Question

Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places.) DATE TRANSACTIONS 2019 March 8 PurJournal entry worksheet 2 1 Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 3 percent discoun

0 0
Add a comment Improve this question Transcribed image text
Answer #1

30% Discount = $6000 * 30% = $1800

then 15% Discount = ($6000 - $1800) * 15% = $630

Net Transaction value = $6000 - $1800 - $630 = $3570

Journal Entry 1 - March 8

Debit Credit
Trade Receivables a/c $3570
Trade Discount on Sales a/c $2430
Sales a/c $6000

Journal Entry 2 - March 17

Debit Credit
Bank a/c (check 185) $3463
Payment Discount (3570*3%) $107 $35
Trade Receivables $3570
Add a comment
Know the answer?
Add Answer to:
Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places.) DATE TRANSACTIONS...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places TRANSACTIONS DATE...

    Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places TRANSACTIONS DATE 2019 March 8 Purchased merchandise on credit from Alenikov Designs, Invoice 1991, list price $3,908, trade discounts of 20% and 10%; terms 2/10, n/30. 17 Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 2 percent discount, Check 185. View transaction list Journal entry worksheet Purchased merchandise on credit from Alenikov Designs, Invoice 1091, list price $3,900, trade...

  • Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places TRANSACTIONS DATE...

    Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places TRANSACTIONS DATE 2019 March 8 Purchased merchandise on credit from Alenikov Designs, Invoice 1091, list price $4,300, trade discounts of 20% and 10%; terms 1/10, n/30. 17 Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 1 percent discount, Check 185. View transaction list Journal entry worksheet Purchased merchandise on credit from Alenikov Designs, Invoice 1091, list price $4,300, trade...

  • 33 Exercise 8.5 Recording purchases made with trade discounts. LO 8-1 Record the following transactions of...

    33 Exercise 8.5 Recording purchases made with trade discounts. LO 8-1 Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places.) ts DATE TRANSACTIONS 2019 Purchased merchandi se on eredit from Alenikov Designs, Invoice 1091, list price $6,000, trade diseounts of 30 and 15; terms 3/10, n/30. Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 3 percent discount, Check 185. Мarch 8 еВоok 17 Hint View transaction list Print...

  • Exercise 8.5 Recording purchases made with trade discounts. LO 8-1 Record the following transactions of Allen Inc.: (Rou...

    Exercise 8.5 Recording purchases made with trade discounts. LO 8-1 Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places) DATE TRANSACTIONS 2019 March 8 Purchased merchandise on credit from Alenikov Designs, Invoice 1091, list price $3,400, trade discounts of 30% and 20%; terms 3/10, n/30. 17 Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 3 percent discount, Check 185.

  • ect Exercise [due Mon] i Saved cord the following transactions of J. Min Designs in a...

    ect Exercise [due Mon] i Saved cord the following transactions of J. Min Designs in a general journal. The company uses the perpe DATE 2019 April 1 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, TRANSACTIONS $3,350, terms 2/10, n/30; freight of $55 prepaid by o'Rourke Fabricators and added to the invoice (total invoice amount, $3,405). 9 Paid amount due to O'Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. 15 Purchased merchandise...

  • Selected activity of Mason Consulting Services follow DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $59,000...

    Selected activity of Mason Consulting Services follow DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $59,000 in cash to start the firm. 4 Purchased office equipment for $6,400 on credit from Den, Inc. received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients issued Check 1001 for $14,400 in full payment 20 Purchased supplies for $510; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $165. 30...

  • Exercise Record the following transactions of J. Min Designs in a general journal TRANSACTIONS DATE 2019...

    Exercise Record the following transactions of J. Min Designs in a general journal TRANSACTIONS DATE 2019 April 1 Purchased merchandise on credit from O'Rourke Fabricators, Invoice as $1,5ee, terms 3/10, 1/30; freight of $45 prepaid by O'Rourke Fabricators and added to the invoice (total Invoice amount, 31,545) Paid amount due to O'Rourke Fabricators for the purchase of April 13 Less the percent discount Check 457. Purchased merchandise on credit from Kroll company. Invoice 145, 51,000, terms 3 n /30 freight...

  • Prepare Journal entries to record each of the following sales transactions of a merchandising company. The c...

    Prepare Journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 sold merchandise for $7,000, with credit termen/30; invoice dated April 1. The cost of the merchandise is $4,200. Apr. 4 The customer in the April 1 sale returned $780 of merchandise for full credit. The merchandise, which had cont $468, is returned to inventory. Apr. 8 Sold merchandise for $3,000, with credit...

  • Record the following transactions of Fashion Park in a general journal Fashion Park must charge 8...

    Record the following transactions of Fashion Park in a general journal Fashion Park must charge 8 percent sales tax on all sales TRANSACTIONS 2019 April Sold merchandise for cash. $1,150 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned sine of the serchandises provided a cash return to the customer Sold merchandise credit to Jordan Cla u d Sales Slip for plus tax, ter accepted return of damaged merchandise from Jordan Clarks Credit Memorandum 3e2...

  • Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory...

    Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system a the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, POB shipping...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT