Homework Answers
The term 4/10,n/30 denotes 4% of discount is provided if payment is made within 10 days (maximum credit period of 30 days is allowable)
To avail discount ,payment must be made within 10days from invoice date that is 1 Feb+ 10days = 11 Feb
Since the amount is paid after discount period (that is on 15 Feb ) ,no discount is available .
Amount of purchase discount = 0
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2. Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on...
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 account for AED 16,000. The terms were 4/10,n/30. On February 2, it returned damaged...
Brief Exercise 13-1 Martinez Corporation uses a periodic inventory system and the gross method of accounting...
Brief Exercise 13-1 Martinez Corporation
uses a periodic inventory system and the gross method of accounting
for purchase discounts. (a) On July 1, (1) Martinez purchased
$80,000 of inventory, terms 1/10, n/30, FOB shipping point. (2)
Martinez paid freight costs of $1,207. (b) On July 3, Martinez
returned damaged goods and received credit of $8,000. (c) On July
10, Martinez paid for the goods. Prepare all necessary journal
entries for Martinez. (If no entry is required, select "No Entry"
for...
Brief Exercise 13-1 Martinez Corporation uses a periodic inventory system and the gross method of accounting for purchas...
Brief Exercise 13-1 Martinez
Corporation uses a periodic inventory system and the gross method
of accounting for purchase discounts. (a) On July 1, (1) Martinez
purchased $80,000 of inventory, terms 1/10, n/30, FOB shipping
point. (2) Martinez paid freight costs of $1,207. (b) On July 3,
Martinez returned damaged goods and received credit of $8,000. (c)
On July 10, Martinez paid for the goods. Prepare all necessary
journal entries for Martinez. (If no entry is required, select "No
Entry" for...
Question 1 Sheffield Corporation uses a periodic inventory system and the gross method of accounting for...
Question 1 Sheffield Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (1) Sheffield purchased $85,000 of inventory, terms 3/10, n/30, FOB shipping point. (2) Sheffield paid freight costs of $1,094. (b) On July 3, Sheffield returned damaged goods and received credit of $8,500. (c) On July 10, Sheffield paid for the goods. Prepare all necessary journal entries for Sheffield. (If no entry is required, select "No Entry" for the...
Novak Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts....
Novak Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1. (1) Novak purchased $67,000 of inventory, terms 2/10, 1/30, FOB shipping point (2) Novak paid freight costs of $1,250. (b) On July 3, Novak returned damaged goods and received credit of $6,700. (c) On July 10, Novak paid for the goods. Prepare all necessary journal entries for Novak. (If no entry is required, select "No Entry for the account tities...
QUESTION 44 Santa Fe Corporation uses the perpetual inventory method. On March 1, it purchased $60,000...
QUESTION 44 Santa Fe Corporation uses the perpetual inventory method. On March 1, it purchased $60,000 of merchandise inventory, terms 2/10,n/30. On March 3, Santa Fe returned goods (not damaged) that cost $6,000. On March 9, Santa Fe paid the supplier. On March 9, Santa Fe should credit: A. Purchase discounts for $1,200 B. Inventory for $1,080 OC. Purchase discounts for $1,080 OD. Inventory for $1,200
*Problem 5-11A Journalizing purchase and s transactions Singh Distributing Company, which uses the periodic inventory system,...
*Problem 5-11A Journalizing purchase and s transactions Singh Distributing Company, which uses the periodic inventory system, engaged in the following transactions during May of the current year: inventory system may 3 -Purchased office supplies for cash, $22,000 may 7-Purchased inventory on credit terms of 3/10, net eom, $160,000. may 8-Returned 10 percent of the inventory purchased on May 7. It was not the inventory ordered may 10-Sold goods for cash, $36,400. may 13-Sold inventory on credit terms of 2/15, n/45...
Described below are certain transactions of Ivanhoe Corporation. The company uses the periodic inventory system. 1....
Described below are certain transactions of Ivanhoe Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $63,200 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $46,000 from General Motors Company, paying $4,000 in cash and signing a...
4. On February 5th, Elsinore purchased $4,000 worth of inventory on account on terms of 1/10, n/30 from the Grimace Company Account
4. On February 5th, Elsinore purchased $4,000 worth of inventory on account on terms of 1/10, n/30 from the Grimace Company Account5. on February 8th. Elsinore returned $300 worth of inventory to Grimace in exchange for a reduction in the amount that it owes 6. On February 14th, Elsinore paid Grimace the amount it owed and took advantage of the purchase discount.
Le R_29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchas...
Le R_29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Sep.4 Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. 4 Paid freight charges, $480. 10 Returned $300 of inventory to Max. 17 Paid Max Appliance Wholesale, less return and discount. 20 Purchased inventory of $3,900 on account from MY Appliance, an...
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,n/30. On February 2, it returned damaged...
Brief Exercise 13-1 Martinez Corporation
uses a periodic inventory system and the gross method of accounting
for purchase discounts. (a) On July 1, (1) Martinez purchased
$80,000 of inventory, terms 1/10, n/30, FOB shipping point. (2)
Martinez paid freight costs of $1,207. (b) On July 3, Martinez
returned damaged goods and received credit of $8,000. (c) On July
10, Martinez paid for the goods. Prepare all necessary journal
entries for Martinez. (If no entry is required, select "No Entry"
for...
Brief Exercise 13-1 Martinez
Corporation uses a periodic inventory system and the gross method
of accounting for purchase discounts. (a) On July 1, (1) Martinez
purchased $80,000 of inventory, terms 1/10, n/30, FOB shipping
point. (2) Martinez paid freight costs of $1,207. (b) On July 3,
Martinez returned damaged goods and received credit of $8,000. (c)
On July 10, Martinez paid for the goods. Prepare all necessary
journal entries for Martinez. (If no entry is required, select "No
Entry" for...
Novak Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1. (1) Novak purchased $67,000 of inventory, terms 2/10, 1/30, FOB shipping point (2) Novak paid freight costs of $1,250. (b) On July 3, Novak returned damaged goods and received credit of $6,700. (c) On July 10, Novak paid for the goods. Prepare all necessary journal entries for Novak. (If no entry is required, select "No Entry for the account tities...
QUESTION 44 Santa Fe Corporation uses the perpetual inventory method. On March 1, it purchased $60,000 of merchandise inventory, terms 2/10,n/30. On March 3, Santa Fe returned goods (not damaged) that cost $6,000. On March 9, Santa Fe paid the supplier. On March 9, Santa Fe should credit: A. Purchase discounts for $1,200 B. Inventory for $1,080 OC. Purchase discounts for $1,080 OD. Inventory for $1,200
Le R_29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Sep.4 Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. 4 Paid freight charges, $480. 10 Returned $300 of inventory to Max. 17 Paid Max Appliance Wholesale, less return and discount. 20 Purchased inventory of $3,900 on account from MY Appliance, an...
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