Valenzuela Traders purchased merchandise from san Jose Suppliers for P3,600 list price, subject to a trade discount of 25%. The goods were purchased on terms of 2/10, n/30, FOB destination. Valenzuela paid P100 transportation costs. Valenzuela returned P400 (list price) of the merchandise to San Jose and later paid the amount due within discount period. The amount paid is a.
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- If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Oliver Valenzuela Traders purchased merchandise from San Jose suppliers for P3,600 list price, subject to a trade discount of 25%. The goods were purchased on terms 2/10,n/30, F.O.B. destination. Valenzuela paid P100 transportation costs. Valenzuela return P400 (list price) of the merchandise to San Jose and later paid the amount due within the discount period. What is the amount of payment?
- Valenzuela Traders purchased merchandise from san Jose Suppliers for P3,600 list price, subject to a trade discount of 25%. The goods were purchased on terms of 2/10, n/30, FOB destination. Valenzuela paid P100 transportation costs. Valenzuela returned P400 (list price) of the merchandise to San Jose and later paid the amount due within discount period. The amount paid isBell Corporation sold merchandise on account with a list price of $18,000 and a cost of $10,000. Payment terms were 1/10, n/30. Bell shipped the goods FOB destination and paid $600 in freight costs. Prior to payment of the invoice, the customer returned merchandise with a list price of $1,800 and a $1,000 cost. The customer paid the amount due within the discount period. What is Bell Corporation's net sales amount as a result of these transactions?Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?
- On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of P300,000. The goods were shipped by YGS on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to P200. YGS Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x27FN 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?On June 1, Compassion Company sold merchandise with a list price of P 1,000,000 to a customer. The entity allowed trade discounts of 20% and 10%. Credit terms were 5 / 10; n/30 and the sale was made FOB shipping point. The entity prepaid P50,000 of delivery cost for the customer as an accommodation. The customer paid in full on June 11. What amount is received from the customer as full remittance?
- transportation is prepaid by the seller, and that the invoice is paid within the 20. A sales invoice included the following information: merchandise price, P4,000; transportation, P300; terms 1/10, n/eom, FOB shipping point. Assuming thata credit for merchandise returned of P600 is granted prior to payment, that he transportation is prepaid by the seller, and that the invoice is paid within discount period, what is the amount of cash received by the seller? a. P3,366 b. P3,400 C. P3,666 d. P3,95023.Avocado Company regularly buys merchandise from Ukraine Company and is allowed trade discounts of 15% and 5% from the list price. On July 16, Avocado made a purchase and received an invoice with a list price of P120,000 and terms of 3/10; n/30. Shipping terms is FOB shipping point and freight cost amounted to P2,800. Avocado Company uses the net price method of recording its purchases. Assuming that the company paid the account on August 5, what is the cost of the merchandise purchases?On June 1 of the current year, Pitt Company sold merchandise with a list price of P 5,000,000 to Bull company. Pitt allowed trade discounts of 30% and 20%. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P 200,000 of delivery costs. What will be the remittance to be received by Pitt from Bull? a. P 2,744,000 b. P 2,940,000 c. P 2,944,000 d. P 3,140,000