Homework Answers
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 Answer to:
Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places.) DATE TRANSACTIONS...
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.
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Selected activity of Mason Consulting Services follow DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $59,000...
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Exercise Record the following transactions of J. Min Designs in a general journal TRANSACTIONS DATE 2019...
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Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory...
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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...
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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...
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...
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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...
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