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13. The following are transactions of the Morrison Company: a b. e. On November 5, sold...
please net price method
13. The following are transactions of the Morrison Company: On November 5, sold merchandise on account for $46,000 with terms of 3/15, n/30. a. On November 20, payment was received on $32,000 worth of merchandise sold on November 5. On December 5, further collections were made on $8,000 of merchandise sold on November 5 c. On December 8, merchandise sold for $4,000 on November 5 was returned by the purchaser and credit was granted by Morrison...
Problem Page Question Journalize the following transactions for Ramirez Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. May 9 Sold goods costing $6,000 to Bailey Company on account, $10,000, terms 5/10, n/30. May 15 Bailey Company was granted an allowance of $800 for returned merchandise that was previously purchased on account. The...
Journal Entries for Merchandise Transactions on Seller's and Buyer's Books—Perpetual System The following are selected transactions for Kim, Inc., during the month of June: June 21 Sold and shipped on account to Lowery Company, $4,000 ($2,000 cost) of merchandise, with terms of 2/10, n/30. 28 Lowery Company returned defective merchandise billed at $400 on June 21 ($200 cost.) 30 Received from Lowery Company a check for full settlement of the June 21 transaction. Required Prepare the necessary journal entries for...
During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Maglio Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18...
*Problem 5-1A Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $8,000 and Common Stock of $8,000. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. 2 Sold merchandise on account for $4,400, terms 2/10, n/30. The cost of the merchandise sold was $3,300. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed...
Sales Discounts On November 1, Rosario Company sold goods on account for $7,000. The terms of the sale were 3/10, n/40, allowing sales discounts to be taken against partial payments. Payment in satisfaction of $3,000 of this amount was received on November 9. Payment in satisfaction of the remaining $4,000 was received on December 9. 1. How much cash did Rosario Company collect from this $7,000 account? 2. Using the gross method, what journal entries would Rosario make on November...
The following transactions are for Metlock Company 1. On December 3, Metlock Company sold $536,100 of merchandise to Ivanhoe Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $317.400. 2. On December 8, Ivanhoe Co. was granted an allowance of $24,800 for merchandise purchased on December 3. 3. On December 13, Metlack Company received the balance due from Ivanhoe Co. Prepare the journal entries to record these transactions on the books of Metlock. Metlock uses a perpetual...
he following transactions are for Ivanhoe Company. 1) On December 3 Ivanhoe Company sold $535,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $326,000. (2) On December 8 Thomson Co. was granted an allowance of $18,000 for merchandise purchased on December 3, (3) On December 13 lvanhoe Company received the balance due from Thomson Co. (a) Prepare the journal entries to record these transactions on the books of Ivanhoe Company. Ivanhoe uses a...
Question 2 Part A and B A. Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego uses the gross method of accounting for cash discounts. What entry would Oswego make on April 12? Multiple Choice Accounts receivable 46,000 Sales 46,000 Accounts receivable 44,620 Sales discounts 1,380 Sales 46,000 Accounts receivable 44,620 Sales 44,620 Accounts receivable 46,000 Sales 44,620 Sales discounts 1,380 B. False Value...
1.Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of9,000 and M. Olaf, Capital of 9,000.Apr 2. Purchased merchandise on account from Dakota Supply Co. 6,9000, terms 1/10, n/30.4 Sold merchandise on account 5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was 4,100.5 Paid 240 freight on April 4 sale.6 Received credit from Dakota Supply Co. for merchandise returned 500.11 Paid...