Homework Answers
Merchandise with a sales price of 4300 is soldon account with terms 2/10,n/30,The journal entry to record a sale would include a
Correct solution is
A) Debit to sales discount for $86
Reason: The complete entry will be debit to accounts receivable $4214,debit to sale discount $86,credit to sales account by $4300.
2.There are two closing entries. The first one is to close _______ and the second one is to close _______ .
Answer is
a.revenue and expenses
Reason : At year end we transfer all the incomes and expenses account to profit and loss account and in turn the net amount being profit or loss os transferred to capital account.
3 unearned revenue is a liability
Ans true
Reason : If we do not perform our obligation we have to return the amount taken in advance .
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Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The...
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Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O A) Debit to Accounts Receivable for $490 B) Debit to Cash for $490 OC) Credit to Sales for $500 O D) debit to Accounts Receivable for $500
Merchandise subject to terms 3/10, n/30, FOB shipping point, is sold on account to a customer...
Merchandise subject to terms 3/10, n/30, FOB shipping point, is sold on account to a customer for $22,800. What is the amount of the sales discount allowable? Oa. $1,026 Ob. $342 Oc. $912 Od. $684
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for...
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Merchandise is sold for cash. The selling price of the merchandise is $2,700, and the sale...
Merchandise is sold for cash. The selling price of the merchandise is $2,700, and the sale is subject to a 6% state sales tax. The journal entry for the sale would include a credit to Oa. Sales Tax Payable for $162 Ob. Sales for $2,562 Oc. Sales for $2.538 Od. Cash for $2,700
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Fleet Automobiles sold an automobile for $29,000 on account. The cost of the automobile was $15,830. The sale of the automobile came with one year of free oil changes valued at $330. What would be the journal entry to record the sale? Date Accounts Debit Credit OA. 29,000 Accounts Receivable Sales Revenue Service Revenue Cost of Goods Sold Merchandise Inventory 28,670 330 15,830 15,830 OB. 29,000 29,000 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 15,830 15,830 OC....
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1. Journalize the following merchandise transactions: () Sold merchandise on account, $17,300, with terms 2/10, net...
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On March 1, Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30.
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Calculator Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15. net 45. The cost of the merchandise sold was $13.700. Abbey Co, issued a dedi memo for $4,000 for merchandise returned that originally cost $1,100. Gomez Co, paid the invoice within the discount period. What is the amount of groot profit earned by Abbey Co. on the above transactions? Oa. $29,400 Ob. $16,800 Oc. $4,000 Od. $33,320
Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O A) Debit to Accounts Receivable for $490 B) Debit to Cash for $490 OC) Credit to Sales for $500 O D) debit to Accounts Receivable for $500
Merchandise subject to terms 3/10, n/30, FOB shipping point, is sold on account to a customer for $22,800. What is the amount of the sales discount allowable? Oa. $1,026 Ob. $342 Oc. $912 Od. $684
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,100. Pierce prepaid the $261 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $9,361; Sales, credit $9,361 Ob Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100 Oc. Accounts Receivable-Stanton, debit $9,100; Sales, credit $9,100, and Delivery Expense, debit $261; Cash, credit $261 Od. Accounts Receivable --Stanton, debit $9,009; Sales, credit $9,009, and Accounts Receivable - Stanton,...
Merchandise is sold for cash. The selling price of the merchandise is $2,700, and the sale is subject to a 6% state sales tax. The journal entry for the sale would include a credit to Oa. Sales Tax Payable for $162 Ob. Sales for $2,562 Oc. Sales for $2.538 Od. Cash for $2,700
Fleet Automobiles sold an automobile for $29,000 on account. The cost of the automobile was $15,830. The sale of the automobile came with one year of free oil changes valued at $330. What would be the journal entry to record the sale? Date Accounts Debit Credit OA. 29,000 Accounts Receivable Sales Revenue Service Revenue Cost of Goods Sold Merchandise Inventory 28,670 330 15,830 15,830 OB. 29,000 29,000 Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 15,830 15,830 OC....
Emma Co, sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $10,500. Emma Co, prepaid the $820 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make for the payment for the merchandise if Isabella Co, pays within the discount period? Oa. Accounts Payable --Emma Co., debit $10,500; Cash, credit $10,500 Ob. Accounts Payable-Emma Co., debit $11,215; Cash, credit $11,215 Oc. Accounts Payable-Emma Co., debit $10,500; Freight In, debit...
1. Journalize the following merchandise transactions: () Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the merchandise sold was $12,600. (b) Received payment within the discount period. 2. Beginning inventory, purchases, and sales data for hammers are as follows: Mar. 3 Inventory 12 units at $15 11 Purchase 13 units at $17 14 Sale 18 units 21 Purchase 9 units at $20 25 Sale 10 units Assuming the business maintains a perpetual inventory system, complete...
On March 1, Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company's Chart of Accounts for exact wording of account titles.
A company using the perpetual inventory system purchased inventory worth $500.000 on account with crede terms of 3/16, 1/40. Defective inventory of 570.000 was returned 3 days later, and the accounts were appropriately adjusted if the company paid the invoice 30 days later, the journal entry to record the payment would be O A 5430.000 debit to Accounts Payable and 5430,000 credit to Cash O . 5500.000 debit to Accounts Payable and $500,000 credit to Cash OC. 3500,000 debit to...
Calculator Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15. net 45. The cost of the merchandise sold was $13.700. Abbey Co, issued a dedi memo for $4,000 for merchandise returned that originally cost $1,100. Gomez Co, paid the invoice within the discount period. What is the amount of groot profit earned by Abbey Co. on the above transactions? Oa. $29,400 Ob. $16,800 Oc. $4,000 Od. $33,320
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