Homework Answers
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Amount to be recorded as revenue = 25,000 - 1% discount = 25,000 - (25,000*1%) = 25,000 - 250 = 24,750 Option B |
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Question 5 AG Inc. made a $25000 sale on account with the following terms: 1/15, n/30....
Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company...
Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company uses the gross method, which of the following will be included in the journal entry to record customer payment within the discount period? credit Accounts Receivable $40,000 credit Sales Discount $400 credit Sales Revenue $40,000 credit Cash $39,600
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If...
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. C. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25,000 and Sales Discounts for $500. 6. On July 22, Peter sold...
20. AG Inc, made a $25,000 sale on account with the following terms: 2/10, 1/30. If...
20. AG Inc, made a $25,000 sale on account with the following terms: 2/10, 1/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. c. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25.000 and Sales Discounts for $500. 21. Wellington Corp. has outstanding accounts...
On September 1, AG Inc. made a $15,000 sale on account with the following terms: 2/10,...
On September 1, AG Inc. made a $15,000 sale on account with the following terms: 2/10, n/30. Required: Please show all calculations 1. Prepare the entry to record the sale if the gross method is used. 2. Prepare the entry to record the sale if the net method is used. 3. Assume the customer pays AG Inc. on September 8. Prepare the entry using the gross method. 4. Assume the customer pays AG Inc. on September 8. Prepare the entry...
On July 1, 2019 AG Inc. made a $25,000 sale on account to RA Inc. with...
On July 1, 2019 AG Inc. made a $25,000 sale on account to RA Inc. with the following terms: 2/15, n/45. On July 8th they accepted a return from RA, Inc of $7,000. On July 10th RA, Inc. paid the balance due. What is the entry that AG inc, made to record the payment assuming that AG uses: a) The gross method b) the net method Please help with these problems.
D Question 21 2 pts Force Inc. sold merchandise on account for $75,000 with terms 2/15,...
D Question 21 2 pts Force Inc. sold merchandise on account for $75,000 with terms 2/15, n/30. If the company uses the gross method to record sales on account, which of the following will be included in the journal entry to record the sale? Credit Accounts Receivable $75,000 O Debit Sales Discount $1.500 Credit Sales Revenue $75.000 Debit Cash $75,000
On July 1, Welk Corp. made a sale of $635,000 to Monochrome, Inc, on account. Terms...
On July 1, Welk Corp. made a sale of $635,000 to Monochrome, Inc, on account. Terms of the sale were 3/5, 1/30. Monochrome makes payment on July 29. Welk uses the expected value method assuming that there is a 70% chance that the customer will not take the discount when accounting for sales discounts. Ignore cost of goods sold and the reduction of inventory a. Prepare all Welk's journal entries. b. What net sales does Welk report? a. Prepare all...
On July 1,Foster Corp. made a sale of $445,000 to Willette, Inc. on account. Terms of...
On July 1,Foster Corp. made a sale of $445,000 to Willette, Inc. on account. Terms of the sale were 3/10, n/30. Willette makes payment on July 29. Foster uses most-likely-amount method and assumes that the customer will take the discount when accounting for sales discounts. Ignore cost of goods sold and the reduction of inventory. What net sale does Foster report?
Scott's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,300 (cost...
Scott's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,300 (cost of sales $870) was made to Shannon Allen on February 1. The company uses the gross method of recording sales discounts. Required: 1. Give the journal entry to record the credit sale. Assume use of the perpetual inventory system. 2. Give the journal entry, assuming that the account was collected in full on February 9. 3. Give the journal entry, assuming instead that the...
When a credit sale is made with terms of 3/15, n/30 on June 10 and the...
When a credit sale is made with terms of 3/15, n/30 on June 10 and the customer's check is received on June 19, which of the following is true about the June 19 journal entry? The debit to cash will be less than the credit to accounts receivable on June 19. The debit to cash will equal the credit to accounts receivable because the discount was recorded on June 10. There will be a debit to sales discounts on June...
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. C. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25,000 and Sales Discounts for $500. 6. On July 22, Peter sold...
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D Question 21 2 pts Force Inc. sold merchandise on account for $75,000 with terms 2/15, n/30. If the company uses the gross method to record sales on account, which of the following will be included in the journal entry to record the sale? Credit Accounts Receivable $75,000 O Debit Sales Discount $1.500 Credit Sales Revenue $75.000 Debit Cash $75,000
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Scott's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,300 (cost of sales $870) was made to Shannon Allen on February 1. The company uses the gross method of recording sales discounts. Required: 1. Give the journal entry to record the credit sale. Assume use of the perpetual inventory system. 2. Give the journal entry, assuming that the account was collected in full on February 9. 3. Give the journal entry, assuming instead that the...
When a credit sale is made with terms of 3/15, n/30 on June 10 and the customer's check is received on June 19, which of the following is true about the June 19 journal entry? The debit to cash will be less than the credit to accounts receivable on June 19. The debit to cash will equal the credit to accounts receivable because the discount was recorded on June 10. There will be a debit to sales discounts on June...
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