120,000 TL + %10 VAT Merchandise is ordered. Bill of Exchange 30,000 TL is issued as an advance for the order. Do the journal entry.
Q: On November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign…
A: FOB states Fee on board. Here FOB shipping point term indicates that all expenses on transit after…
Q: 1) Machinary is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and…
A: Journal is the recording of financial transactions in the serial order by following the dual entity…
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A: 1) Average Account Receivable: Particulars Amount Daily Sales (200 x P2,500) 500,000 Days…
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Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…
A: Term 2/15, n/45 represent that the payment is due in 45 days and if the payment is made by the…
Q: ABC Company purchase 15,000 units of merchandise with a trade discount of 10% The list price is…
A: Gross Method of recording purchases is a method of recording Journal entry in books of account in…
Q: Given credit terms of 3/10, n/30 on a sale of $2,000, calculate the sales discount, assuming payment…
A: credit terms: 3/10 - means 3% discount given if payment is made within 10 days
Q: 1) Machinary is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and…
A: Journal entries : 1. Machinery is purchased Cost of machinery = 196000 TL Vat = 10% Transportation…
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: Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry…
A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…
Q: 2,000 es made during the period; uary 5,000 1,000 1,800 2,500 ust uired; . Using the…
A: Under LIFO method of Inventory Valuation the items purchased last will be sold at first.
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A: At time of purchase, inventory is debited with the purchase price for inventory and VAT account is…
Q: On May 10, ABC Company sold S35,000 of merchandise on credit, 3/10, n/30. On May 25, ABC received…
A: Solution: Journal Entry: Date Particulars Debit Credit May 10 Accounts Receivable 35,000…
Q: On November 15 20x1,. Lemon co. ordered merchandise, on an FOB shiping point term, from a foreign…
A: In case of foreign currency transactions the company must record the transaction in the reporting…
Q: 8) Rash sold merchandise on account worth $ 50000 and the cost of merchandise sold was $ 22000.…
A: Introduction: Journals: All the business transactions are to be recorded in Journal books. Another…
Q: 10) Order is delivered to customer .Customer closed the balance by issuing half check, half on…
A: Journal is a record of financial transactions that are entered date-wise. It is the first place…
Q: A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3.…
A: Term 2/10, net/30 means that if the payment of the credit sale is made within ten days, then a 2%…
Q: The following information was able from Acer Corporation’s books: 2022 Purchases Sales July…
A:
Q: ABC Company purchase 15,000 units of merchandise with a trade discount of 10% The list price is…
A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…
Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…
A: Sales discount = $1,100 x 2% Sales discount = $22
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: 12. On June 1, P16,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Prepare the journal entry Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30;…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: n November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign…
A: FOB states Fee on board. Here FOB shipping point term indicates that all expenses on transit after…
Q: The cost of December merchandise purchases would be: P255,000 P139,500 P235,500 P240,00
A: Budgeting seems to be the practice of defining performance targets and placing these into a written…
Q: Sales-related transactionsSayers Co. sold merchandise on account to a customer for $80,000…
A: Sales discount = Sales x discount rate = $80,000 x 2% = $1,600
Q: ecord purchase of 1,700 units for $187,000 on account ($110 each). : Enter debits before credits.…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The following data was available from OPZ Corporation's books: 2021 Purchases Sales January February…
A: Budgeting is a technique in which sales, purchases, overheads are forecasted using predetermined…
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A: The selling price decided by a seller for the product is known as the retail price. It is calculated…
Q: Goods totaling P 50,000 were purchased February 2 with terms of 2/10, n/30. Returns of P 10,000 were…
A: Formula: Net Purchases = Gross purchases - Purchase returns
Q: 16.Merchandise is sold for cash. The selling price of the merchandise is $6,000, and the sale is…
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Q: GINKGO-NUTS Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10,…
A: The business would receive purchase discount, if payment is made within the discount period as…
Q: ount. On June 20, it returned $2,400 of that merchandise. On June 24, it paid the balance owed for…
A: FOB shipping point is an agreement between the seller and the buyer that the risk of damage is on…
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: What is the amount of sales from the above transactions
A: Discount: - When ever we buy something, we ask the seller to reduce the price of the item. But…
Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…
