On March 12 Klein Co. sold merchandise in the amount of $7800 to Babson Co. with...
On March 12 Klein Co. sold merchandise in the amount of $7800 to Babson Co. with credit terms of 2/10, n/30. The cost of the items sold is $4500. Klein uses the perpetual inventory system and the gross method of accounting for sales. Babson pays the invoice on March 17 and takes the discount. What is the journal entry that Klein makes on March 17?
Cash 7644
Sales Discounts 156
Accounts Receivable 7800
Homework Answers
Answer
- Invoice date = 12 March
- Payment date = 17 March
- Discount term = 2% under 10 days
- Payment is received within 10 days, hence discount will be given.
- Journal entry would be:
[Debit] Cash $ 7,644 [ 7800 – 2%]
[Debit] Sales Discount $ 156 [7800 x 2%]
[Credit] Accounts receivables $ 7800
Add Answer to:
On March 12 Klein Co. sold merchandise in the amount of $7800 to
Babson Co. with...
34) 34) On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson...
34) 34) On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system and the gross method of accounting for sales. Babson pays the invoice on March 17, and takes the appropriate discount. The journal entry that Klein makes on March 17 is: A) Cash 4,410 Sales discounts 90 Accounts receivable 4,500 B) Cash Accounts receivable...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10. n/30. The cost of the items sold is $4.500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is 5600 and the cost of the merchandise returned is $350. The entry or entries...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10. n/30. The cost of the items sold is $4.500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is 5600 and the cost of the merchandise returned is $350. The entry or entries...
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with...
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with credit terms of 210.n/30. The cost of the items sold is $5.800. Klein uses the perpetual Inventory system and the net method of accounting for sales. On March 15, Babson retums some of the merchandise, which is not defective. The selling price of the returned merchandise is $860 and the cost of the merchandise returned is $480. The entry or entries that Klein must...
On September 12, Vander Company sold merchandise in the amount of $2,000 to Jepson Company, with...
On September 12, Vander Company sold merchandise in the amount of $2,000 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,380. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $170 and the cost of the merchandise returned is $120. Jepson pays the invoice on September 18, and takes the appropriate...
On September 12, Ryan Company sold merchandise in the amount of $6,800 to Johnson Company, with...
On September 12, Ryan Company sold merchandise in the amount of $6,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $600 and the cost of the merchandise returned is $400. Johnson pays the invoice on September 18, and takes the appropriate...
On September 12, Ryan Company sold merchandise in the amount of $7.600 to Johnson Company, with...
On September 12, Ryan Company sold merchandise in the amount of $7.600 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4.900. Ryan uses the periodic inventory system and the net method of accounting for sales On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $680 and the cost of the merchandise returned is $440. Johnson pays the invoice on September 18, and takes the appropriate...
On February 3, Smart Company sold merchandise in the amount of $1,800 to Truman Company, with...
On February 3, Smart Company sold merchandise in the amount of $1,800 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,240. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Account Title Debit Credit Cash 1,240 Accounts Receivable 1,240 Account Title Debit Credit Cash 1,800 Accounts Receivable...
On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with...
On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,800. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $225 and the cost of the merchandise returned is $160. Jepson pays the invoice on September 18, and takes the appropriate...
On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman C the...
On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman C the items sold is $4,000 the Company, with credit terms of 210, n/30. The cost of Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount The journal entry that Smart makes on 8 is We were unable to transcribe this image
34) 34) On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system and the gross method of accounting for sales. Babson pays the invoice on March 17, and takes the appropriate discount. The journal entry that Klein makes on March 17 is: A) Cash 4,410 Sales discounts 90 Accounts receivable 4,500 B) Cash Accounts receivable...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10. n/30. The cost of the items sold is $4.500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is 5600 and the cost of the merchandise returned is $350. The entry or entries...
QUESTION 49 On March 12. Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10. n/30. The cost of the items sold is $4.500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is 5600 and the cost of the merchandise returned is $350. The entry or entries...
On March 12. Klein Company sold merchandise in the amount of $10.400 to Babson Company with credit terms of 210.n/30. The cost of the items sold is $5.800. Klein uses the perpetual Inventory system and the net method of accounting for sales. On March 15, Babson retums some of the merchandise, which is not defective. The selling price of the returned merchandise is $860 and the cost of the merchandise returned is $480. The entry or entries that Klein must...
On September 12, Ryan Company sold merchandise in the amount of $7.600 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4.900. Ryan uses the periodic inventory system and the net method of accounting for sales On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $680 and the cost of the merchandise returned is $440. Johnson pays the invoice on September 18, and takes the appropriate...
On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,800. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $225 and the cost of the merchandise returned is $160. Jepson pays the invoice on September 18, and takes the appropriate...
On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman C the items sold is $4,000 the Company, with credit terms of 210, n/30. The cost of Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount The journal entry that Smart makes on 8 is We were unable to transcribe this image
Most questions answered within 3 hours.
-
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 1 hour ago -
Compare and contrast the linear motion and angular motion
equations F ma and . That is,...
asked 34 minutes ago -
Now that this course has taken you on a journey of introduction
to the world of...
asked 1 hour ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 3 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 3 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 5 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 4 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 3 hours ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 4 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 5 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 5 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 5 hours ago