.ull Verizon LTE5:03 PM1O 34%AAv2.cengagenow.comCengageNOWV2 | Online teaching and learning resource from Cengage LeamingClose WindowPrint1. PE.06-01BO eBookShow Me HowGross ProfitDuring the current year, merchandise is sold for $18,300 cash and $295,700 on account. Thecost of the merchandise sold is $188,000. What is the amount of the gross profit?2. PE.06-02BH Show Me HowPurchases TransactionsHoffman Company purchased merchandise on account from a supplier for $65,000, terms1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit.a. If Hoffman Company pays the invoice within the discount period, what is the amount ofcash required for the payment?2$b. What account is debited by Hoffman Company to record the return?3. PE.06-03BeBookA Show Me HowSales TransactionsJournalize the following merchandise transactions:a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of themerchandise sold was $55,500.SaleCostb. Received payment less the discount.

1. Calculate gross profit: Gross profit = Sales - Cost of goods sold Gross profit = ($18,300 +…

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Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.11C

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Solve the following, Ps. add Purchases of P100,000 on Case No.1 (3-5) to complete the problem.
GINKGO-NUTS Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point prepaid. At what amount is the accounts payable debited upon payment? SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM
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https://www.bartleby.com/questions-and-answers/solve-the-following-ledger-please-1.-we-buy-goods-on-credit-for-dollar30000.00-we-pay-50percent-in-c/e657ebb4-e960-4a2c-81d5-b4ef23d6ba48 Solve the following ledger please 1. We buy goods on credit for $30,000.00, we pay 50% in cash, and the rest on credit. 2. We buy goods on credit for $150,000.00, we pay 50% in cash, 30% on credit and for the rest we sign a document. 3. On March 1, 2005, we bought merchandise for $65,000.00 and signed a document, for which they will charge us 1% per month. we paid on May 31, 2005. 4. On February 1, 2005, we took a loan from BBVA for the amount of $230,000.00, signing a promissory note at 17% per year for 60 days. the document was paid on March 31, its expiration date. (document with interest and document with discounted interest). 5. On June 1, 2004, we requested a loan from Mr. Adolfo López in the amount of $320,000.00, and we signed a promissory note at 15% per annum for 6 months. (both methods). 6. On…
Q5. If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount of the discount for early payment would be: A. $0 B. $5.00 C. $10.00 D. $10.50
EONY Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is?
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