Exam 2 practice answers

Create the Correct answer

Needed for the Correct answer

Fainprogress=talse Upc Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,000. The retailer receives a 44% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)? O a. S6,720 Ob. S12,000 O c. S6,586 Od. $134 Next (Previous Submit Test for Grading Email Instructor 11:18 P All work saved. 10/24/2 64°F A EI 4) 99+ S

Merchandise subject to terms 3/10, n/25, FOB shipping point, is sold on account to a customer for $20,000. What is the amount of the sales discount allowed in case the customer pays within the discount period? Select one: a. $600 b. $460 c. $150 d. $260

Buyer/Seller Entries #1 Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company vwith the terms 1/10 n/30, FO Destination. The cost of the merchandise sold was $3,000. Seller Debit Credit Buyer Debit Credit Jan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2nd sale shipped to the buyer. Seller Debit Credit Buyer Debit Credit Jan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was $800. Seller Debit Credit Buyer Debit Credit Jan. 12 Blast Company pays for the Jan. 2nd purchase. Seller Debit Credit Buyer Debit Credit y purchaseda

I want the Answer please provide

Sales-Related Transactions After the amount due on a sale of $145,225, terms 2/10, n/30, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $79,874. If required, round your answers to nearest whole value. a.  What is the amount of the refund owed to the customer?$fill in the blank 1 b.  Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts.

Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. Show your solutions. Purchases Payment Invoice Date Mar 16 List Price 120,000 90,000 Trade Discount 5%,5% 10%,5% Date Paid Mar 25 Mar 19 Mar 29 Mar 22 180,000 5%, 10%, 15% Apr 03

18/Sunlife mart sold goods on 6th August, 2018 of RO 88,000 on credit to a customer under the payment terms 2/10, n/30. The customer also returned goods of RO 1,400 and paid cash on 13th August, 2018. Record this payment in the books of seller under periodic inventory system? a. Sales discount RO 1,732 Dr / Cash 84,868 Dr / Account receivable RO 86,600 Cr b. Account receivable RO 86,600 Dr / Sales discount RO 1,732 Cr / Cash RO 84,868 Cr c. Account receivable RO 88,000 Dr / Cash RO 88,000 Cr d. Cash RO 88,000 Dr / Account receivable RO 88,000 Cr

A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business and credit terms are 3/10, n/60. What is the amount payable to the wholesaler assuming that if the customer made the payment within the discount period? a. RO 480 b. RO 14,400 c. RO 16,000 d. RO 15,520

assume informotion similar to that inthe do it on the page 207 that is on septemper 5 de lahoya company buys merchandise on account from junot diaz company the selling price of the goods is $1500 and the cost to diaz compony was $800 0n september 8 de la hoya returns defective goods with a selling price of $200 and a scrab value of $80 record the transactions on the books of junot diaz compony

For each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10n/30 and that any purchase returns was known before Mary Paz Abad Retailers made the payments.Freight Prepaid PurchasePurchases (by seller) Returnsa. P12,000 FOB Shipping Point 1,000 P3,000b. 24,000 FOB Destination 2,400 2,000c. 28,000 FOB Shipping Point 4,000Shipping TermsPage 1 of 6d. 40,000 FOB Shipping Point 3,000Required:a. Determine the cash discount available.b. Determine the cash remitted if payment is made within the discount period.

Subject; acounting

2

Sales Transactions Journalize the following merchandise transactions: a.  Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the goods sold was $55,500. Sale               Cost               b.  Received payment less the discount.                 c.  Refunded $750 to customer for defective merchandise that was not returned.                 2. BE.05-04 eBook   Show Me How Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.   Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $36,000   $800     FOB destination, 1/10, n/30 $4,000   b. 44,900   375     FOB shipping point, 2/10, n/30 2,400   a. $ b. $ 3. BE.05-05 eBook   Show Me How Transactions for Buyer and…

20/Renolta traders purchased goods on 7th April, 2018 for RO 78,000 on credit under the payment terms 3/10, n/30 and paid cash on 15th April, 2018. How would you record this in the books of buyer under perpetual inventory system? a. Account payable RO 78,000 Dr / Merchandise inventory RO 2,340 Cr / Cash RO 75,660 Cr b. Account payable RO 78,000 Dr / Cash RO 78,000 Cr c. Cash RO 75,660 Dr / Merchandise inventory RO 2,340 Dr /Account payable RO 78,000 Cr d. Cash RO 78,000 Dr / Account payable RO 78,000 Cr

Please answer Letter D, E, F, G. Thankyou

Solve this problem

Norfolk Sporting Goods purchases merchandise with a catalog list price of $21,000. Norfolk receives a credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? a.$20,580 b.$29,400 c.$30,000 d.$21,000 O A O B

14/On 12th January 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600 for the goods sold. Assume that the customer took 3% discount and record the journal entry for the cash payment of the allowance in the books of seller under periodic inventory system? a. Account receivable RO 2,600 Dr / Sales discount RO 72 Cr / Cash RO 2,522 Cr b. Sales returns and allowances RO 2,600 Dr /Sales discount RO 78 Cr / Cash 2,522 Cr c. Cash RO 2,600 Dr / Sales returns and allowances RO 2,600 Cr d. Sales returns and allowances RO 2,600 Dr / Cash RO 2,600 Cr

18. Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold account to a customer for P15,000. The seller paid transportation costs ot P1,000 and issued a credit memorandum for P5,000 prior to payment. What i the amount of the cash discount allowable? a. P160 b. P150 c. P140 d. P100

Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900

Sales-Related Transactions Merchandise is sold on account to a customer for $21,200, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $360. Determine the following: a. Amount of the sale $fill in the blank 1 b. Amount debited to Accounts Receivable $fill in the blank 2 c. Amount received within the discount period

General Accounting