What is the amount of sales from the above transactions
Q: Abbey Co. sold merchandise to Gomez Co. on account, $10,400, terms 2/15, net 30. The cost of the…
A: Gross profit: It implies to the profit that is earned by the business after subtracting it's direct…
Q: 31. Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the…
A: Gross profit refers to the mandatory income statement entry in which Cost of Goods Sold is…
Q: Journalize the entries to record the sale on December 31. B. Journalize the entries to record the…
A: Given information is: Scheduled Co. Sold merchandise on account to Bernard Retail Inc. for $15,000,…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the…
A: Net sales = Total sales - Sales return = $42000 - $4000 = $38000 Cost of goods sold =Original cost…
Q: Love Co. sold merchandise to Kind Co. on account, P35,000, terms 2/15, net 45. The cost of the…
A: Cost of goods sold less return=Cost of goods sold-Return=P 24,500-P1,700=P 22,800
Q: Merchandise is sold on account to a customer for $17,800, terms FOB shipping point, 1/10, n /30. The…
A: The credit terms is 1/10, n/30 which means if the payment has been paid within 10 days, then 1%…
Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…
A: 2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…
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: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…
A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…
Q: Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for…
A: Here, sales value = $300 Discount rate = 1%
Q: Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of…
A: Gross profit is the profit earned by the entity after considering the cost of merchandise sold. It…
Q: Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10,…
A: Prepare journal entry for the sale of inventory.
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: 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: Silver Co. sold merchandise to Bronze Co. on account, P23,000, terms 2/15, ne 45. The cost of the…
A: The amount of a company's gross sales minus returns, allowances, and discounts is known as net…
Q: Merchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The…
A: FOB: FOB stands for free on board. FOB is term that determines the person who is liable for damage…
Q: Merchandise with a sales price of $3,000 is sold on account with terms 2/10, n/30. The journal entry…
A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…
Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: a. Sampson Co. sold merchandise to Batson Co. on account, $32,20o, terms 2/15, net 45. b. The cost…
A: Journal entries in the books of Sampson Co. sales discount = $32,200* 2% =…
Q: Sales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB…
A:
Q: Abbey Co. sold merchandise to Gomez Co. on account, $35,100, terms 2/15, net 45. The cost of the…
A: Gross profit margin is the profit arrived after considering all direct costs relating to the sale of…
Q: Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the…
A: Solution:- Calculation of net sales:-
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Sales-related transactions Sayers Co. sold merchandise on account to a customer for $83,000 terms…
A: According to the template given, Sales need to be recorded using the net method. Because under the…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: Accounts receivable = Selling price- discount = $11300-($11300×2%) =$ 11300 -$226 =$11074
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: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…
A: Credit Term 2/15, net 45 means the Credit period is 45 Days dollar company has to make the payment…
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: 23. Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of…
A: Journal Entries are used to journalize the transactions in the company books of Accounts.
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for…
A: Accounts Receivables:-It is the current assets that can be received within 12 months. It appears in…
Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…
A: Discount amount (if payment is made within discount period) = Sales x rate of discount
Q: Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The…
A: a.Calculate the net sales after discount.
Q: Assume the following information: merchandise is sold on account to customer for P120,000, FOB…
A: Under FOB Shipping arrangement, the responsibility of seller is to deliver the goods to the shipping…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the…
A: Gross Profit = Net Sales - Cost of Goods Sold
Q: Sampson Co. Sold merchandise to Batson Co., on account, $46,0000, terms 2/15, n/45. The cost of the…
A: Journal entries consist of all the business financial transactions. They are recorded in…
Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions
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- 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.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) 31.00Toby 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.
- Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?Merchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $590. Determine the following: a. Amount of the sale b. Amount debited to Accounts Receivable c. Amount received within the discount periodCorinto 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?
- 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 $285Abbey 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?Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021
- Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $55 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable-Stanton, debit $55; Sales, credit $55 b.Accounts Receivable-Stanton, debit $297; Sales, credit $297, and Accounts Receivable-Stanton, debit $55; Cash, credit $55 c.Accounts Receivable-Stanton, debit $355; Sales, credit $355 d.Accounts Receivable-Stanton, debit $55; Sales, credit $55, and Transportation Out, debit $300; Cash, credit $300Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $19,600; Sales, credit $19,600, andAccounts Receivable—Stanton, debit $500; Cash, credit $500 b.Accounts Receivable—Stanton, debit $20,000; Sales, credit $20,000 c.Accounts Receivable—Stanton, debit $20,000; Sales, credit $20,000, andDelivery Expense, debit $500; Cash, credit $500 d.Accounts Receivable—Stanton, debit $20,100; Sales, credit $20,100Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 of undiscounted merchandise returned which originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? A. $10,500 B. $30,772 C. $7,972 D. $31,400
