Homework Answers
Answer -
1. Answer -
| No. | Transaction | General Journal | Debit | Credit |
| 1. | a. | Purchases | $15800 | |
| Accounts payable | $15800 | |||
| 2. | b. | Accounts payable | $15800 | |
| Cash | $15484 | |||
| Purchases discount | $316 | |||
| 3. | c. | Accounts payable | $15800 | |
| Cash | $15800 |
Calculation:
Here, Credit term of 2/10, n/60 means:
2 = Discount percentage on invoice price
10 = Discount period in days
n/60 = Net amount due within 60 days.
1. Purchases discount:
= Invoice price * 2%
= $15800 * 2%
= $316
2. Cash:
= Accounts payable - Purchases discount
= $15800 - $316
= $15484
2. Answer -
| No. | Transaction | General Journal | Debit | Credit |
| 1 | a. | Accounts receivable | $15800 | |
| Sales | $15800 | |||
| 2 | b. | Cash | $15484 | |
| Sales discount | $316 | |||
| Accounts receivable | $15800 | |||
| 3 | c. | Cash | $15800 | |
| Accounts receivable | $15800 |
Calculation:
Here, Credit term of 2/10, n/60 means:
2 = Discount percentage on invoice price
10 = Discount period in days
n/60 = Net amount due within 60 days.
1. Sales discount:
= Invoice price * 2%
= $15800 * 2%
= $316
2. Cash:
= Accounts receivable - Sales discount
= $15800 - $316
= $15484
Note: If needed to record the cost of goods sold.
| No. | Transaction | General Journal | Debit | Credit |
| 1 | a-2. | Cost of goods sold | $10776 | |
| Merchandise inventory | $10776 |
Add Answer to:
1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the...
required 1: prepare entries that the buyer records for the (a) purchase, (b) cash payment within...
required 1: prepare entries that the buyer records for the (a)
purchase, (b) cash payment within discount period, and (c) cash
payment after discount period.
Required 2: prepare entries the seller records for the (a)
sale, (b) cash collection within discount period, and (c) cash
collection after the discount period
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required 1: prepare entries that the buyer records for the (a)
purchase, (b) cash payment within discount period, and (c) cash
payment after discount period.
Required 2: prepare entries the seller records for the (a)
sale, (b) cash collection within discount period, and (c) cash
collection after the discount period
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 $20,400. The merchandise had cost Mesa $13,913....
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 $26,900. The merchandise had cost Mesa $18,346. 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 seller records for...
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4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 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 $24,300. The merchandise had cost Mesa $16,573. Assume that both buyer and seller use a perpetual inventory system and the gross method. ints 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and...
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