anything helps 35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. Whatentry does Baker Company make upon receipt of the check? 4,400 4.400 Accounts Receivable Cash Sales Returns and Allowances Accounts Receivable 4,356 600 44 5,000 d Sales Returns and Allowances. Sales Discounts. Accounts Receivable...... Cash .................. Sales Discounts....................... Sales Returns and...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash..............
Tweetie Company sold merchandise in the amount of $23,200 to Sylvester Cat Company on February 1, with credit terms of 2/10, n/30. The cost of the items sold is $9,600. On February 4, Sylvester Cat Company returns some of the merchandise, which was restored into Tweetie’s inventory. The selling price and the cost of the returned merchandise are $3,200 and $2,000, respectively. The entries that Tweetie Company must make on February 4 will not include: (assume both companies use the...
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping point, terms 3/10, n/30. Tamarisk, Inc. pays the freight costs of $500 on June 11. Goods totaling $650 are returned to Culver for credit on June 12. On June 19. Tamarisk, Inc. pays Culver Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Culver Company. The merchandise purchased by Tamarisk, Inc. on...
On September 12, Ryan Company sold merchandise in the amount of $7,800 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,000. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $700 and the cost of the merchandise returned is $450. The entry or entries...
Thank you. thumbs up! Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
1. 2. 3. 4. 5. A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with credit terms of 210.n/30. The cost of the items sold is $5.800. Klein uses the perpetual Inventory system and the net method of accounting for sales. On March 15, Babson retums some of the merchandise, which is not defective. The selling price of the returned merchandise is $860 and the cost of the merchandise returned is $480. The entry or entries that Klein must...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
Part II 7. Holt Company sells merchandise on account for $4,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? 8. The collection of a $10500 account after the 2 percent discount period will result in a credit to: 9. The collection of a $600 account after the...