Homework Answers
Question 18
Answer.
2 % cash discount if the amount is paid within 10 days, with the balance due in 30 days.
Question 19.
True
Perpetual inventory system provides a running balance of cost of goods available for sale and cost of goods sold
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D Question 18 5 pts The credit terms 2/10,n/30 are interpreted as: O 2% discount if...
Question 6 (1 point) Credit terms of 2/10, n/30 are interpreted as A) 10% discount if...
Question 6 (1 point) Credit terms of 2/10, n/30 are interpreted as A) 10% discount if paid within 2 days; otherwise the total balance due in-30 days B) 2% discount if paid within 30 days; otherwise the total balance is due in 30 days Oc) 2% discount if paid within 10 days; otherwise the total balance is due in 10 days D) 2% discount if paid within 10 days; otherwise the total balance is due in 30 days
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10,...
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..............
QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account....
QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account. The cost of the goods was $3.000. On March 20. Home Furnishings granted the customer a $1,000 sales allowance for goods damaged in transit. For Home Furnishings, which of the following represents the correct way to record this transaction? Sales Returns and Allowances 1.000 Cash 1.000 Sales Revenge 1.000 1.000 Refunds Payable 1.000 Cash 1.000 800 Merchandise Inventory Estimated Returns Inventory 600 1,000 Refunds...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 Purchased books on account for $1.600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. Sold books on...
Explain what the credit terms of 2/10,1/30 mean. (Check all that apply.) The full payment is...
Explain what the credit terms of 2/10,1/30 mean. (Check all that apply.) The full payment is due within 10 days. The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. The buyer can take a discount of 10% if the invoice is paid with 30 days of the invoice date. The full payment is due within a 30-day credit period. X-Mart purchased $300 of merchandise on account. Demonstrate the journal...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight...
The operating eycle for a merchandiser that sells only for A. Purchases of merchandise to inventory...
The operating eycle for a merchandiser that sells only for A. Purchases of merchandise to inventory to cashs sales. B Purchases of merchamdise to inventory to accounts receivable to cash sales, C. Iaventory to purchases of merchandise to cash sales. Accounts receivable to purchases of merchandise to inventory to cash sales. E Accounts receivable to inventory to cash sales. Jan 2 Jen 15 Feb 3 Feb It Feb 1 Mar Mar 21 Mar 3 7. The eurrent period's ending inventory...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of...
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...
Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms...
Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is: Debit Merchandise Inventory $1,600; credit Cash $1,600. Debit Merchandise Inventory $1,800; credit Accounts Payable $1.800. Debit Merchandise...
Question 6 (1 point) Credit terms of 2/10, n/30 are interpreted as A) 10% discount if paid within 2 days; otherwise the total balance due in-30 days B) 2% discount if paid within 30 days; otherwise the total balance is due in 30 days Oc) 2% discount if paid within 10 days; otherwise the total balance is due in 10 days D) 2% discount if paid within 10 days; otherwise the total balance is due in 30 days
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..............
QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account. The cost of the goods was $3.000. On March 20. Home Furnishings granted the customer a $1,000 sales allowance for goods damaged in transit. For Home Furnishings, which of the following represents the correct way to record this transaction? Sales Returns and Allowances 1.000 Cash 1.000 Sales Revenge 1.000 1.000 Refunds Payable 1.000 Cash 1.000 800 Merchandise Inventory Estimated Returns Inventory 600 1,000 Refunds...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 Purchased books on account for $1.600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. Sold books on...
Explain what the credit terms of 2/10,1/30 mean. (Check all that apply.) The full payment is due within 10 days. The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. The buyer can take a discount of 10% if the invoice is paid with 30 days of the invoice date. The full payment is due within a 30-day credit period. X-Mart purchased $300 of merchandise on account. Demonstrate the journal...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight...
The operating eycle for a merchandiser that sells only for A. Purchases of merchandise to inventory to cashs sales. B Purchases of merchamdise to inventory to accounts receivable to cash sales, C. Iaventory to purchases of merchandise to cash sales. Accounts receivable to purchases of merchandise to inventory to cash sales. E Accounts receivable to inventory to cash sales. Jan 2 Jen 15 Feb 3 Feb It Feb 1 Mar Mar 21 Mar 3 7. The eurrent period's ending inventory...
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...
Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is: Debit Merchandise Inventory $1,600; credit Cash $1,600. Debit Merchandise Inventory $1,800; credit Accounts Payable $1.800. Debit Merchandise...
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