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Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,700. The retailer receives a...
A retailer purchases merchandise with a catalog list price of $32,700. The retailer receives a 32%...
A retailer purchases merchandise with a catalog list price of $32,700. The retailer receives a 32% trade discount and has credit terms of 2/10, 1/30. How much cash will be needed to pay this invoice within the discount period? Os. $22,890 Ob. $32,700 Oc. $22,236 Od. $21,791
Calculator A $93 petty cash fund has cash of $21 and receipts of $63. Which of...
Calculator A $93 petty cash fund has cash of $21 and receipts of $63. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash for $93 credit to Petty Cash for $63 debit to Cash Short and Over for $9 debit to-Cash for $21 Calculator Abbey Co. sold merchandise to Gomez Co. on account, $29,000, terms 2/15, net 45. The cost of the goods sold was $13,532. Abbey...
QUESTIUN In credit terms of 3/15, n 45, the "3" represents the a. number of days...
QUESTIUN In credit terms of 3/15, n 45, the "3" represents the a. number of days in the discount period b. number of days when the entire amount is due c. percent of the cash discount d. full amount of the invoice QUESTION 8 Titans Co. purchases merchandise with a catalog list price of $30,000. The retailer receives a 30% trade discount and credit terms of 210, n. 30. What amount should Titans debit to the Inventory account? a. $20,580...
Cheshire Co purchased $2.100 of merchandise on account. The forms of the purchase are 3/15, 1545,...
Cheshire Co purchased $2.100 of merchandise on account. The forms of the purchase are 3/15, 1545, FOB shipping point with prepaid shipping costs of $110. Cheshire pays within the discount period, what is the amount of the purchase discount? (Round the final answer to the nearest cent) O A $59.70 OB. $63 00 O C. 566.30 OD. No discount is allowed when shipping is prepaid Woods company uses the perpetual inventory system. At year end the general ledger indicated that...
16-20 Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a...
16-20
Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a cost of 407 314,152 for delivery of the merchandise. Calculate the amount of net sales revenue Round any intermediary G ions and your fa 4/15.30 Westonad 150 custom count with the t hers ) O A 514.902 OR $8,487 OC. 514.258 OD. $14,652 ance is $35.000. Which of the following ould be included in the . The Merchandise inventory account balance is $80,000. A...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
on the balance sheet of a retailer the merchandise inventory account A company that uses the perpetual inventor...
on the balance sheet of a retailer the merchandise inventory
account
A company that uses the perpetual inventory system purchases inventory for $60,000 on account, with terms of 2/10, n/30. Which of the following is the jounal entry to record the payment made within 10 days? OA a debit to Accounts Payable for $60,000, a credit to Merchandise Inventory for $1,200, and a credit to Cash for $58,800 B. a debit to Accounts Payable for $58,800, a debit to Merchandise...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise Inventory
A retailer purchases merchandise with a catalog list price of $32,700. The retailer receives a 32% trade discount and has credit terms of 2/10, 1/30. How much cash will be needed to pay this invoice within the discount period? Os. $22,890 Ob. $32,700 Oc. $22,236 Od. $21,791
Calculator A $93 petty cash fund has cash of $21 and receipts of $63. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. credit to Cash for $93 credit to Petty Cash for $63 debit to Cash Short and Over for $9 debit to-Cash for $21 Calculator Abbey Co. sold merchandise to Gomez Co. on account, $29,000, terms 2/15, net 45. The cost of the goods sold was $13,532. Abbey...
QUESTIUN In credit terms of 3/15, n 45, the "3" represents the a. number of days in the discount period b. number of days when the entire amount is due c. percent of the cash discount d. full amount of the invoice QUESTION 8 Titans Co. purchases merchandise with a catalog list price of $30,000. The retailer receives a 30% trade discount and credit terms of 210, n. 30. What amount should Titans debit to the Inventory account? a. $20,580...
Cheshire Co purchased $2.100 of merchandise on account. The forms of the purchase are 3/15, 1545, FOB shipping point with prepaid shipping costs of $110. Cheshire pays within the discount period, what is the amount of the purchase discount? (Round the final answer to the nearest cent) O A $59.70 OB. $63 00 O C. 566.30 OD. No discount is allowed when shipping is prepaid Woods company uses the perpetual inventory system. At year end the general ledger indicated that...
16-20
Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a cost of 407 314,152 for delivery of the merchandise. Calculate the amount of net sales revenue Round any intermediary G ions and your fa 4/15.30 Westonad 150 custom count with the t hers ) O A 514.902 OR $8,487 OC. 514.258 OD. $14,652 ance is $35.000. Which of the following ould be included in the . The Merchandise inventory account balance is $80,000. A...
Merchandise with a sales price of $4,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Sales Discounts for $86 Ob. debit to Accounts Receivable for $4,194 Oc. debit to Cash for $4,300 Od. credit to Sales for $4,214 ; the second one is to close There are two closing entries. The first one is to close Oa. revenues, expenses Ob. revenues, expenses and the drawing account Oc....
on the balance sheet of a retailer the merchandise inventory
account
A company that uses the perpetual inventory system purchases inventory for $60,000 on account, with terms of 2/10, n/30. Which of the following is the jounal entry to record the payment made within 10 days? OA a debit to Accounts Payable for $60,000, a credit to Merchandise Inventory for $1,200, and a credit to Cash for $58,800 B. a debit to Accounts Payable for $58,800, a debit to Merchandise...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
The Merchandise Inventory account balance is $56.000. A physical count of inventory reveals that the actual inventory balance is $39.000. Which of the following would be included in the aduingebry Assume a perpetual inventory system) O A a $39,000 credit to Merchandise Inventory OB. a $17.000 credit to Cost of Goods Sold Oc. a $56,000 debit to Cost of Goods Sold OD. a $17.000 credit to Merchandise Inventory
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