Cash is not $165, it is $5,325, Cash and discount amount got interchanged in journal entries
Blossom Industries | ||||
Journal entries | ||||
Date | Account | Debit | Credit | Calculation |
Req 1 | ||||
Perpetual Method | ||||
1-Feb | Inventory | 8,100 | =9,000*(1-10%) | |
Accounts Payable | 8,100 | |||
4-Feb | Accounts Payable | 2,610 | =2,900*(1-10%) | |
Inventory | 2,610 | |||
13-Feb | Accounts Payable | 5,490 | =8,100-2,610 | |
Cash | 5,325 | |||
Inventory | 165 | =5,490*3% | ||
Date | Account | Debit | Credit | Calculation |
Req 2 | ||||
Periodic Method | ||||
1-Feb | Purchases | 8,100 | =9,000*(1-10%) | |
Accounts Payable | 8,100 | |||
4-Feb | Purchase Returns & Allowances | 2,610 | =2,900*(1-10%) | |
Inventory | 2,610 | |||
13-Feb | Accounts Payable | 5,490 | =8,100-2,610 | |
Cash | 5,325 | |||
Purchase Discount | 165 | =5,490*3% | ||
Req 3 | Net Method | |||
1-Feb | Purchases - Net Price | 7,857 | ||
Workings | ||||
List Price | 9,000 | |||
Trade Discount @ 10% | 900 | =9,000*10% | ||
Invoice Price | 8,100 | |||
Cash Discount @ 3% | 243 | =8,100*3% | ||
Net Price | 7,857 |
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Blossom Industries purchased $9,000 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, 1/60. It returned $2,900 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Your answer is partially correct. 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...
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....
Blossom Industries purchased $9,000 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,900 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Assuming that Blossom uses the perpetual method for recording merchandise transactions, record the purchase, return, and...
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