Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
When a credit sale is made with terms of 3/15, n/30 on June 10 and the...
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...
On June 3, Riverbed Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60,f...
On June 3, Riverbed Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60,fo.b. shipping point. An invoice totaling $92, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Riverbed Company books to record all the events noted above under each of the following bases....
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
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 June 3. Sheridan Company sold to Chester Company merchandise having a sale price of $5,600...
On June 3. Sheridan Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60, fo.b. shipping point. An invoice totaling $93, terms 1/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company, (a) Your answer is correct Prepare journal entries on the Sheridan Company books to record all the events noted above...
On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory syste...
On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory system. Alberta pays the invoice on October 8 and takes the appropriate discount. What journal entry will be recorded by Robertson on October 8? a. Debit Cash for $3,920, debit Sales Discounts for $80, and credit Accounts Receivable for $4,000 b. Debit Cash and credit Accounts...
Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to...
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...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10,...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...
Holmes Company received payment from a customer within the discount period; the payment terms of the...
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
Brief Exercise 7-2 Cullumber Co. uses the gross method to record sales made on credit. On...
Brief Exercise 7-2
Cullumber Co. uses the gross method to record sales made on
credit. On June 1, 2017, it made sales of $67,400 with terms 3/15,
n/45. On June 12, 2017, Cullumber received full payment for the
June 1 sale.
Prepare the required journal entries for Cullumber Co.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not...
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...
On June 3, Riverbed Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60,fo.b. shipping point. An invoice totaling $92, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Riverbed Company books to record all the events noted above under each of the following bases....
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 June 3. Sheridan Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60, fo.b. shipping point. An invoice totaling $93, terms 1/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company, (a) Your answer is correct Prepare journal entries on the Sheridan Company books to record all the events noted above...
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...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
Brief Exercise 7-2
Cullumber Co. uses the gross method to record sales made on
credit. On June 1, 2017, it made sales of $67,400 with terms 3/15,
n/45. On June 12, 2017, Cullumber received full payment for the
June 1 sale.
Prepare the required journal entries for Cullumber Co.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not...
Most questions answered within 3 hours.
-
Identify the characteristics of a successful
project.
Describe the phases the project lifecycle.
Define the roles...
asked 7 minutes ago -
1. In Module 2 "headers" and "footers" are
described. Explain the difference between them and how...
asked 2 minutes ago -
Three polarizing filters are stacked with the polarizing axes of
the second and third at 58.5...
asked 11 minutes ago -
The capacitance in a series RCL circuit is C1 = 3.3 μF, and
the corresponding resonant...
asked 21 minutes ago -
A 357.7-gram sample of an unknown substance (MM = 92.41 g/mol)
is heated from -23.1 °C...
asked 20 minutes ago -
The project aims to design a network for a casino. The casino
has 10 floors including...
asked 25 minutes ago -
Combustion of an unknown compound containing only carbon and
hydrogen produces 54.9 g of CO₂ and...
asked 40 minutes ago -
A basketball player achieves a hang time, the total time of
flight, of 0.748 s when...
asked 41 minutes ago -
A processor of carrots cuts the green top off each carrot,
washes the carrots, and inserts...
asked 53 minutes ago -
Please help me find the coefficient of kinetic and static
friction of two masses (500kg and...
asked 49 minutes ago -
Stanley Department Stores reported net income of $815,000 for
the year ended December 31, 2018.
Additional...
asked 54 minutes ago -
Below are the node_struct, link, list_struct and
list as defined in class and in hw3: typedef...
asked 53 minutes ago