10) Order is delivered to customer .Customer closed the balance by issuing half check, half on account.Cost of Goods Sold is 116.000 TL. 11. 15.000 USD is paid by the customer for USD Merchandise Sale. Rate is 7.10 TL/USD 12) Customer returned 26.000 TL + 10% VAT merchandise. Cost of Goods Sold is 8.400 TL. Check is issued for returned merchandise and TL cash is paid for VAT.
Q: Date Transaction Journ April 3 Purchased merchandise for $2,950 on credit from Seth, Inc., terms…
A: Journal entries: It is the duty of the accountant to record business economic and non-economic…
Q: On January 15, Nifty Company sells merchandise on account to Martinez Associates for $5,000 with…
A: COncept - The term 3/10, n/30 Indicates that, If the payment is made within 10days then the…
Q: Complete the following table by entering the amounts of the effects of each transaction, including…
A: Every sale, sales return, credit discounts or sales discount transactions impact the Net sales and…
Q: On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of…
A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…
Q: a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in…
A:
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: On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30,…
A:
Q: On January 15 , Tundra Co. sold merchandise to customers for cash of $ 41,000 ( cost $ 28,000 ) .…
A: A journal entry is the act of keeping records of any transaction either economic or non-economic.…
Q: Sales and notes receivable transactionsThe following were selected from among the transactions…
A: Journal Entry for Notes Receivable The purpose of using the Notes Receivable in the firm to…
Q: On May 5, FDN Trading sold merchandise for P1,900,000 lesk 10-5 on terms 20% down, and the balance…
A: Net Sales - Net Sales is calculated by following formula - Net Sales = Gross Sales - Sales Return…
Q: Larson Company on July 15 sells merchandise on account to Stuart Company for $1,000 credit terms of…
A: Cash receivable from Larson Company on July 24 = $1,000 - $400 = $600
Q: MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIOn: 1)Merchandise acquired cost is…
A: Journal Entries are primary records maintained by the entity in the books of account, on the…
Q: MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is…
A: Journal: It is the first step of recording financial transactions. It is used to prepare the…
Q: A sales invoice included the following information: merchandise price, $7,100; terms 1/10, n/eom;…
A: The amount of cash that should be received by the seller = Invoice price + Freight charges –…
Q: Valley Company purchases merchandise on account for $6,236 from Corn Company with credit terms of…
A: The cash discount is allowed to buyer, if payment is made within discount period. The FOB shipping…
Q: 35 On November 2, 2010, Griffey Company has cash sales of $4,200 from merchandise having a cost of…
A: Cash sales means where goods are going out and cash in coming in . Four thing to be recorded :- Cash…
Q: On November 3, FDN Trading sold merchandise for P170,000 less 10-5 on terms 3/1O 2/20 n/30. Two days…
A: Gross sales = sales x (1- trade discount rate) x (1 - trade discount rate) = 170000*(1-0.10)…
Q: Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On December 27, 20x1, XYZ received a sales order for a credit sale of goods with selling price of…
A: given that, Selling price of goods = P45,000 Shippment cost = P4,500 Goods received by buyer = 2…
Q: MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS 10) Order is delivered to…
A: Value added tax is an indirect tax levied on the sale of goods or services on the value added by the…
Q: Pharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of…
A: Calculate the amount of check.
Q: On November 3, FN Trading sold merchandise for P200,000 less 10-5 on terms 3/10 2/20 n/30. Two days…
A: Discount - A discount is an amount or percentage that is reduced or subtracted from the actual…
Q: Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30.…
A: Purchase: Purchase is an activity of acquiring the merchandise inventory of a business.
Q: Company Crane sells $ 800 of merchandise on account to Company Blossom with credit terms of 1/15,…
A: Credit term: credit term is the conditions of credit payment set by a company an example of credit…
Q: 1. Amo Co. sold goods with a list price of $60,000 on Dec. 14. Because the customer is new to the…
A: Gross Price Method – Under gross price method Accounts Receivables are recorded at the gross value…
Q: On November 3, FDN Trading sold merchandise for P170,000 less 10-5 on terms 3/10 2/20 n/30. Two days…
A: Gross sales = sales x (1- trade discount rate) x (1 - trade discount rate) = 170000*(1-0.10)…
Q: On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of…
A: The term FOB shipping point refers to the free on board, which means that the sale completes when…
Q: A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom,…
A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…
Q: 9) Customer returned 14.000 TL + %10 VAT merchandise . Cost of Goods Sold is 8.400 TL. Check is…
A: Given sales returns amount = 14 TL VAT = 10% = 1.4 TL Cost of goods sold = 8.4 TL
Q: n January 4, JC sells merchandise costing $2,000 for $8,000 to RM with terms of 3/12, n30. On…
A: Solution Concept Credit term 3/12, n30 means that if the amount is paid within 12 days of the…
Q: 7) Merchandise sold for 12.000 USD ($) and %10 VAT. customer endorced (USD) check for merchandise…
A: Journal entries: Date Account journal Debit (TL) Credit (TL) 7 Bank (12x7.25) 87 Cash…
Q: Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card…
A: To Complete the given table following formulas are used:Net sales - Cost of Goods Sold = Gross…
Q: Python Company sells merchandise on account for $5,000 to Monte Company with credit terms of 2/10,…
A: Net Amount payable = Purchases - Purchase return = $5,000 - $1,500 = $3,500
Q: on May 15 ABC company sells merchandise on account to SAN Co. for $2,000, terms 2/10, n/30. On May…
A: Term Discount:- It is a discount which one party avail when it fulfills the required condition of…
Q: AKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS… 1)Merchandise acquired cost is…
A: Step 1 Journal is the part of book keeping.
