Using the following information, what is the amount of net sales? Purchases Merchandise $32,000 Purchases discounts $960 Merchandise inventor September 5,700 inventory 6,370 1 September 30 Sales returns and 910 Sales 63,000 allowances Purchases returns 1,200 Freight In 1,040 and allowances A. 28,970 B. 63,130 C. 63,000 D. 62,090
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- laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acerA buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?Merchandise subject to terms 3/10, n/25, FOB shipping point, is sold on account to a customer for $20,000. What is the amount of the sales discount allowed in case the customer pays within the discount period? Select one: a. $600 b. $460 c. $150 d. $260
- Instructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandisePurchase merchandise for resale $4,000 terms 4/10, n/30 on account. How much would the payment be made for assuming that the buyer took advantage of the discount.2.19) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 1/1-1/19 1/20 1/21-1/22 1/23 1/24-1/31 $250.00 Average → Purchase $50.00 X Number of Days $225.00 x $275.00 x $275.00 x $25.00 x $25.00 x Total → 19 1 2 1 8 31 Sum of Balances I If the finance charge is 1.75% of the average daily balance, what is the finance charge is problem 2.19? Finance charge →
- what is the Credit for partial payment knowing that information?Journalize the following merchandise transactions: a. Sold merchandise on account, $12,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,060. Sale Cost b. Received payment within the discount od.Match the.last day the discount may be taken to each letter Invoice Date Date Merchandise was Last Date Received Terms for Cash Discount a. September 28 October 4 8/10 EOM b. July 28 August 2 8/10 ROG C. January 22 January 27 2/10 EOM d. March 21 March 27 2/10 ROG е. May 30 June 6 1/15, n/30 f. September 14 September 17 3/10,n/30
- Using the chart of accounts below. Prepare a journal entries of Quarantino Covidap under perpetual inventory system. Thank you!w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inp Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account, to a customer for $19,600. What is the amount of the sales discount allowable? a. $98 b. $392 c. $196 d. $490Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…