Homework Answers
Option D) Freight costs paid by the seller
Reason: All costs incurred by the buyer of the goods to bring the goods to the condition of sale are included in the merchandise inventory. If the freight costs are paid by the seller it is not included in merchandise inventory.
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20) The amount recorded for merchandise inventory includes all of the following except A) Purchase discounts. B) Re...
19. The account for merchandise inventory reflects all the following, EXCEPT a) includes any purchase discounts....
19. The account for merchandise inventory reflects all the following, EXCEPT a) includes any purchase discounts. b) includes any returns and allowances. c) includes any necessary freight costs. d) is a long-term asset. e) Merchandise inventory reflects all of the above. 11. A debit memorandum is: a) The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records. b) The source document for the purchase of merchandise inventory c) Required...
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...
7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for...
7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $60,000, terms 2/10, n/30. Returned $1,200 of the shipment for credit. Paid $500 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by a. $57,624. b. $57,924. c. $58,124. d. $59,300. 8. Sunland Company reported the following balances at June 30, 2018 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of...
Purchase discounts. Freight costs paid by the seller. Freight costs paid by the buyer. Question 8...
Purchase discounts. Freight costs paid by the seller. Freight costs paid by the buyer. Question 8 2 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, 1/30. On July 7, it returned $200 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: $1,568 $1,564 $200. $1.800. $1,600 Question 9 2 pts ViewSonic
pls solve for all Transactions for Buyer and Seller Grayson Co. sold merchandise to Vargas Co....
pls solve for all
Transactions for Buyer and Seller Grayson Co. sold merchandise to Vargas Co. on account, $152,900, terms FOB shipping point, 2/10, 1/30. The cost of the merchandise sold is $91,740. Grayson Co. paid freight of $2,900. Assume that all discounts are taken Journalize Grayson Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Receivable Vargas Co. 149,842 Sales...
13. In the perpetual inventory system, purchases discounts are recorded by the buyer in the a)...
13. In the perpetual inventory system, purchases discounts are recorded by the buyer in the a) Merchandise Inventory account b) Purchases Discount account c) Sales Discount account d) Merchandise Discounts account e) None of the above. mnute the ending inventory using
Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10,...
Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 108,388 Sales 108,388 Cost of Goods Sold 66,360 Inventory 66,360 Accounts Receivable-Blue...
For the current fiscal year, Purchases were $340,000, Purchase Returns and Allowances were $9,800, Purchase Discounts...
For the current fiscal year, Purchases were $340,000, Purchase Returns and Allowances were $9,800, Purchase Discounts were $3,800 and Freight In was $48,000. If the beginning merchandise inventory was $69,500 and the ending merchandise inventory was $94,000, the Cost of Goods Sold is: a) $374,400 b) $398,900 c) $349,900 d) $377,100
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts....
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
number 14 LUNC 13) A company purchased $4,000 worth of merchandise. Transportation costs were an additional...
number 14
LUNC 13) A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is: A) $3,725.00. B) $3,925.00 D) $3,995.00. D) $4,000.50. E) $4,075.00. 14) A buyer of $7,000 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at...
19. The account for merchandise inventory reflects all the following, EXCEPT a) includes any purchase discounts. b) includes any returns and allowances. c) includes any necessary freight costs. d) is a long-term asset. e) Merchandise inventory reflects all of the above. 11. A debit memorandum is: a) The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records. b) The source document for the purchase of merchandise inventory c) Required...
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...
7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $60,000, terms 2/10, n/30. Returned $1,200 of the shipment for credit. Paid $500 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by a. $57,624. b. $57,924. c. $58,124. d. $59,300. 8. Sunland Company reported the following balances at June 30, 2018 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of...
Purchase discounts. Freight costs paid by the seller. Freight costs paid by the buyer. Question 8 2 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, 1/30. On July 7, it returned $200 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: $1,568 $1,564 $200. $1.800. $1,600 Question 9 2 pts ViewSonic
pls solve for all
Transactions for Buyer and Seller Grayson Co. sold merchandise to Vargas Co. on account, $152,900, terms FOB shipping point, 2/10, 1/30. The cost of the merchandise sold is $91,740. Grayson Co. paid freight of $2,900. Assume that all discounts are taken Journalize Grayson Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Receivable Vargas Co. 149,842 Sales...
13. In the perpetual inventory system, purchases discounts are recorded by the buyer in the a) Merchandise Inventory account b) Purchases Discount account c) Sales Discount account d) Merchandise Discounts account e) None of the above. mnute the ending inventory using
Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 108,388 Sales 108,388 Cost of Goods Sold 66,360 Inventory 66,360 Accounts Receivable-Blue...
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
number 14
LUNC 13) A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is: A) $3,725.00. B) $3,925.00 D) $3,995.00. D) $4,000.50. E) $4,075.00. 14) A buyer of $7,000 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at...
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