Homework Answers
Sales to customers with term FOB shipping point, the buyer has to incur the freight expense. Any amount paid by the seller for freight will be collected from the buyer.
Total amount to be received = $10,000 + $50 = $10,050
2nd option.
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If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10,...
Sales-Related Transactions Merchandise is sold on account to a customer for $8,000, terms FOB shipping point,...
Sales-Related Transactions Merchandise is sold on account to a customer for $8,000, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $300. a. Determine the amount of the sale. $ b. Determine the increase to Accounts Receivable. The answer for A) NOT 8000 AND THE ANSWER FOR B) NOT 8300 PLEASE HELP THIS IS THE 3RD TIME I SUBMIT THIS QUESTIONS .THANKS $
Sales-Related Transactions Merchandise is sold on account to a customer for $21,600, terms FOB shipping point,...
Sales-Related Transactions Merchandise is sold on account to a customer for $21,600, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $380. a. Determine the amount of the sale. $ 21,3847 b. Determine the amount debited to Accounts Receivable. $ 21,764 c. Determine the amount of the discount for early payment. $ 216 d. Determine the amount due within the discount period. 21,548 X $
Merchandise subject to terms 3/10, n/30, FOB shipping point, is sold on account to a customer...
Merchandise subject to terms 3/10, n/30, FOB shipping point, is sold on account to a customer for $22,800. What is the amount of the sales discount allowable? Oa. $1,026 Ob. $342 Oc. $912 Od. $684
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer...
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer for $18,900. What is the amount of sales discount allowable? $18: $126 Os378 $193
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Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 108,388 Sales 108,388 Cost of Goods Sold 66,360 Inventory 66,360 Accounts Receivable-Blue...
Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10,...
Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system.
Feb. 3 Purchased $3,600 of merchandise inventory on account under terms 1/10, nEOM and FOB shipping point.
Feb. 3 Purchased $3,600 of merchandise inventory on account under terms 1/10, nEOM and FOB shipping point. 7 Returned $800 of defective merchandise purchased on February 3 9 Paid freight bill of $100 on February 3 purchase. 10 Sold merchandise inventory on account for $4,500. Payment terms were 3/15, n/30. These goods cost the company $2,250. and the discount debt 12 Paid amount owed on credit purchase of February 3, less the return 28 Received cash from February 10 customer in full settlement of their...
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them...
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them to the customer's invoice, the entry the seller must prepare, will O A. debit Accounts Receivable and credit Cash. OB. debit Delivery Expense and credit Cash O C. debit Inventory and credit Cash. OD. debit Cash and credit Inventory
5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject...
5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject to the following terms: FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges and bills the customer, (seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned. The correct amount is received within the discount period. Record the foregoing transactions of the seller in...
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point,...
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point, 1/10, n/30, under perpetual system, the amount credited to the Sales Revenue account would be a. $4,000 b. $3,960 e. 53,600 d. $40 16. Cost of goods sold if found by using the cost of newest items when a company uses: a LIFO b FIFO c Weighted average cost d. Specific identification 17. In a period of inflation (unit prices rising over time), which...
Sales-Related Transactions Merchandise is sold on account to a customer for $21,600, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $380. a. Determine the amount of the sale. $ 21,3847 b. Determine the amount debited to Accounts Receivable. $ 21,764 c. Determine the amount of the discount for early payment. $ 216 d. Determine the amount due within the discount period. 21,548 X $
Merchandise subject to terms 3/10, n/30, FOB shipping point, is sold on account to a customer for $22,800. What is the amount of the sales discount allowable? Oa. $1,026 Ob. $342 Oc. $912 Od. $684
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer for $18,900. What is the amount of sales discount allowable? $18: $126 Os378 $193
Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 108,388 Sales 108,388 Cost of Goods Sold 66,360 Inventory 66,360 Accounts Receivable-Blue...
Merchandise is sold FOB shipping point. If the seller prepays the delivery costs and adds them to the customer's invoice, the entry the seller must prepare, will O A. debit Accounts Receivable and credit Cash. OB. debit Delivery Expense and credit Cash O C. debit Inventory and credit Cash. OD. debit Cash and credit Inventory
5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject to the following terms: FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges and bills the customer, (seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned. The correct amount is received within the discount period. Record the foregoing transactions of the seller in...
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point, 1/10, n/30, under perpetual system, the amount credited to the Sales Revenue account would be a. $4,000 b. $3,960 e. 53,600 d. $40 16. Cost of goods sold if found by using the cost of newest items when a company uses: a LIFO b FIFO c Weighted average cost d. Specific identification 17. In a period of inflation (unit prices rising over time), which...
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