What is the total balance of Sales Discount column in the Cash receipts journal on March 31, 2021?What is the total balance of Sales column in the Sales journal on March 31, 2021? Entity A sold merchandise to the following customers on March 1, 2021:Mar. 1BBB Co, P20,000' 10 trade discount, 2/10, n/30.Mar. 10CCC Co. P30,000; 2/10, n/30; returned: P5,000 defective goods on Mar. 15.Mar. 20DDD Co. P40,000; 3/10, n/30 returned: P7,000 low-quality merchandise onMarch 25Mar. 30EEE Co. P50,000 for cash with 10% trade discount.Entity A uses special journals. BBB, CCC and DDD within the discount period.

Cash Book is a special general in which all cash receipts and cash payments are recorded. cash book…

Answered: What is the total balance of Sales…

What is the total balance of Sales Discount column in the Cash receipts journal on March 31, 2021? What is the total balance of Sales column in the Sales journal on March 31, 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6E

See similar textbooks

Similar questions

Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was shipped FOB destination, and the second for 4,000 was shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019. Required: Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $19,400 with terms 1/10, n/30. The cost of the goods sold was $11,640. Sale fill in the blank x x fill in the blank Cost fill in the blank x x fill in the blank b. Received payment less the discount. fill in the blank x x fill in the blank c. Refunded $470 to customer for defective merchandise that was not returned. fill in the blank x x fill in the blank
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
Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $11,700. Emma Co. prepaid the $820 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make to record the payment for the merchandise if Isabella Co. pays within the discount period? Oa. Accounts Payable-Emma Co., debit $11,700; Freight In, debit $820; Cash, credit $12,520 Ob. Accounts Payable-Emma Co., debit $11,700; Cash, credit $11,700 Oc. Accounts Payable-Emma Co., debit $12,520; Merchandise Inventory, debit $117; Cash, credit $12,637 Od. Accounts Payable-Emma Co., debit $12,403; Cash, credit $12,403
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $66,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it bla b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Gr APR étv
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $90,000 terms 2/10, n/30. The cost of the goods sold was $62,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Sales transactionsJournalize the following merchandise transactions:a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800.b. Received payment less the discount.c. Refunded $600 to customer for defective merchandise that was not returned.
Marc Company sold merchandise to Jacobs Company on July 7, 2020 at a list price of P150,000, trade discounts of 8% and 5%, FOB shipping point. Transportation cost P1,000. Cash discount terms: 2/eom, n/60. Because defective merchandise with an invoice price of P7,000 was erroneously delivered, Marc Company issued a credit memorandum to the buyer on July 9. 2020. Jacobs Company paid in full the balance due on July 29, 2020. The invoice price of goods sold on July 7, 2020 is, (Ignore VAT).
Merchandise is purchased for $3,300 on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by the seller totaled $193. What is the cost of the merchandise if paid on September 12, assuming the discount is taken? Oa. $3,493 Ob. $3,559 Oc. $3,234 Od. $3,168
FN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?
Complete the Journal Entry
Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,500. What is the amount of sales discount allowable? O $134 O S390 O s189 Previous 6:31 PM 38) 3/22/2021