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QUESTION 3 On October 1, Darin Company sold merchandise in the amount of $6,500 to Schnee Company, terms 2/10, n/30. The items cost Darin $4,200 and the company uses the perpetual inventory method. On October 4, Schnee returns some of the merchandise. This merchandise had a selling price of $500 and a cost of $200. On October 8, Schnee Company paid Darin Company the correct amount due. 3. What is the journal entry that Darin makes on October 1 to...
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13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should May record the sale of this merchandise if the gross method is used? a. Debit Accounts Receivable for $100,000. b. Debit Accounts Receivable for $98,000. c. Debit Accounts Receivable for $80,000. d. Debit Accounts Receivable for $78,400. 14) On January 1, 2015, AG Inc. made a $15,000 sale on account with...
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Question Help On December 1. Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, 1/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $700. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used? O A. Debit Cash for $7.968 and credit Accounts Receivable for $7.968 O B. Debit Sales Revenue for...
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Question 1 Crane Company made a purchase of merchandise on credit from Wildhorse Company on August 8, for $9400, terms 2/10, n/30. On August 17, Crane makes payment to Wildhorse. The entry on August 17 for Crane Company is: Accounts Payable Cash 9400 9400 9212 9212 Accounts Payable Cash Accounts Payable Inventory Cash 9400 9212 9400 Accounts Payable Purchase Returns and Allowances Cash 188 9212 Click if you would like to Show Work for this question: Open Show Work Question...
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Question 16
On August 1, our company purchases $1,000 worth of merchandise
inventory on credit with the terms 3/10, n/30. What is the amount
we would credit to cash if we pay this invoice on August 9?
Group of answer choices
$1,000
$997
$990
$970
Question 17
Our company purchases $4,000 worth of merchandise inventory on
credit with the terms 2/10, n/30. Transportation costs were an
additional $200. Our company returned $300 worth of merchandise.
What is the total cost...
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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...
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On June 3, Waterway Company sold to Chester Company merchandise having a sale price of $6,000 with terms of 4/10,n/60.f.0.b. shipping point. An invoice totaling $93, 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. Your answer is correct. Prepare journal entries on the Waterway Company books to record all the events noted above under each...
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5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject to the following terms: FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges and bills the customer, (seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned. The correct amount is received within the discount period. Record the foregoing transactions of the seller in...
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Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost of $4,500 for $7,000 to a customer on account with terms of 1/15, 30 Which of the following journal entries correctly records the sales revenue? 6.930 6.930 4.500 4,500 OA Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Accounts Receivable Sales Revenue OD. Sales Revenue Cost of Goods Sold 6,930 6,930
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Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following journal entries correctly records the sales revenue? 6,720 6,720 6,720 O A. Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Sales Revenue Cost of Goods Sold 6,720 6,720 6,720 2,500 OD. Accounts Receivable Sales Revenue 2,500
QUESTION 3 On October 1, Darin Company sold merchandise in the amount of $6,500 to Schnee Company, terms 2/10, n/30. The items cost Darin $4,200 and the company uses the perpetual inventory method. On October 4, Schnee returns some of the merchandise. This merchandise had a selling price of $500 and a cost of $200. On October 8, Schnee Company paid Darin Company the correct amount due. 3. What is the journal entry that Darin makes on October 1 to...
13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should May record the sale of this merchandise if the gross method is used? a. Debit Accounts Receivable for $100,000. b. Debit Accounts Receivable for $98,000. c. Debit Accounts Receivable for $80,000. d. Debit Accounts Receivable for $78,400. 14) On January 1, 2015, AG Inc. made a $15,000 sale on account with...
Question Help On December 1. Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, 1/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $700. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used? O A. Debit Cash for $7.968 and credit Accounts Receivable for $7.968 O B. Debit Sales Revenue for...
Question 1 Crane Company made a purchase of merchandise on credit from Wildhorse Company on August 8, for $9400, terms 2/10, n/30. On August 17, Crane makes payment to Wildhorse. The entry on August 17 for Crane Company is: Accounts Payable Cash 9400 9400 9212 9212 Accounts Payable Cash Accounts Payable Inventory Cash 9400 9212 9400 Accounts Payable Purchase Returns and Allowances Cash 188 9212 Click if you would like to Show Work for this question: Open Show Work Question...
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 June 3, Waterway Company sold to Chester Company merchandise having a sale price of $6,000 with terms of 4/10,n/60.f.0.b. shipping point. An invoice totaling $93, 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. Your answer is correct. Prepare journal entries on the Waterway Company books to record all the events noted above under each...
5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject to the following terms: FOB shipping point, 2/10, n/30. The seller prepays the $50 shipping charges and bills the customer, (seller pays Cash). Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned. The correct amount is received within the discount period. Record the foregoing transactions of the seller in...
Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost of $4,500 for $7,000 to a customer on account with terms of 1/15, 30 Which of the following journal entries correctly records the sales revenue? 6.930 6.930 4.500 4,500 OA Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Accounts Receivable Sales Revenue OD. Sales Revenue Cost of Goods Sold 6,930 6,930
Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following journal entries correctly records the sales revenue? 6,720 6,720 6,720 O A. Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Sales Revenue Cost of Goods Sold 6,720 6,720 6,720 2,500 OD. Accounts Receivable Sales Revenue 2,500