Answered: What amount should Norfolk debit to the…

Business

Accounting

What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13Q: If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the...

See similar textbooks

Related questions

Q: Journalize the following merchandise transactions: a. Sold merchandise on account, $19,400 with…

A: The journal entries for merchandise transactions are as follows:

Q: he entry to record the receipt of payment within the discount period on a sale of $2400 with terms…

A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…

Q: Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $4,200 (that had…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Merchandise subject to terms 2/10, r/30, FOB shipping point, is sold on account to a customer for…

A: Credit terms specify payment conditions, like discounts for early payment (e.g., 2/10, net 30).FOB…

Q: Merchandise costing $668 is sold for $1,230 on terms 2/10, n/30. If the buyer pays within the…

Q: Merchandise is sold on account to a customer for $13,600, terms FOB shipping point, 2/10, n/30. The…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Geran Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of…

A: The credit terms of 2/10, n/30 means that the total available credit term is 30 days. The purchaser…

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Given: Payments terms of 2/10, n/30, means that discount of 2% is valid for 10 days from the date of…

Q: Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount…

A: Income statement is one of the financial statements that shows the profitability, total revenue and…

Q: Purchase-Related Transactions The Stationery Company purchased merchandise on account from a…

A: Introduction: A perpetual inventory system is an inventory control technique that use a real-time…

Q: Sales-Related Transactions Merchandise is sold on account to a customer for $21,200, terms FOB…

A: Introduction:- The following basic information as follows under:- Gross sales $21,200 FOB shipping…

Q: Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the…

A: Solution: a) & b) Date Particulars Debit Credit Account Receivable A/c 4,200 To…

Q: Easy Patterns Fabric buys merchandise with a list price of $9,500. Use the net price, complement…

A: The complement of your trade- discount rate is 100 percent minus the discount rate. This is…

Q: Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and…

A: Journal entries are the transactions recorded by the business during a given financial year. These…

Q: Appendix 1: Gross method for sales discounts Schofield Co. sold merchandise on account to Bernard…

A: Payment terms = 2/10, n/30 Discount = $15,000 x 2% = $300

Q: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…

A: Perpetual inventory system: The perpetual inventory system records and updates the inventory after…

Q: Suppose a certain appliance store purchases the following items. Calculate the extended total after…

A: An invoice is a document given to the buyer by the seller to collect payment. It includes the cost…

Q: Sales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB…

Q: A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise to a…

A: Journal entry: It refers to the process of recording or accounting financial transactions of the…

Q: Details of a purchase invoice and related credit memo are summarized as follows: Invoice: Cost of…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Show Me How Purchase-Related T The Stationery Company purchased merchandise on account from a…

A: The terms of the discount are 2/10, n/30. 2/10 means that the buyer will get a discount of 2% if…

Q: Suppose a certain appliance store purchases the following items. Calculate the extended total after…

A: A trade discount also known as a functional discount or a wholesale discount, is a reduction in the…

Q: Merchandise is sold on account to a customer for $18,300, terms FOB shipping point, 1/10, n/30. The…

A: Accounts receivable: It is a current asset of an organization. It is the amount due from customers…

Q: Merchandise with a sales price of $5,100 is sold on account with terms 2/10, n/30. The journal entry…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Please do not give image format Kline Goods purchases merchandise with a catalog list price of…

A: Discount means reduction in price of the product for purpose of sale. Trade discount is that…

Q: Merchandise with a sales price of $5,700 is sold on account with terms 2/10, n/30. The journal entry…

A: Discount = Sales x cash discount rate = $5,700 x 2% = $114

Q: Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for…

A: Merchandise subject to terms 4/15, n/28, means there will be a cash discount of 4% if payment is…

Q: Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on…

A: The journal entries are prepared to record the transactions on regular basis. The sales revenue has…

Q: 1. Merchandise n/30. The S merchandise Record the fo a) Purchased the b) Recorded rec. c) Paid the…

A: Purchase : Goods bought in the business for the purpose of sale is known as goods purchased.…

Q: A retailer purchases merchandise with a catalog list price of $28,100. The retailer receives a 16%…

A: The trade discount is the amount that is reduced from the retail price of a product that is sold to…

Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,941. The retailer…

A: Trade discounts are the discounts allowed by the seller of goods to the buyer if a certain quantity…

Q: if merchandise is sold on account to a customer for 1,000 terms fob shipping point 1/10, n/30, and…

A: Discount for early payment is allowed when the customer pays off an amount in a given time period as…

Question

Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,300. The retailer receives a 21% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)?

a.$11,071

b.$14,300

c.$226

d.$11,297

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

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.
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
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer remitted payment within the discount window?
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?
Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,817. The retailer receives a 32% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a. $10,756 Ob. $15.817 Oc. $10.540 O d. $20.663
Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,390. The retailer receives a 45% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a. $8,295 b. $15,390 c. $22,146 d. $8,465
Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,941. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a.$10,459 b.$10,250 c.$19,214 d.$14,941
A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period (Round your answer to the nearest dollar)? Oa. $22,308 Ob. $21,862 Oc. $22,880 Od. $28,600