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 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...
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...
On March 2, Skysong, Inc. sold $929,000 of merchandise on account to Riverbed Company, terms 4/10, n/30. The cost of the merchandise sold was $558,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record credit sale) To record cost of merchandise sold) On March 6, Riverbed Company returned $92,900...
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...
On March 2, Cullumber Company sold $835,000 of merchandise on account to Bramble Company, terms 2/10, n/30. The cost of the merchandise sold was $585,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Show List of Accounts Show Answer Link to Text Attempts: 3 of 3 used (b) Your answer is partially correct. Try again. On March 6, Bramble Company returned $83,500 of the merchandise purchased on March...
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...
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...
1. Rackley Company completes these transactions and events during March of the current year (terms of all credit sales are 2/10,n/30, unless otherwise stated in the transaction): perpetual inventory system was adopted by Rackley Company in recording its inventory transactions. March 1 Received $87,200 of merchandise and an invoice dated March 1, terms 2/15, 1/30, from Fox Industries. 2. Sold merchandise on credit to Armand Leon. Invoice No. 854, for $33.600 (cost $16.800). 3. Purchased $2460 of office supplies on...
On March 2, Ivanhoe Company sold $863,000 of merchandise on account to Sarasota Company, terms 2/10, n/30. The cost of the merchandise sold was $577,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Brief Exercise 5-04 a-c (Part Level Submission) Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $863,000 of merchandise on account to Sarasota Company, terms...