Homework Answers
| Term 3/10, n/30 means that normal credit period is 30days, however 3 percent cash discount will be given if payment made within 10 days. | ||||
| Discount will be 3% of 22,800 | ||||
| =22800*3% | ||||
| 684 | ||||
| Correct Option D i.e. $684 | ||||
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Merchandise subject to terms 3/10, n/30, FOB shipping point, is sold on account to a customer...
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer...
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer for $18,900. What is the amount of sales discount allowable? $18: $126 Os378 $193
Sales-Related Transactions Merchandise is sold on account to a customer for $21,600, terms FOB shipping point,...
Sales-Related Transactions Merchandise is sold on account to a customer for $21,600, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $380. a. Determine the amount of the sale. $ 21,3847 b. Determine the amount debited to Accounts Receivable. $ 21,764 c. Determine the amount of the discount for early payment. $ 216 d. Determine the amount due within the discount period. 21,548 X $
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10,...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount to be recorded as accounts receivable is: O $10,000 $10,050 $9,950 none of the above
Sales-Related Transactions Merchandise is sold on account to a customer for $8,000, terms FOB shipping point,...
Sales-Related Transactions Merchandise is sold on account to a customer for $8,000, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $300. a. Determine the amount of the sale. $ b. Determine the increase to Accounts Receivable. The answer for A) NOT 8000 AND THE ANSWER FOR B) NOT 8300 PLEASE HELP THIS IS THE 3RD TIME I SUBMIT THIS QUESTIONS .THANKS $
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point...
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point with prepaid freight of $700 added to the invoice. Assuming that a credit for merchandise returned of $800 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller2 Oa: $792 Ob. $15,748 Oc. $14,956 Od: $14,164
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for...
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,500. Emma Co, prepaid the $820 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make for the payment for the merchandise if Isabella Co, pays within the discount period? Oa. Accounts Payable --Emma Co., debit $10,500; Cash, credit $10,500 Ob. Accounts Payable-Emma Co., debit $11,215; Cash, credit $11,215 Oc. Accounts Payable-Emma Co., debit $10,500; Freight In, debit...
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for...
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,100. Pierce prepaid the $261 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $9,361; Sales, credit $9,361 Ob Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100 Oc. Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100, and Delivery Expense, debit $261; Cash, credit $261 Od. Accounts Receivable --Stanton, debit $9,009; Sales, credit $9,009, and Accounts Receivable - Stanton,...
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Paid rent for May, $2400. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $17,100. Paid freight on purchase of May 3, $300. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $32,600. The cost of the merchandise sold was $20,000. Received $10,600 cash from Halstad Co. on account, no discount. Sold merchandise for cash customer, $25,700. The cost of the merchandise sold was $15,000. Paid for merchandise purchased on May 3,...
Feb. 3 Purchased $3,600 of merchandise inventory on account under terms 1/10, nEOM and FOB shipping point.
Feb. 3 Purchased $3,600 of merchandise inventory on account under terms 1/10, nEOM and FOB shipping point. 7 Returned $800 of defective merchandise purchased on February 3 9 Paid freight bill of $100 on February 3 purchase. 10 Sold merchandise inventory on account for $4,500. Payment terms were 3/15, n/30. These goods cost the company $2,250. and the discount debt 12 Paid amount owed on credit purchase of February 3, less the return 28 Received cash from February 10 customer in full settlement of their...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer for $18,900. What is the amount of sales discount allowable? $18: $126 Os378 $193
Sales-Related Transactions Merchandise is sold on account to a customer for $21,600, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $380. a. Determine the amount of the sale. $ 21,3847 b. Determine the amount debited to Accounts Receivable. $ 21,764 c. Determine the amount of the discount for early payment. $ 216 d. Determine the amount due within the discount period. 21,548 X $
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount to be recorded as accounts receivable is: O $10,000 $10,050 $9,950 none of the above
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point with prepaid freight of $700 added to the invoice. Assuming that a credit for merchandise returned of $800 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller2 Oa: $792 Ob. $15,748 Oc. $14,956 Od: $14,164
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,500. Emma Co, prepaid the $820 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make for the payment for the merchandise if Isabella Co, pays within the discount period? Oa. Accounts Payable --Emma Co., debit $10,500; Cash, credit $10,500 Ob. Accounts Payable-Emma Co., debit $11,215; Cash, credit $11,215 Oc. Accounts Payable-Emma Co., debit $10,500; Freight In, debit...
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,100. Pierce prepaid the $261 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $9,361; Sales, credit $9,361 Ob Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100 Oc. Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100, and Delivery Expense, debit $261; Cash, credit $261 Od. Accounts Receivable --Stanton, debit $9,009; Sales, credit $9,009, and Accounts Receivable - Stanton,...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
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