A: Credit Term 2/15, net 45 means the Credit period is 45 Days dollar company has to make the payment…
Q: 7) Merchandise sold for 12.000 USD ($) 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: Goods totaling P50,000 were purchased February 2 with terms 2/10, n/30. Returns of p10,000 were made…
A: Here the terms 2/10, n/30 means 2% cash discount will be provided if payment is made with in 10 days…
Q: an invoice dated oct 15 shows list price of $82 for the merchandise plus $30 shipping and handling.…
A: Net purchase price = List price - trade discount = $82 - 82*20% = $65.60
Q: A $1,000 sale is made on May 1 with terms 2/10, n/30.Items with a $100 selling price are returned on…
A: The terms 2/10, n/30 means two percent discount will be given if payment is received within 10 days…
Q: A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping…
A: Merchandise Inventory Costing: In case of FOB Shipping, the buyer pays the shipping charges The…
Q: Feb 1. Analisa purchase merchandise with an invoice price of 280,000 and 3/10 , n/30 Feb 3. Analisa…
A: Under FOB Shopping terms, goods are meant to be under ownership of buyer when these are shipped by…
Q: ember 31, 2020: punts receivable Php 400,000 wance for uncollectible accounts8,400 ng completed the…
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Q: Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals ae…
120,000 TL + %10 VAT Merchandise is ordered. Bill of Exchange 30,000 TL is issued as an advance for the order. Do the
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- Journal entry transactions-double entry system 9) Customer returned 14.000 TL + %10 VAT merchandise . Cost of Goods Sold is 8.400 TL. Check is issued for Refund to ,returned merchandise andTL cash is paid for VAT. At the end of the month USD is : 7.10TL/ USD .36.Willy Company sold on credit merchandise having a list price of P200,000 with the following terms: trade discount of 10% and 5%; cash discount of 3% if the account is paid within 10 days from the invoice date; full amount is due in 30 days. If Willy Company uses the gross price method, what are the accounts and amounts debited upon collection within the discount period? a. Cash, 194,000; Sales Discounts, 6,000 b. Cash 165,870 c. Cash, 165,870; Sales Discounts, 5,130 d. Cash, 171,000; Sales Discounts Forfeited, 5,1309. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a a. debit to Sales Discounts for $300 b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.
- On June 22, The business sold merchandise for 11.000 TL (including 10% VAT) FOB Destination. The customer writes a check for 10.000 TL and signs a 9-month note with an annual interest rate of 4% for 1.000 TL. Which of the following journal entries would be made on June 22? O a. 10.000 TL debit to 101-R. Check; 1.000 TL debit to 121-N/R and 10.000 TL credit to 600-DS; 1.000 TL credit to 391-R.VAT O b. 10.000 TL debit to 103-OC&PO; 1.000 TL debit to 121-N/R and 11.000 TL credit to 600-DS O c. 10.000 TL debit to 103-OC&PO; 1.000 TL debit to 121-N/R and 9.900 TL credit to 600- DS; 1.100 TL credit to 391-R.VAT O d. 10.000 TL debit to 101-R. Check; 1.000 TL debit to 121-N/R and 9.900 TL credit to 600-DS; 1.100 TL credit to 391-R.VATOn April 25, The business sold merchandise for 55.000 TL (including 10% VAT) FOB Destination. The customer writes a check for 50.000 TL and signs a 9-month note with an annual interest rate of 6% for 5.000 TL. Which of the following journal entries would be made on April 25? a.50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT b.50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 50.000 TL credit to 600-DS; 5.000 TL credit to 391-R.VAT c.50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT d.50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 55.000 TL credit to 600-DSMerchandise 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
- Merchandise with a list prike of P 20,000 was purchased under the terms 2/10, n/30 vith trade discount of 10% and 5%. How much is tho cest of purchases to be recorded? O a P 16.758 P 17,000 P 17,100 P 20,000An item retailing for P10,000, subject to a trade discount of 25%, is paid for within the discount period on terms 2/10, n/30. What is the amount of payment? a. P7,350 b. P10,000 c. P7,400 d. P7,500Merchandise costing $714 is sold for $1,234 on terms 2/10, n/30. If the buyer pays within the discount period, When collection of cash within the 10 days, the debit to Cash will be $
- Merchandise costing $539 is sold for 1848 on terms 2/10, n/30. If the buyer pays within the discount period, when collection of cash within the 10 days the credit to accounts receivable will be $Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for $35,000. What is the amount of the cash discount allowed in case the customer pays within the discount period? Select one: a. $1,400 b. $9,800 c. $1,500 d. $5,250On October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 148.000 TL and signs a 9-month note with an annual interest rate of 8% for 50.000 TL. Which entry is made when the business receives the payment at maturity for the note received on October 13? O a. 54.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 4.000 TL credit to 642- Interest Revenue O b. 53.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 3.000 TL credit to 642- Interest Revenue O c. 53.000 TL debit to 100-Cash and 53.000 TL credit to 121-N/R O d. 54.000 TL debit to 100-Cash and 54.000 TL credit to 121-N/R