Homework Answers
Journal entry : Buyer
| No | General Journal | Debit | Credit |
| 1 | Purchase | 24000 | |
| Account payable | 24000 | ||
| 2 | Account payable | 24000 | |
| Cash (24000*97%) | 23280 | ||
| Purchase discount | 720 | ||
| 3 | Account payable | 24000 | |
| Cash | 24000 | ||
Journal entry : Seller
| No | General Journal | Debit | Credit |
| 1 | Account receivable | 24000 | |
| Sales revenue | 24000 | ||
| 2 | Cash | 23280 | |
| Sales discount | 720 | ||
| Account receivable | 24000 | ||
| 3 | Cash | 24000 | |
| Account receivable | 24000 | ||
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Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise “as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.
Santa Fe Retailing purchased merchandise “as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction list 1 Record Santa Fe Retailing's purchase of merchandise...
Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a periodic inventory system and the gross method. 1. Prepare entries that the buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...
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Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms...
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Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms...
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Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the difcount perlod, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a)...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...
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Santa Fe Retailing purchased merchandise “as is” (with noreturns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise “as is” (with no
returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and
an invoice price of $28,500. The merchandise had cost Mesa $19,437.
Assume that both buyer and seller use a perpetual inventory system
and the gross method.1. Prepare entries that the buyer records
for the (a) purchase, (b) cash payment within the discount
period, and (c) cash payment after the discount
period.2. Prepare entries that the sellerrecords for the (a) sale,...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $22,500. The merchandise had cost Mesa $15,345. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $26,900. The merchandise had cost Mesa $18,346. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a periodic inventory system and the gross method. 1. Prepare entries that the buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $23,300. The merchandise had cost Mesa $15,891. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $16,500. The merchandise had cost Mesa $11,253. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
Santa Fe Retailing purchased merchandise “as is” (with no
returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and
an invoice price of $28,500. The merchandise had cost Mesa $19,437.
Assume that both buyer and seller use a perpetual inventory system
and the gross method.1. Prepare entries that the buyer records
for the (a) purchase, (b) cash payment within the discount
period, and (c) cash payment after the discount
period.2. Prepare entries that the sellerrecords for the (a) sale,...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $22,500. The merchandise had cost Mesa $15,345. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $26,900. The merchandise had cost Mesa $18,346. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...
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