Part II 7. Holt Company sells merchandise on account for $4,000 to Jones Company with...
Part II
7. Holt Company sells merchandise on account for $4,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?
8. The collection of a $10500 account after the 2 percent discount period will result in a credit to:
9. The collection of a $600 account after the 2 percent discount period will result in a
a. debit to Cash for $588.
b. credit to Accounts Receivable for $600.
c. credit to Cash for $600.
d. debit to Sales Discounts for $12.
Homework Answers
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Part II
7.
Holt Company sells merchandise on
account for $4,000 to Jones Company with...
Scale Company sells merchandise on account for $2,500 to Reata Company with credit terms of 3/10,...
Scale Company sells merchandise on account for $2,500 to Reata Company with credit terms of 3/10, n/60. Reata Company returns $200 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Scale Company make upon receipt of the check and the damaged merchandise?
anything helps 35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa...
anything helps
35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa the Company with credit terms of 2/10, 1/30. Samantha Company returns S300 of me that was damage la Company returns S300 of merchandise wat was damaged, along with a check to settle the account within the period. What is the amount of the check? A) $1,470 B) $1,476 C) $1,350 D) $1,464 36. Jones Outfitters sold S5,000 in merchandise to a customer on credit....
Multiple Choice Question 101 Your answer is incorrect. Try again. Marigold Company sells merchandise on account...
Multiple Choice Question 101 Your answer is incorrect. Try again. Marigold Company sells merchandise on account for $4600 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company retus $400 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Marigold Company make upon receipt of the check? Cash 4158 Sales Returns and Allowances 442 Accounts Receivable 4600 Cash 4200 Accounts Receivable 4200 Cash 4158 400 42 Sales Returns...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. Whatentry does Baker Company make upon receipt of the check? 4,400 4.400 Accounts Receivable Cash Sales Returns and Allowances Accounts Receivable 4,356 600 44 5,000 d Sales Returns and Allowances. Sales Discounts. Accounts Receivable...... Cash .................. Sales Discounts....................... Sales Returns and...
Whispering’s Market recorded the following events involving a recent purchase of inventory: Received goods for $115000,...
Whispering’s Market recorded the following events involving a recent purchase of inventory: Received goods for $115000, terms 2/10, n/30. Returned $2600 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by $110152. increased by $110544. increased by $110552. increased by $112800. The collection of a $1800 account within the 2 percent discount period will result in a credit to Cash for...
Company A sells $600 of merchandise on account to Company B with credit terms of 2/10,n/30....
Company A sells $600 of merchandise on account to Company B with credit terms of 2/10,n/30. If Company B remits a check taking advantage of the discount offered, what is the amount of Company B's check? $588 O $600 $540 $560
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10,...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash..............
Question 1 Crane Company made a purchase of merchandise on credit from Wildhorse Company on August...
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...
im very confused on the part where its like a fraction, for example 2/10,n,30. if i...
im very confused on the part where its like a fraction, for
example 2/10,n,30. if i could get a brief explanation that would
help me so much for these study questions
U LIL 7. Jake's Market recorded the following events involving a recent purchase of merchandise: a. Received good for $60,000 terms 2/10,n/30 b. Returned $1,200 of the shipment for credit c. Paid $300 freight on the shipment. d. Paid the Invoice within the discount period The company's Inventory increased...
12. Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with...
12. Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with credit terms 3/15, n/60. Briggs returns $1,000 of the merchandise on April 15. Briggs paid for the remainder of the goods within the discount period on April 20. What entry would Livingston make to record the receipt of payment from Briggs on April 20 if it uses the perpetual Inventory system? 6,000 Accounts Receivable 5,820 Accounts Receivable a. Cash b. Cash 6,000 5,820 c....
anything helps
35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa the Company with credit terms of 2/10, 1/30. Samantha Company returns S300 of me that was damage la Company returns S300 of merchandise wat was damaged, along with a check to settle the account within the period. What is the amount of the check? A) $1,470 B) $1,476 C) $1,350 D) $1,464 36. Jones Outfitters sold S5,000 in merchandise to a customer on credit....
Multiple Choice Question 101 Your answer is incorrect. Try again. Marigold Company sells merchandise on account for $4600 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company retus $400 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Marigold Company make upon receipt of the check? Cash 4158 Sales Returns and Allowances 442 Accounts Receivable 4600 Cash 4200 Accounts Receivable 4200 Cash 4158 400 42 Sales Returns...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. Whatentry does Baker Company make upon receipt of the check? 4,400 4.400 Accounts Receivable Cash Sales Returns and Allowances Accounts Receivable 4,356 600 44 5,000 d Sales Returns and Allowances. Sales Discounts. Accounts Receivable...... Cash .................. Sales Discounts....................... Sales Returns and...
Company A sells $600 of merchandise on account to Company B with credit terms of 2/10,n/30. If Company B remits a check taking advantage of the discount offered, what is the amount of Company B's check? $588 O $600 $540 $560
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash..............
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...
im very confused on the part where its like a fraction, for
example 2/10,n,30. if i could get a brief explanation that would
help me so much for these study questions
U LIL 7. Jake's Market recorded the following events involving a recent purchase of merchandise: a. Received good for $60,000 terms 2/10,n/30 b. Returned $1,200 of the shipment for credit c. Paid $300 freight on the shipment. d. Paid the Invoice within the discount period The company's Inventory increased...
12. Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with credit terms 3/15, n/60. Briggs returns $1,000 of the merchandise on April 15. Briggs paid for the remainder of the goods within the discount period on April 20. What entry would Livingston make to record the receipt of payment from Briggs on April 20 if it uses the perpetual Inventory system? 6,000 Accounts Receivable 5,820 Accounts Receivable a. Cash b. Cash 6,000 5,820 c....
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