Merchandise sold on February 2nd for $5000 with terms of 2/10,n/30; and with sales returns of...
Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Issued a credit memorandum for $3,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $2,010. Received payment for merchandise sold August 1. Aug 1 4 10 15 Received a credit memorandum from the seller for the return of defective 18 Paid...
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....
Sales Discounts & Returns Allbright Co. uses a perpetual inventory system, they incurred the following transactions: Feb. 10 Feb. 12 Feb. 12 Feb. 14 Feb. 18 Feb. 22 Purchased 80 units on account @$8 per unit, terms 2/10 n 30. Sold 60 units on credit @$22 per unit, terms 2/10 n 20. Returned 8 units purchased on Feb. 10th. Customer returned 12 units sold on Feb. 12th. Paid $564.48 of amount due from Feb. 10th. Collected $1,034.88 from units sold...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the goods sold was $55,500. b. Received payment less the discount. c. Refunded $750 to customer for defective merchandise that was not returned.
Merchandise with a sales price of $500 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O A) Debit to Accounts Receivable for $490 B) Debit to Cash for $490 OC) Credit to Sales for $500 O D) debit to Accounts Receivable for $500
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 Purchased books on account for $1.600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. Sold books on...
im very confused on the part where its like a fraction, for
example 2/10,n,30. if i could get a brief explanation that would
help me so much for these study questions
U LIL 7. Jake's Market recorded the following events involving a recent purchase of merchandise: a. Received good for $60,000 terms 2/10,n/30 b. Returned $1,200 of the shipment for credit c. Paid $300 freight on the shipment. d. Paid the Invoice within the discount period The company's Inventory increased...
On February 6, Crane Company sold $109,000 of merchandise to the Lyman Company, terms 2/10 net/30. The cost of the merchandise sold was $83,000. On February 8, the Lyman Company returned $13,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. On February 16 Crane Company received the balance due from the Lyman Company Prepare the journal entries to record the above transactions on Crane Company's books using a perpetual inventory system is entered....
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $13,300 with terms 1/10, n/30. The cost of the goods sold was $7,980. Sale Accounts Receivable Sales Cost Cost of Goods Sold Inventory Feedback Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale entry records the cost of the merchandise sold and the reduction of inventory on...