Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30

Question

Question

Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30

Purchase-Related Transactions

Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30. Warwick's returned $3,000 of the merchandise, receiving a credit memo. a. Journalize Warwick's Co's entry to record the purchase.

b. Journalize Warwick's Co.'s entry to record the merchandise return

c. Journalize Warwick's Co, entry to record the payment within the discount period of ten days.

d. Journalize Warwick's Co. entry to record the payment beyond the discount period of ten days. If an amount box does not require an entry, leave it blank.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

a.19000

b. 3000

c. Amount Payable = 19000-3000= 16000

Discount amount = 16000*2% = 320

Amount of journal entry is=16000-320=

d. account payable dr 16000

To cash 16000

Add a comment

Answer 2

Similar Homework Help Questions

Warwick's Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account

Warwick's Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 1/10, 1/30. Warwick's returned $3,600 of the merchandise, receiving a credit memo. a. Journalize Warwick's Co.'s entry to record the purchase. b. Journalize Warwick's Co.'s entry to record the merchandise return. c. Journalize Warwick's Co. entry to record the payment within the discount period of ten days. d. Journalize Warwick's Co. entry to record the payment beyond the discount period of ten days.
Stylon Co., a women's clothing store, purchased $26,000 of merchandise from a supplier on account

Purchase-Related TransactionsStylon Co., a women's clothing store, purchased $26,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,400, receiving a credit memo.a. Journalize Stylon’s entry to record the purchase. If an amount box does not require an entry, leave it blank.b. Journalize Stylon’s entry to record the merchandise return. If an amount box does not require an entry, leave...
Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on...

Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Poff's returned $2,700 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Poff's Co.'s entry to record the purchase. If an amount box does not require an entry, leave it blank. b. Journalize Poff's Co.'s entry to record the merchandise return. If an amount box does not require...

Warwick's Co, a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms...

Warwick's Co, a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Warwick's returned $3,100 of the merchandise, recelving a credit memo. a. Journalize Warwick's Co.'s entry to record the purchase. Inventory 21,780 Accounts Payable 21,780 Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable Learning Objective 2 b. Journalize Warwick's Co.'s entry to record the merchandise return Accounts Payable 3,069 Inventory 3,069 1 Check My Work b. A...
Warwick’s Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account

Purchase-Related TransactionsWarwick’s Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $3,100 of the merchandise, receiving a credit memo, and then paid the amount due within the discount perioda. Journalize Warwick’s Co.'s entry to record the purchase.b. Journalize Warwick’s Co.'s entry to record the merchandise return.c. Journalize Warwick’s Co.'s entry to record the payment.
Mayn Co, a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms...

Mayn Co, a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB returned $2,900 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Mayn Co.'s entry to record the purchase. destination, 2/10, n/30. Mayn Co. Merchandise Inventory Accounts Payable Feedbad b. Journalize Mayn Co.'s entry to record the merchandise return. Accounts Payable.->< Merchandise InventoryY Feedbad c. Journalize Mayn Co.'s entry to record the payment. Cash

Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on...

Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Milan Co. returned $16,000 of the merchandise, receiving a credit memorandum, and then paid the amount due within the discount period. Illustrate the effects on the accounts and financial statements of Milan Co. to record the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box...
Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on...

Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Milan Co. returned $16,000 of the merchandise, receiving a credit memorandum, and then paid the amount due within the discount period. Illustrate the effects on the accounts and financial statements of Milan Co. to record the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box...
277 Chapter 5 Accounting for Retail Businesses EX 5-7 Purchase-related transactions Obj. 2 $39,690 Stylor Co.,...

277 Chapter 5 Accounting for Retail Businesses EX 5-7 Purchase-related transactions Obj. 2 $39,690 Stylor Co., a women's clothing store, purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an invoice amount of $7,500, receiving a credit memo. Journalize Stylon's entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days.

Stylon Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms...

Stylon Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $9,900, receiving a credit memo. Journalize Stylon’s entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days. Refer to the Chart of...

Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30

Homework Answers

Add Answer to:
Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30

Post as a guest

Earn Coins

Warwick's Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account

Stylon Co., a women's clothing store, purchased $26,000 of merchandise from a supplier on account

Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on...

Warwick's Co, a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms...

Warwick’s Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account

Mayn Co, a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms...

Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on...

Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on...

277 Chapter 5 Accounting for Retail Businesses EX 5-7 Purchase-related transactions Obj. 2 $39,690 Stylor Co.,...

Stylon Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms...

Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30

Homework Answers

Add Answer to: Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30

Post as a guest

Earn Coins

Add Answer to:
Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30