Sold 3500 of merchandise on credit (cost of 2000), with terms 2/10, n/30, and invoice dated January 6. Record the transaction. Jan 6 Accounts Receivable 3430 Sales 3430 Jan 6 Cost of Goods Sold 2000 Merchandise Inventory 2000 Jan 6 Merchandise sold 2000 cash 2000 Jan 6 Accounts payable 3500 cash 3500 Jan 6 Accounts Receivable 3500 Sales 3500 Jan 6 Cost of Goods Sold 3500 Merchandise Inventory 3500 Jan 6 Accounts Receivable 3500 Sales 3500 Jan 6 Cost of Goods Sold 2000 Merchandise Inventory 2000

Sold 3500 of merchandise on credit (cost of 2000), with terms 2/10, n/30, and invoice dated January 6. Record the transaction. Jan 6 Accounts Receivable 3430 Sales 3430 Jan 6 Cost of Goods Sold 2000 Merchandise Inventory 2000 Jan 6 Merchandise sold 2000 cash 2000 Jan 6 Accounts payable 3500 cash 3500 Jan 6 Accounts Receivable 3500 Sales 3500 Jan 6 Cost of Goods Sold 3500 Merchandise Inventory 3500 Jan 6 Accounts Receivable 3500 Sales 3500 Jan 6 Cost of Goods Sold 2000 Merchandise Inventory 2000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285
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Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
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prepare a journal entry to record transaction Buyer buys merchandise for 3,000, credit terms 2/10 n/30. Merchandise cost 1800
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