Homework Answers
| No. | General Journal | Debit | Credit |
| (a) | Accounts Receivable | 3800 | |
| Sales | 3800 | ||
| Cost of Merchandise Sold | 2000 | ||
| Merchandise Inventory | 2000 | ||
| (b) | Accounts receivable – Freight | 50 | |
| Cash | 50 | ||
| (c ) | Sales Returns and Allowances | 800 | |
| Accounts Receivable | 800 | ||
| Merchandise Inventory | 500 | ||
| Cost of Merchandise Sold | 500 | ||
| (d) | Cash (3800-800) x 98% + 50 | 2990 | |
| Sales Discounts (3000 x 2%) | 60 | ||
| Accounts Receivable (3800-800) | 3000 | ||
| Accounts receivable – Freight | 50 |
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5. Merchandise with a list price of $3,800 and costing $2.,000 is sold on account, subject...
5. Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject...
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...
Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost 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...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10,...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount to be recorded as accounts receivable is: O $10,000 $10,050 $9,950 none of the above
March 4 Stephen Company sold $3,000 of merchandise on account to Elijah Company. The credit terms...
March 4 Stephen Company sold $3,000 of merchandise on account to Elijah Company. The credit terms were 2/10, n/60. The cost of the merchandise was $1,800. March 6 Elijah Company paid transportation cost of $100 on the March 4 purchase from Stephen Company. March 8 Stephen Company sold $2,000 of merchandise on account to Elijah Company. The credit terms were n/40. The cost of the merchandise was $1,400. March 10 Stephen Company paid transportation cost of $100 for delivery of...
March 4 Stephen Company sold $3,000 of merchandise on account to Elijah Company The credit terms...
March 4 Stephen Company sold $3,000 of merchandise on account to Elijah Company The credit terms were 2/10, n/60. The cost of the merchandise was $1,800. March 6 Elijah Company paid transportation cost of $100 on the March 4 purchase from Stephen Company Stephen Company sold $2,000 of merchandise on account to Elijah Company The credit terms were n/40. The cost of the merchandise was $1,400. March 8 March 10 Stephen Company paid transportation cost of $100 for delivery of...
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer...
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer for $18,900. What is the amount of sales discount allowable? $18: $126 Os378 $193
Instructions Record the following selected transactions: (a) Sold $900 of merchandise on account, subject to 7%...
Instructions Record the following selected transactions: (a) Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510 (b) Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Who is responsible for the freight cost when the terms are FOB destination? a. the seller b. the customer c. either the buyer or the seller...
Stephen Company sold $3,000 of merchandise on account to Elijah Company The credit terms were 2/10,...
Stephen Company sold $3,000 of merchandise on account to Elijah Company The credit terms were 2/10, n/60. The cost of the merchandise was $1,800 March 4 March 6 Elijah Company paid transportation cost of $100 on the March 4 purchase from Stephen Company March 8 Stephen Company sold $2,000 of merchandise on account to Elijah Company The credit terms were n/40. The cost of the merchandise was $1,400. March 10 Stephen Company paid transportation cost of $100 for delivery of...
Transactions for Buyer and Seller Sievert Co.sold merchandise to Bray Co. on account,$11,500, terms 2/15, n/30. The...
Transactions for Buyer and Seller Sievert Co.sold merchandise to Bray Co. on account,$11,500, terms 2/15, n/30. The cost of the merchandise sold is $6,900. Sievert Co. issued a credit memorandum for $900 for merchandise returned and later received the amount due within the discount period. The cost of the merchandise returned was $540. Journalize Sievert Co.'s and Bray Co.'s entries for the payment of the amount due.
counting for Merchandising Businesses + PE 6-3B Sales transactions OBJ. 2 Journalize the following merchandise transactions:...
counting for Merchandising Businesses + PE 6-3B Sales transactions OBJ. 2 Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, 1/30. The cost of the mer- chandise sold was $55,500. b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10.400 terms n/30. The cost of the merchandise returned was $6,500. PE 6-4A Freight terms OBJ. 2 Determine the amount to be paid in full settlement of...
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...
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...
If merchandise is sold on account to a customer for $10,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount to be recorded as accounts receivable is: O $10,000 $10,050 $9,950 none of the above
March 4 Stephen Company sold $3,000 of merchandise on account to Elijah Company. The credit terms were 2/10, n/60. The cost of the merchandise was $1,800. March 6 Elijah Company paid transportation cost of $100 on the March 4 purchase from Stephen Company. March 8 Stephen Company sold $2,000 of merchandise on account to Elijah Company. The credit terms were n/40. The cost of the merchandise was $1,400. March 10 Stephen Company paid transportation cost of $100 for delivery of...
March 4 Stephen Company sold $3,000 of merchandise on account to Elijah Company The credit terms were 2/10, n/60. The cost of the merchandise was $1,800. March 6 Elijah Company paid transportation cost of $100 on the March 4 purchase from Stephen Company Stephen Company sold $2,000 of merchandise on account to Elijah Company The credit terms were n/40. The cost of the merchandise was $1,400. March 8 March 10 Stephen Company paid transportation cost of $100 for delivery of...
Merchandise subject to terms 2/10, 1/30, FOB shipping point, is sold on account to a customer for $18,900. What is the amount of sales discount allowable? $18: $126 Os378 $193
Instructions Record the following selected transactions: (a) Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510 (b) Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Who is responsible for the freight cost when the terms are FOB destination? a. the seller b. the customer c. either the buyer or the seller...
Stephen Company sold $3,000 of merchandise on account to Elijah Company The credit terms were 2/10, n/60. The cost of the merchandise was $1,800 March 4 March 6 Elijah Company paid transportation cost of $100 on the March 4 purchase from Stephen Company March 8 Stephen Company sold $2,000 of merchandise on account to Elijah Company The credit terms were n/40. The cost of the merchandise was $1,400. March 10 Stephen Company paid transportation cost of $100 for delivery of...
Transactions for Buyer and Seller Sievert Co.sold merchandise to Bray Co. on account,$11,500, terms 2/15, n/30. The cost of the merchandise sold is $6,900. Sievert Co. issued a credit memorandum for $900 for merchandise returned and later received the amount due within the discount period. The cost of the merchandise returned was $540. Journalize Sievert Co.'s and Bray Co.'s entries for the payment of the amount due.
counting for Merchandising Businesses + PE 6-3B Sales transactions OBJ. 2 Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, 1/30. The cost of the mer- chandise sold was $55,500. b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10.400 terms n/30. The cost of the merchandise returned was $6,500. PE 6-4A Freight terms OBJ. 2 Determine the amount to be paid in full settlement of...
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