Homework Answers
1. THE AMOUNT TO BE PAID = INVOICE AMT- DISCOUNT
= 600 - (600*2%)
=600 - 12
=AED 588
2.THERE IS NO PURCHASE DISCOUNT BECAUSE PAYMENT IS MADE AFTER DISCOUNT PERIOD(15 FEB) THE DISCOUNT PERIOD HAS BEEN EXPIRE ON 10 FEB.
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PART A: SHORT ANSWERS NO PARTIAL CREDIT (30%, 5 Points each) 1. An invoice of AED...
PART A: SHORT ANSWERS NO PARTIAL CREDIT (30%, 5 Points each) 1. An invoice of AED...
PART A: SHORT ANSWERS NO PARTIAL CREDIT (30%, 5 Points each) 1. An invoice of AED 600 for merchandise purchased is showing 2/15, 1/30 as terms of credit. If the invoice is paid on or before the fifteenth day after the invoice date, the amount to be paid is AED
2. Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on...
2. Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for AED 16,000. The terms were 4/10, 1/30. On February 2, it returned damaged goods worth AED 600 to the supplier. What is the amount of the purchase discount? AED (Round your answers to the nearest dirham.). Paid 15 February
1. An invoice, with payment terms of 2/10, 1/30, was issued on April 28 for AED...
1. An invoice, with payment terms of 2/10, 1/30, was issued on April 28 for AED 250.00. If the payment was made on May 12, the amount of payment will be (Round your answer to the nearest dirham.) AED Forever Jewelers uses the gross method and a perpetual inventory system. On April 2. Forever sold merchandise with a cost of AED 1,700 for AED 5,600 to a customer on account with terms of 2/15, 1/30. Which of the following would...
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30;...
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Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019: Bushard Company DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $6,500 from Schmidt, Inc., Invoice 1980, terms 2/10, n/30. Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $350 that was returned the goods were purchased on Invoice 1980, dated February 10. Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the...
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019. Bushard...
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019. Bushard Company DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $6,680 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $360 that was returned; the goods were purchased on Invoice 1989, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1989 of February 19, less the return of February 13 and...
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Discussions Blossom industries purchased $9.000 medando with credit termof3/15./6. It returned $2,900 Invoice was paid on February 12 February 1 2020, subject to a trade discount of 10% and price before trade or cash discount on February. The Collaboration W PLUS Support Assuming that Blossom uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter for the amounts....
8. Graded Homework Assignment Saved DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $5,000 from Schmidt, I...
8. Graded Homework Assignment Saved DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $5,000 from Schmidt, Ine. Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. Schmidt, Inc. DATE TRANSACTIONS 2019 Feb....
Record the following transactions of J. Min Designs in a general journal. The company uses the...
Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system. DATE TRANSACTIONS 2019 April 1 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,800, terms 1/10, n/30; freight of $100 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $3,900). 9 Paid amount due to O'Rourke Fabricators for the purchase of April 1, less the 1 percent discount, Cheek 457. 15 Purchased merchandise on credit from Kroll...
Apr 2 Purchased merchandise from Lyon Company under the following terms: $4,600 price, invoice dated April...
Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,600 price, Invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. 3 Paid $300 for shipping charges on the April 2 purchase. 4 Retumed to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased merchandise from Frist Corp. under the following terms: $8,500 price, Invoice...
PART A: SHORT ANSWERS NO PARTIAL CREDIT (30%, 5 Points each) 1. An invoice of AED 600 for merchandise purchased is showing 2/15, 1/30 as terms of credit. If the invoice is paid on or before the fifteenth day after the invoice date, the amount to be paid is AED
2. Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for AED 16,000. The terms were 4/10, 1/30. On February 2, it returned damaged goods worth AED 600 to the supplier. What is the amount of the purchase discount? AED (Round your answers to the nearest dirham.). Paid 15 February
1. An invoice, with payment terms of 2/10, 1/30, was issued on April 28 for AED 250.00. If the payment was made on May 12, the amount of payment will be (Round your answer to the nearest dirham.) AED Forever Jewelers uses the gross method and a perpetual inventory system. On April 2. Forever sold merchandise with a cost of AED 1,700 for AED 5,600 to a customer on account with terms of 2/15, 1/30. Which of the following would...
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30; freight of $20 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $3,020) Paid amount due to 0'Rourke Fabricators for the purchase of April 1, less the 1 percent discount, Check 457 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,250, terms 1/10, n/30; freight of $75 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on...
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019: Bushard Company DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $6,500 from Schmidt, Inc., Invoice 1980, terms 2/10, n/30. Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $350 that was returned the goods were purchased on Invoice 1980, dated February 10. Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the...
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019. Bushard Company DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $6,680 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $360 that was returned; the goods were purchased on Invoice 1989, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1989 of February 19, less the return of February 13 and...
Discussions Blossom industries purchased $9.000 medando with credit termof3/15./6. It returned $2,900 Invoice was paid on February 12 February 1 2020, subject to a trade discount of 10% and price before trade or cash discount on February. The Collaboration W PLUS Support Assuming that Blossom uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter for the amounts....
8. Graded Homework Assignment Saved DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $5,000 from Schmidt, Ine. Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. Schmidt, Inc. DATE TRANSACTIONS 2019 Feb....
Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system. DATE TRANSACTIONS 2019 April 1 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,800, terms 1/10, n/30; freight of $100 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $3,900). 9 Paid amount due to O'Rourke Fabricators for the purchase of April 1, less the 1 percent discount, Cheek 457. 15 Purchased merchandise on credit from Kroll...
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