Silver Co. sold merchandise to Copper Co. on account for $28,000, terms 3/10, net 30. The cost of the merchandise sold was $21,000. Silver Co. issued a credit memorandum for $3,000 for merchandise returned that originally cost $2,200. Copper Co. paid the invoice within the discount period. What is the amount of net sales from the transactions?

Silver Co. sold merchandise to Copper Co. on account for $28,000, terms 3/10, net 30. The cost of the merchandise sold was $21,000. Silver Co. issued a credit memorandum for $3,000 for merchandise returned that originally cost $2,200. Copper Co. paid the invoice within the discount period. What is the amount of net sales from the transactions?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

See similar textbooks

Similar questions

Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
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
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the retailer pay in cash if they received the discount?
When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00
What is the amount of net sales from the transactions on these accounting?
Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the merchandise sold is P15,500. Corinto Co. issued a credit memo for P1,750 for merchandise returned that originally cost P1,400. The Genesis Co. paid the invoice within the discount period. What is amount of net sales from the above transactions?
Abbey Co. sold merchandise to Gomez Co. on account, $35,100, terms 2/15, net 45. The cost of the merchandise sold was $13,900. Abbey Co. issued a credit memo for $3,900 for merchandise returned that originally cost $1,200. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?
What is the amount of net sales from the transactions on these financial accounting question?
Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?