General Accounting Using the following information, what is the amount of netsales?PurchasesMerchandise$32,000 Purchases discounts $960Merchandiseinventor September 5,700inventory6,3701September 30Sales returns and910Sales63,000allowancesPurchasesreturns1,200Freight In1,040and allowancesA. 28,970B. 63,130C. 63,000D. 62,090

Step 1: Define Net SalesThe value of net sales is determined by deducting the sales discount, sale…

Answered: Using the following information, what…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 16Q: A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms...

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The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255
1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $
Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. Show your solutions. Purchases Payment Invoice Date Mar 16 List Price 120,000 90,000 Trade Discount 5%,5% 10%,5% Date Paid Mar 25 Mar 19 Mar 29 Mar 22 180,000 5%, 10%, 15% Apr 03
A 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?
Using the ordinary dating method, calculate the discount date and the net date for thefollowing transactions.Date of Invoice Terms of Sale Discount Date(s) Net Date13. January 29 2/10, 1/20, n/60
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 merchandise
Answer the following items on the space provided. Show your computations as necessary.. Case 1 Yusuke Corporation records its purchases at gross amounts but wishes to change to recording of purchases net of purchase discounts. Discounts on purchases recorded from January 1, 20x1 to December 31, 20x1 totaled P80,000. Of this amount, P8,000 is still available in the accounts payable balance. the balances in Yusuke's accounts as of and for the year ended December 31, 20x1, before conversion are: Purchases P4,000,000 32,000 1,200,000 Purchase discounts Accounts payable Required: 1. The amount of purchase discounts lost to be recognized is 2. Accounts payable balance should be reduced by 3. The purchases account should be reduced by 4. Prepare the entry to record the conversion. Case 2 Summer Company offers a set of building blocks to customers who send in three (3) UPC codes from Summer cereal, along with P50.00. The blocks sets cost Summer P110 each to purchase and P60 each to mail to…
A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
Merchandise with a list prike of P 20,000 was purchased under the terms 2/10, n/30 vith trade discount of 10% and 5%. How much is tho cest of purchases to be recorded? O a P 16.758 P 17,000 P 17,100 P 20,000
EAssignmentMain.do?invoker%3D&takeAssignmes The following Information was taken from the accounting records of Bay Village Paving Co. for the month of January, 20-: Sales $857,000 Sales Returns and Allowances 1,876 Sales Discounts 627 Purchases 378,000 Purchases Returns and Allowances 9,560 Purchases Discounts 2,760 Frelght-In Merchandise Inventory, January 1 3,700 111,000 Merchandise Inventory, January 31 106,000 Complete a partial Income statement for the month of January, showing gross profit. Bay Village Paving Co. Income Statement (partial) For the month ended January 31, 20-- Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise Inventory, January 1 Purchases Purchases returns and allowances $ Purchases discounts Net purchases Frelght-In Cost of goods purchased Goods avallable for sale Merchandise Inventory, January 31 Cost of goods sold Gross profit check My Work 1more Chock My Work dnemanng
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 →
Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $17,000. What is the amount of sales discount allowable? $165 $103 $173 $340

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