Homework Answers
7) Option - d) $59300
Goods Recieved =60000
less: goods returned=(1200)
add: Freight paid for goods =500
Total Increase in Inventory = 59300
8)option- b)$16520
Total sales= 17500
less:sales Returns and allowances=(680)
less: sales Discount = (300)
Net Sales= 16520
Add Answer to:
7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for...
Crane’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $44000,...
Crane’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $44000, terms 1/10, n/30. Returned $900 of the shipment for credit. Paid $100 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by$42669. increased by $42763. increased by $42769. increased by $43200.
Whispering’s Market recorded the following events involving a recent purchase of inventory: Received goods for $115000,...
Whispering’s Market recorded the following events involving a recent purchase of inventory: Received goods for $115000, terms 2/10, n/30. Returned $2600 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by $110152. increased by $110544. increased by $110552. increased by $112800. The collection of a $1800 account within the 2 percent discount period will result in a credit to Cash for...
Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000,...
Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000, terms 2/15, n/30. Returned $2900 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $116438. increased by $115738. increased by $118800. increased by $116424.
Skysong’s Market recorded the following events involving a recent purchase of inventory: Received goods for $113000,...
Skysong’s Market recorded the following events involving a recent purchase of inventory: Received goods for $113000, terms 2/10, n/30. Returned $2800 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by $108388. increased by $107996. increased by $110600. increased by $108396.
Tony’s Market used the perpetual method to record the following events involving a recent purchase of...
Tony’s Market used the perpetual method to record the following events involving a recent purchase of inventory: Received goods for $78200, terms 2/9, n/30. Returned $1700 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory
im very confused on the part where its like a fraction, for example 2/10,n,30. if i...
im very confused on the part where its like a fraction, for
example 2/10,n,30. if i could get a brief explanation that would
help me so much for these study questions
U LIL 7. Jake's Market recorded the following events involving a recent purchase of merchandise: a. Received good for $60,000 terms 2/10,n/30 b. Returned $1,200 of the shipment for credit c. Paid $300 freight on the shipment. d. Paid the Invoice within the discount period The company's Inventory increased...
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by...
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by the supplier and added to the invoice, terms 2/10, 1/30. Some goods were returned, and, on May 11, the supplier issued a credit memo in the amount of $400. Roscoe paid the amount due on May 14 and recorded the transaction with a debit to: Click the answer you think is right. accounts payable cash purchases discounts purchases returns and allowances
Robert No 1. Two categories of expenses for merchandising companies are cost of goods sold and financing expenses b...
Robert No 1. Two categories of expenses for merchandising companies are cost of goods sold and financing expenses b. operating expenses and financing expenses. c. cost of goods sold and operating expenses. d sales and cost of goods sold. 2. Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is debited a. when a credit sale is past due b. at the end of each accounting period. c. whenever a pre-determined amount of credit sales have...
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts....
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000, terms 2/15, n/30. Returned $2900 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $116438. increased by $115738. increased by $118800. increased by $116424.
im very confused on the part where its like a fraction, for
example 2/10,n,30. if i could get a brief explanation that would
help me so much for these study questions
U LIL 7. Jake's Market recorded the following events involving a recent purchase of merchandise: a. Received good for $60,000 terms 2/10,n/30 b. Returned $1,200 of the shipment for credit c. Paid $300 freight on the shipment. d. Paid the Invoice within the discount period The company's Inventory increased...
On May 4, Roscoe Grocery received merchandise costing $3,500 with freight charges of $200 paid by the supplier and added to the invoice, terms 2/10, 1/30. Some goods were returned, and, on May 11, the supplier issued a credit memo in the amount of $400. Roscoe paid the amount due on May 14 and recorded the transaction with a debit to: Click the answer you think is right. accounts payable cash purchases discounts purchases returns and allowances
Robert No 1. Two categories of expenses for merchandising companies are cost of goods sold and financing expenses b. operating expenses and financing expenses. c. cost of goods sold and operating expenses. d sales and cost of goods sold. 2. Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is debited a. when a credit sale is past due b. at the end of each accounting period. c. whenever a pre-determined amount of credit sales have...
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
Most questions answered within 3 hours.
-
On November 3, the spot price for cotton was $0.81/lb., and the
February futures price was...
asked 5 minutes ago -
Lincoln, Inc., which uses a volume-based cost system, produces
cat condos that sell for $170 each....
asked 4 minutes ago -
Using Python:
A Prime number is an integer greater than 1 that cannot be
formed by...
asked 26 minutes ago -
Read about Cokes strategy in Africa in the article below and
discuss the ethics of selling...
asked 13 minutes ago -
What made of a 40.0% NaOH solution should be diluted to 1.00 L
with water to...
asked 14 minutes ago -
Draw and describe the results of the Meselson-Stahl experiments
showing that DNA replication followed the Semi-conservative...
asked 18 minutes ago -
Deeply Explain the Following Web Development Softwares Along
With the Reasons to Choose them For Development....
asked 16 minutes ago -
essay question: why was Hurricane Katrina so devastating? How
and why did the levees break in...
asked 21 minutes ago -
Why might it be necessary to reduce consumer spending in order
to attain faster economic growth?...
asked 30 minutes ago -
Express your answer with the appropriate units.
1. How many milliliters of oxygen gas at STP...
asked 35 minutes ago -
A
solution is prepared by mixing 0.12L of 0.11 M sodium chloride with
0.26 L of...
asked 37 minutes ago -
Difference between follicle and egg.
Where exactly are LH and FSH located on the ovaries?
What...
asked 38 minutes ago