Homework Answers
| Answer |
| A) |
| Net purchases = $14,500 - $3,500 = $11,000 |
| Discount on purchases = 2% x $11,000 = $220 |
| Cash required for the payment within the discount period = $11,000 - $220 = $10,780 |
| B) Inventory |
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Show Me How Calculator Print Item Purchase-Related Transactions The Stationery Company purchased merchandise on account from...
Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $11,200, terms 2/10,...
Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $11,200, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $1,500 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10,...
Purchase-Related Transactions
The Wheatland Company purchased merchandise on account from a
supplier for $30,000, terms 1/10, n/30. The Wheatland Company
returned $8,000 of the merchandise and received full credit.
a. What is the amount of cash required for the
payment within the discount period?
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The wheatland Company returned $8,000 of the merchandise and received full credit. a. What is the amount of cash...
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $8.500, terms 2/10,...
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $8.500, terms 2/10, 1/30, The Wheatland Company returned 1.000 merchandise and received full credit a. What is the amount of cash required for the payment within the discount period? 7.425 X h. Under a perpetuo ventory system, what account is credited by The Wheatland Company to record the return? Merchandise Inventory e The thout the counts on thes Under a perpetual stem for a return, the buyer...
Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $12,700, terms 2/10, n/30....
Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $12,700, terms 2/10, n/30. Oppenheimer Company returned $1,700 of the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return? 4 Previous Check My Work 3:17 PM /19/2020 о 3
Calculator Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for $10,200, terms 2/10,...
Calculator Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for $10,200, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,100 and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Barans Company to record the return? Accounts Payable-Springhill Company Accounts Receivable Cash A Merchandise...
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Purchase-related transaction Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10, n/30. Burr Company returned $3,000 of the merchandise before payment was made and received full credit. a. If Burr Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. What account is decreased by Burr Company to record the return? Inventory
Purchases Transactions Xanadu Company purchased merchandise on account from a supplier for $8,600, terms 1/10, n/30....
Purchases Transactions Xanadu Company purchased merchandise on account from a supplier for $8,600, terms 1/10, n/30. Xanadu Company returned $1,600 of the merchandise and received full credit. a. If Xanadu Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is credited by Xanadu Company to record the return?
eBook Show Me How Calculator Purchase-Related Transactions Journalize entries for the following related transactions of Lilly...
eBook Show Me How Calculator Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: a. Purchased $27,000 of merchandise from Schell Co. on account, terms 1/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $5,400 before purchases discount of the merchandise was defective and returned items, receiving credit. d. Purchased $4,100 of merchandise from Schell Co. on account, terms n/30. e. Received a check for the...
Chapter 5 - Basic Exercises Purchases Transactions Barans Company purchased merchandise on account from a supplier...
Chapter 5 - Basic Exercises Purchases Transactions Barans Company purchased merchandise on account from a supplier for $10,700, terms 2/10, n/30. Barans returned $2,500 of the merchandise and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $ 8,118 b. What account is debited by Barans Company to record the return? Accounts Payable Feedback Check My...
Help solving Cengage Accounting I exercise eBook Show Me How Calculator Print Item Sales-related and purchase...
Help solving Cengage Accounting I exercise
eBook Show Me How Calculator Print Item Sales-related and purchase related transactions using perpetual inventory system Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year Nov. 3 4 6 8 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, 1/30 Sold merchandise for cash, 541,250. The cost of the merchandise sold was...
Purchase-Related Transactions
The Wheatland Company purchased merchandise on account from a
supplier for $30,000, terms 1/10, n/30. The Wheatland Company
returned $8,000 of the merchandise and received full credit.
a. What is the amount of cash required for the
payment within the discount period?
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The wheatland Company returned $8,000 of the merchandise and received full credit. a. What is the amount of cash...
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $8.500, terms 2/10, 1/30, The Wheatland Company returned 1.000 merchandise and received full credit a. What is the amount of cash required for the payment within the discount period? 7.425 X h. Under a perpetuo ventory system, what account is credited by The Wheatland Company to record the return? Merchandise Inventory e The thout the counts on thes Under a perpetual stem for a return, the buyer...
Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $12,700, terms 2/10, n/30. Oppenheimer Company returned $1,700 of the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return? 4 Previous Check My Work 3:17 PM /19/2020 о 3
Calculator Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for $10,200, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,100 and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Barans Company to record the return? Accounts Payable-Springhill Company Accounts Receivable Cash A Merchandise...
Purchases Transactions Xanadu Company purchased merchandise on account from a supplier for $8,600, terms 1/10, n/30. Xanadu Company returned $1,600 of the merchandise and received full credit. a. If Xanadu Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is credited by Xanadu Company to record the return?
eBook Show Me How Calculator Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: a. Purchased $27,000 of merchandise from Schell Co. on account, terms 1/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $5,400 before purchases discount of the merchandise was defective and returned items, receiving credit. d. Purchased $4,100 of merchandise from Schell Co. on account, terms n/30. e. Received a check for the...
Chapter 5 - Basic Exercises Purchases Transactions Barans Company purchased merchandise on account from a supplier for $10,700, terms 2/10, n/30. Barans returned $2,500 of the merchandise and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $ 8,118 b. What account is debited by Barans Company to record the return? Accounts Payable Feedback Check My...
Help solving Cengage Accounting I exercise
eBook Show Me How Calculator Print Item Sales-related and purchase related transactions using perpetual inventory system Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year Nov. 3 4 6 8 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, 1/30 Sold merchandise for cash, 541,250. The cost of the merchandise sold was...
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