Chapter 7, Problem 7.20E

12.

Slinky Company purchased merchandise on June 10, 2021, at a price of $38,000, subject to credit terms of 3/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.Required:1. Prepare the journal entry to record the purchase.2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.

Vishano

Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.

Read through the information below for selected transactions during the month of December, 2021 and prepare the required jounal entry to record the transaction.  Post each of the entries below to the general ledger T-accounts attached .   Sold Merchandise for $5,000 to Lee Corp on account on December 9.  Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.

Recording Revenue and Receivables Under a Consignment Arrangement On March 15, 2020, Drexel Corp. provides goods to a retailer through consignment where Drexel Corp. retains ownership of the goods until the goods are sold to the retailer’s customer. Sale to the final customer is documented when the goods are scanned at the cash register of the retailer. Drexel Corp. receives a daily report on the number of units sold by the retailer to the end customer. Any unsold product can be returned to Drexel Corp. at anytime. Drexel Corp. has the right through the contract to recall any goods shipped and to transfer the goods to another retailer as a way to increase the rate of sales to the final customer. After the sale of the products to the final customer, the retailer cannot return the items to Drexel Corp. During March of 2020, Drexel Corp. transferred 720 units to the retailer, and the retailer sold 600 units. The product cost Drexel Corp. $80 per unit and the product was sold for $115 per…

Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $62,000 with terms 3/15, n/45. On June 12, 2025, Blossom received full payment for the June 1 sale. Prepare the required journal entries for Blossom Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 10 Credit

Meteor Co. purchased merchandise on March 4, 2021, at a price of $40,000, subject to credit terms of 4/10, n/30. Meteor uses the net method for recording purchases and uses a periodic inventory system.Required:1. Prepare the journal entry to record the purchase.2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on March 11, 2021 and April 2, 2021.

Carla Co, uses the gross method to record sales made on credit. On June 1, 2020, it made sales of S 45,000 with terms 4/15, n/45. On June 12, 2020, Carla received full payment for the June 1 sale