Q: Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30.…
A: a) Net purchases = $32,100 - $8,600 = $23,500 Discount on purchases = $23,500 * 2% = $470 Cash…
Q: A company had the following transactions during December: Dec 1 Sold merchandise on credit for…
A: GIVEN Dec 1 Sold merchandise on credit for Php5,000, terms 3/10 n / 30 The items sold had a cost…
Q: n June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…
A: Journal entries are the foremost reporting of the business transactions in the entity's account…
Q: MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS… 1)Merchandise acquired cost is…
A: Financial transactions include the transactions which have monetary receipt or payment associated.…
Q: If the sun company sold merchandise for $1000 cash and the customer return the defective goods worth…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Merchandise costing $714 is sold for $1,234 on terms 2/10, n/30. If the buyer pays within the…
A:
Q: A customer purchased P5,000 of goods on credit
A: The sale revenue is recognized when right to receive payment in respect of the sale is established.
Q: During August 2018, Lima Company recorded the following: Sales of $133,300 ($122,000 on account;…
A: Note: Under Direct write off method, bad debts expense are recorded when company is sure that amount…
Q: On November 3, FDN Trading sold merchandise for P170,000 less 10-5 on terms 3/10 2/20 n/30. Two days…
A: The question is based on the concept of Financial Management.
Q: 1.On June 1, P8,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer…
A: When goods are sold on discount with credit terms of 1/10, n/30, the discount allowed will be 1% of…
Step by step
Solved in 2 steps with 4 images
- 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.MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is 114.000 +10 % VAT. Freight In was 6.000 TL +10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2) Machinary is purchased for 326.000 TL + %10 VAT, Note is endorced for purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half paid by check balance is on account. 3) Merchandise sold for 64.000 USD (rate 7.05 TL/ USD) + 10% VAT received note for sale. VAT paid cash. Cost of good Sold is 235.000 TL 4) Bank Credit Memorandum states that , 95.000 TL issued check is collected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for 384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid (cash) by the customer for USD Merchandise sale. Rate is 7.15 TL/USD. 7) Customer transferred 85 .000 TL to the Bank, to close the open account 8) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .…MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS…1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. .3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank.5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued,6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.7) Customer transferred 85 .000 TL to the Bank, to close the openaccount8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer…
- MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS…1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. .3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank.5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued,6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.7) Customer transferred 85 .000 TL to the Bank, to close the openaccount8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer…1) Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIOn: 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. . 3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL
- A sales invoice included the following information: merchandise price, $3,100; terms 1/10, n/eom; FOB shipping point with prepaid freight of $386 added to the invoice. Assuming that a credit for merchandise returned of $600 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? $3,451 $3,100 $600 $2,861A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $1,000 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. $9,413 Ob. $11,393 Oc. $990 Od. $10,403A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom; FOB shipping point with prepaid freight of $560 added to the invoice. Assuming that a credit for merchandise returned of $2,400 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? O $11,800 O $12,236 O S2400 O $9,866 Previous Next 6:28 PM 3/22/20 38) II
- A sales invoice included the following information: merchandise price, $12,400; terms 1/10, n/eom, FOB shipping point with prepaid freight of $300 added to the invoice. Assuming that a credit for merchandise returned of $1,000 (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 seller? a. $990 b. $13,566 c. $12,576 d. $11,586Affectionate Company sold merchandise on account for P500,000. The terms are 3/10, n/30. The related freight charge amounted to P10,000. The account was collected within the discount period. Required: Prepare journal entries to record the transactions under the following freight terms: FOB destination and freight collect FOB Destination and freight prepaid FOB Shipping point and freight collect 4. FOB Shipping point and freight prepaidFN 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?