Santa Fe Retailing purchased merchandise “as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.
Santa Fe Retailing purchased merchandise “as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method.
1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period.
View transaction list
1 Record Santa Fe Retailing's purchase of merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.
2 Record payment by Santa Fe within the discount period.
3 Record payment by Santa Fe after the discount period.
2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period.
View transaction list
1 "Record Mesa Wholesaler's sale of merchandise "as is"
(with no returns) to Santa Fe Retailing with credit terms of 3/10, n/60 and an invoice price of $24,000.
2 Record the cost of the goods sold to Santa Fe, $16,000.
3 Record Mesa's receipt of payment from Santa Fe within the discount period.
4 Record Mesa's receipt of payment from Santa Fe after the discount period.
Homework Answers
Journal entries : Buyer
| No | General Journal | Debit | Credit |
| a | Merchandise inventory | 24000 | |
| Account payable | 24000 | ||
| b | Account payable | 24000 | |
| Cash (24000*97%) | 23280 | ||
| Merchandise inventory | 720 | ||
| c | Account payable | 24000 | |
| Cash | 24000 |
Journal entries : Seller
| No | General Journal | Debit | Credit |
| a | Account receivable | 24000 | |
| Sales revenue | 24000 | ||
| b | Cost of goods sold | 16000 | |
| Merchandise inventory | 16000 | ||
| c | Cash (24000*97%) | 23280 | |
| Sales discount | 720 | ||
| Account receivable | 24000 | ||
| d | Cash | 24000 | |
| Account receivable | 24000 | ||
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Santa Fe Retailing purchased merchandise “as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the difcount perlod, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a)...
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Santa Fe Retailing purchased merchandise “as is” (with no
returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and
an invoice price of $28,500. The merchandise had cost Mesa $19,437.
Assume that both buyer and seller use a perpetual inventory system
and the gross method.1. Prepare entries that the buyer records
for the (a) purchase, (b) cash payment within the discount
period, and (c) cash payment after the discount
period.2. Prepare entries that the sellerrecords for the (a) sale,...
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Santa Fe Retailing purchased merchandise “as is” (with no
returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and
an invoice price of $28,500. The merchandise had cost Mesa $19,437.
Assume that both buyer and seller use a perpetual inventory system
and the gross method.1. Prepare entries that the buyer records
for the (a) purchase, (b) cash payment within the discount
period, and (c) cash payment after the discount
period.2. Prepare entries that the sellerrecords for the (a) sale,...
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