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Question 1 3 pts ini m 3. $7,000 of merchandise inventory was ordered on September 2,...
1. 2. 3. $7,000 of merchandise inventory was ordered on September 2, 2009 $3,000 of this...
1. 2. 3. $7,000 of merchandise inventory was ordered on September 2, 2009 $3,000 of this merchandise was received on September 5, 2009 On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. On September 10, 2009, $800 of the merchandise was returned to the seller. 4. Based on the above information, what would the journal entry for September 10, 2009 include? O...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
Based on the following information, what would be recorded as purchases discount if the invoice is...
Based on the following information, what would be recorded as purchases discount if the invoice is paid within the discount period? 1. $5,000 of merchandise inventory was ordered on April 2, 2016. 2. $2,000 of this merchandise was received on April 5, 2016. 3. On April 6, 2016, an invoice dated April 4, 2016, with terms of 2/10, net 30 for $2,150 which included a $150 prepaid freight cost, was received. 4. On April 10, 2016, $500 of the merchandise...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point wit...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,200 added to the invoice. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a.$990 b.$7,833 c.$9,813 d.$8,823
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point...
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point with prepaid freight of $700 added to the invoice. Assuming that a credit for merchandise returned of $800 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller2 Oa: $792 Ob. $15,748 Oc. $14,956 Od: $14,164
Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers,
Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers, $ 3,500. Terms 1 / 15, n / E O M, FOB shipping point.4 Paid freight bill of $ 75 on September 3 purchase.4 Purchase merchandise inventory for cash of $ 1,900.6 Returned $ 400 of inventory from September 3 purchase.8 Sold merchandise inventory to Harvey Company, $ 6,300, on account. Terms 1 / 15, n / 35. Cost of goods, $ 2,8359 Purchased merchandise inventory on account from Tripp...
Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory...
Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Red Hawk estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount) (Click the icon to view the transactions.) More Info More Info Sep. ing:...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30;...
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30; freight of $20 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $3,020) Paid amount due to 0'Rourke Fabricators for the purchase of April 1, less the 1 percent discount, Check 457 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,250, terms 1/10, n/30; freight of $75 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on...
1. 2. 3. $7,000 of merchandise inventory was ordered on September 2, 2009 $3,000 of this merchandise was received on September 5, 2009 On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. On September 10, 2009, $800 of the merchandise was returned to the seller. 4. Based on the above information, what would the journal entry for September 10, 2009 include? O...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point with prepaid freight of $700 added to the invoice. Assuming that a credit for merchandise returned of $800 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller2 Oa: $792 Ob. $15,748 Oc. $14,956 Od: $14,164
Sep. 3 Purchased merchandise inventory on account from Sheldon Wholesalers, $ 3,500. Terms 1 / 15, n / E O M, FOB shipping point.4 Paid freight bill of $ 75 on September 3 purchase.4 Purchase merchandise inventory for cash of $ 1,900.6 Returned $ 400 of inventory from September 3 purchase.8 Sold merchandise inventory to Harvey Company, $ 6,300, on account. Terms 1 / 15, n / 35. Cost of goods, $ 2,8359 Purchased merchandise inventory on account from Tripp...
Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Red Hawk estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount) (Click the icon to view the transactions.) More Info More Info Sep. ing:...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30; freight of $20 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $3,020) Paid amount due to 0'Rourke Fabricators for the purchase of April 1, less the 1 percent discount, Check 457 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,250, terms 1/10, n/30; freight of $75 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on...
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