Homework Answers
The correct choice is : - Debit to merchandise inventory $ 800
Explanation : - The returned merchandise is recorded as a debit to merchandise inventory and credit to estimated returns inventory.
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1. 2. 3. $7,000 of merchandise inventory was ordered on September 2, 2009 $3,000 of this...
Question 1 3 pts ini m 3. $7,000 of merchandise inventory was ordered on September 2,...
Question 1 3 pts ini m 3. $7,000 of merchandise inventory was ordered on September 2, 2009 $3,000 of this merchandise was received on September 5, 2009 On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. On September 10, 2009, $800 of the merchandise was returned to the seller. Based on the above information, what would be recorded as purchases discount if...
Merchandise is ordered on November 10; the merchandise is shipped by the seller and the invoice is prepared, dated...
Merchandise is ordered on November 10; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on Novembe 13; the merchandise is received by the buyer on November 18; the entry is made in the buyer's accounts on November 20. The credit period begins with what date? November 18 November 20 November 10 November 13 If merchandise sold on account is returned to the seller, the seller acknowledges the return by issuing...
Based on the following information, what would be recorded as purchases discount if the invoice is...
Based on the following information, what would be recorded as purchases discount if the invoice is paid within the discount period? 1. $5,000 of merchandise inventory was ordered on April 2, 2016. 2. $2,000 of this merchandise was received on April 5, 2016. 3. On April 6, 2016, an invoice dated April 4, 2016, with terms of 2/10, net 30 for $2,150 which included a $150 prepaid freight cost, was received. 4. On April 10, 2016, $500 of the merchandise...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting...
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 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. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are...
how to do thus chart thank you. Aug. 1 Purchased merchandise from Aron Company for $7,000...
how to do thus chart thank you.
Aug. 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4, 900 under credit terms of 2/10, n60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. 8 Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 9 Paid $280 cash for shipping...
All paper. Good feed back. Thanks anticipated. Exercise 3. Serene Spa Sales uses the perpetual inventory...
All
paper. Good feed back. Thanks anticipated.
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. 3 Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had...
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...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point wit...
A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,200 added to the invoice. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a.$990 b.$7,833 c.$9,813 d.$8,823
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30;...
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30; freight of $20 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $3,020) Paid amount due to 0'Rourke Fabricators for the purchase of April 1, less the 1 percent discount, Check 457 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,250, terms 1/10, n/30; freight of $75 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on...
Question 1 3 pts ini m 3. $7,000 of merchandise inventory was ordered on September 2, 2009 $3,000 of this merchandise was received on September 5, 2009 On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. On September 10, 2009, $800 of the merchandise was returned to the seller. Based on the above information, what would be recorded as purchases discount if...
Merchandise is ordered on November 10; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on Novembe 13; the merchandise is received by the buyer on November 18; the entry is made in the buyer's accounts on November 20. The credit period begins with what date? November 18 November 20 November 10 November 13 If merchandise sold on account is returned to the seller, the seller acknowledges the return by issuing...
Calculator A sales invoice included the following information: merchandise price, $10,900; terms 1/10, 1/com, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $800 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $12,383 Ob. $11,591 Oc. $792 Od. $10,799 Previous Next
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 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. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are...
how to do thus chart thank you.
Aug. 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4, 900 under credit terms of 2/10, n60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. 8 Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 9 Paid $280 cash for shipping...
All
paper. Good feed back. Thanks anticipated.
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. 3 Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had...
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...
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30; freight of $20 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $3,020) Paid amount due to 0'Rourke Fabricators for the purchase of April 1, less the 1 percent discount, Check 457 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,250, terms 1/10, n/30; freight of $75 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on...
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