Date | General Journal | Debit | Credit |
may 5 | accounts receivable | 12240 | |
sales | 12240 | ||
( sold merchandise on credit ) (1020 * $12 ) | |||
may 5 | cost of goods sold | 8160 | |
merchandise inventory | 8160 | ||
( to record cost of sale ) (1020 * $8 ) | |||
may 7 | sales returns and allowance | 4284 | |
accounts receivable | 4284 | ||
( accepted a return from customer ) (357 * $12 ) | |||
may 7 | merchandise inventory | 2856 | |
cost of goods sold | 2856 | ||
( returned merchandise to inventory ) ( 357 * $8 ) | |||
may 8 | sales returns and allowance | 340 | |
accounts receivable | 340 | ||
may 15 | sales returns and allowance | 614 | |
accounts receivable | 614 | ||
( accepted a return from a customer ) [122 + (41 * $12)] | |||
may 15 | merchandise inventory | 328 | |
cost of goods sold | 328 | ||
( returned merchandise to inventory ) ( 41 * $8 ) |
2. SANTA FE COMPANY SOLUTION :
Transaction | General Journal | Debit | Credit |
1 | merchandise inventory | 26900 | |
accounts payable | 26900 | ||
2 | accounts payable | 26900 | |
merchandise inventory (26900 * 2%) | 538 | ||
cash | 26362 | ||
Transaction | General Journal | Debit | Credit |
1 | accounts receivable | 26900 | |
sales | 26900 | ||
2 | cost of goods sold | 18346 | |
merchandise inventory | 18346 | ||
3 | cash | 26362 | |
sales | 538 | ||
accounts receivable | 26900 |
3.
Savings from discount taken | $538 |
Amount borrowed | $26362 |
Number of days interest | 50 |
Interest expense | $289 |
Buyer's net savings | $249 |
Interest per year = Amount borrowed to pay with discount * Annual rate of interest = 26362 * 8% = $2108.96
Interest per day = $2108.96 / 365 days = $5.77
savings from discount taken ($26900 - $26362) | $538 |
interest paid on 50days loan ( 50days * $5.77 ) | 288.5 |
Net savings from borrowing to pay in discount period | 249.5 |
The second and last picture are the same question. The first is by itself Alled Parts...
Required informatlon Use the following information for the Exercises below. Alled Merchandisers was organized on May 1, Macy Co. Is a major customer (buyer) of Allied (seller) products May 3 Allied nade its first and only parchase of inventory for the period on Hay 3 for 2,000 units at . 5 Allied sold 1,000 of the units in inventory f 7 Hacy returns 100 unite because they did not fit the custoner's needs (invoice smount: $1,400). 8 Macy dincovers that...
the first part of the question i got correct but i cant get
the second part. i tried to fill in the same things from the first
part but it was incorrect except for some of the numbers
Required information [The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the...
May3Allied made its first and only
purchase of inventory for the period on May 3 for 3,000 units at a
price of $12 cash per unit (for a total cost of $36,000).5Allied sold 1,500 of the units in
inventory for $16 per unit (invoice total: $24,000) to Macy Co.
under credit terms 2/10, n/60. The goods cost Allied $18,000.7Macy returns 150 units because they
did not fit the customer’s needs (invoice amount: $2,400). Allied
restores the units, which cost $1,800,...
May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $9 cash per unit (for a total cost of $18,000). 5 Allied sold 1,00e of the units in inventory for $13 per unit (invoice total: $13,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $9,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,300). Allied restores the...
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21, 00e) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,...
Part B is the pne with the red text in the question. Thanks
!
Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $8 cash per unit (for...
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000) 5 Allied soid 1, 500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000. 7...
May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,898 units at a price of $9 cash per unit (for a total cost of $18,000) 5 Allied sold 1,000 of the units in inventory for $13 per unit (invoice total: $13,299) to Macy Co. under credit terms 2/10, n/6e. The goods cost Allied $9,889. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,300). Allied restores the...
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products.May3Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).5Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000.7Macy returns 125 units because...
Required information [The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice totali $21,000) to...