15 sells merchandise on account to Pharoah Co. for $4500, terms2/10, n/30. On July 20 Pharoah Co. returns merchandise worth $1500 to Sheffield Company. OnJuly 24 payment is received from Pharoah Co. for the balance due. Wha

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

Leno Company sells goods to the Fallon Company for $14,000. It offers credit terms of 3/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A. 13,580 B. 420 C. 14,420 D. 14,000 Thanks ethethe
Provide correct answer
Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $19,430. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise. Note: Enter debits before credits. Date General Journal Debit Credit May 11
On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500
Please answer and explain all with working and steps answer in text
Entity J sold merchandise to Entity X on account, P23,000, terms 3/15, net 45. The cost of the merchandise sold is P18,500. Entity J issued a credit memorandum for P2,500 for merchandise returned that originally cost P1,900. Entity X paid the invoice within the discount period. What is the amount of net sales from the above transaction? A. 20,090 B. 20,467 О с. 19,885 O D. 16,102
Bramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms of 2/10, n/30. Kingbird returns $800 of merchandise that was damaged, along with a cheque to settle the account within the discount period. What is the amount of the cheque? $4704 $4000 $3920 $4800