Oct. 3 Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight...
Oct. 3 Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice.
| Debit | Credit |
Oct. 13 Paid Hoagie Co. for invoice of October 3.
| Debit | Credit |
Homework Answers
| Under Gross Method: | ||||
| Debit | Credit | |||
| Oct.3 | Merchandise Inventory | 10170 | =9950+220 | |
| Accounts Payable-Hoagie Co. | 10170 | |||
| Oct.13 | Accounts Payable-Hoagie Co. | 10170 | ||
| Merchandise Inventory | 199 | =9950*2% | ||
| Cash | 9971 | |||
| Under Net Method: | ||||
| Debit | Credit | |||
| Oct.3 | Merchandise Inventory | 9971 | =9950*(1-0.02)+220 | |
| Accounts Payable-Hoagie Co. | 9971 | |||
| Oct.13 | Accounts Payable-Hoagie Co. | 9971 | ||
| Cash | 9971 | |||
|
Note: Solution under both gross and net method have been provided,
the appropriate solution can be used based on instructions provided in the question |
||||
Add Answer to:
Oct. 3 Purchased merchandise from Hoagie Co.,
$9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,377, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,350, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $5,000 of merchandise returned from purchase on October 4. 13...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point wit...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,200 added to the invoice. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a.$990 b.$7,833 c.$9,813 d.$8,823
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point...
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point with prepaid freight of $700 added to the invoice. Assuming that a credit for merchandise returned of $800 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller2 Oa: $792 Ob. $15,748 Oc. $14,956 Od: $14,164
More Info Wov. 4 Purchased merchandise inventory on account from Valsad Company, $6,000. Terms 3/10,n/EOM, FOB...
4 Purchased merchandise inventory on account from Valsad Company, $ 6,000. Terms 3 / 10, n/EOM, FOB shipping point.6 Paid freight bill of $ 170 on November 4 purchase.8 Returned half of the inventory purchased on November 4 from Valsad Company.10 Sold merchandise inventory for cash, $ 1,900. Cost of goods; $ 760. FOB destination.11 Sold merchandise inventory to Garfunkel Corporation, $ 10,600, on account. Terms 3 / 10, n / EOM. Cost of goods, $ 5,300. FOB shipping point.12...
w2] Onlin × ntakeAssignment/takeAssignmentMain.dožinvoker nents&takeAssignmentSessionLocator assignment ook Calculator urchase-related transactions using Journal Instructions The following selected...
w2] Onlin × ntakeAssignment/takeAssignmentMain.dožinvoker nents&takeAssignmentSessionLocator assignment ook Calculator urchase-related transactions using Journal Instructions The following selected transactions were completed by Capers Company during October of the current year Oct 1 Purchased merchandise from UK Imports Co, $13,701. terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co, $8,050, terms FOB shipping point, 2/10, nleom. Prepaid freight of $225 was added to the invoice 4 Purchased merchandise from Teoo Co $13,450, terms FOB destination, 2/10, nv30 6 Issued debit memo to...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,031, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,150, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,600 of merchandise returned from purchase on October 4. 13...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping point. Salem Tire prepaid the $250 shipping cost and added the amount to the invoice. 7 Purchased $400 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $900 (cost, $425) of merchandise on account to W. Furmick. Terms, 3/15, n/45, FOB destination. 11 Paid $75 freight charges to deliver goods to W. Furmick. 13 Returned $1,300 of the merchandise...
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB...
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $17,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $150 was added to the invoice. 5. Purchased merchandise from Whitman Co., $11,100, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $6,700, terms FOB destination, 1/10, n/30. 14. Issued debit memo...
A sales invoice included the following information: merchandise price, $14,400; terms 1/10, /eom, FOB shipping point with prepaid freight of $700 added to the invoice. Assuming that a credit for merchandise returned of $800 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller2 Oa: $792 Ob. $15,748 Oc. $14,956 Od: $14,164
4 Purchased merchandise inventory on account from Valsad Company, $ 6,000. Terms 3 / 10, n/EOM, FOB shipping point.6 Paid freight bill of $ 170 on November 4 purchase.8 Returned half of the inventory purchased on November 4 from Valsad Company.10 Sold merchandise inventory for cash, $ 1,900. Cost of goods; $ 760. FOB destination.11 Sold merchandise inventory to Garfunkel Corporation, $ 10,600, on account. Terms 3 / 10, n / EOM. Cost of goods, $ 5,300. FOB shipping point.12...
w2] Onlin × ntakeAssignment/takeAssignmentMain.dožinvoker nents&takeAssignmentSessionLocator assignment ook Calculator urchase-related transactions using Journal Instructions The following selected transactions were completed by Capers Company during October of the current year Oct 1 Purchased merchandise from UK Imports Co, $13,701. terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co, $8,050, terms FOB shipping point, 2/10, nleom. Prepaid freight of $225 was added to the invoice 4 Purchased merchandise from Teoo Co $13,450, terms FOB destination, 2/10, nv30 6 Issued debit memo to...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,031, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,150, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,600 of merchandise returned from purchase on October 4. 13...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping point. Salem Tire prepaid the $250 shipping cost and added the amount to the invoice. 7 Purchased $400 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $900 (cost, $425) of merchandise on account to W. Furmick. Terms, 3/15, n/45, FOB destination. 11 Paid $75 freight charges to deliver goods to W. Furmick. 13 Returned $1,300 of the merchandise...
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under...
Most questions answered within 3 hours.
-
An infinite sheet of charge that has a surface charge density of
39 nC/m2 lies in...
asked 1 hour ago -
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 2 hours ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 2 hours ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 2 hours ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 2 hours ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 2 hours ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 3 hours ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 2 hours ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 2 hours ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 3 hours ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 3 hours ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 3 hours ago