17. Merchandise with a sales price of P500 is sold on account with term 2/10, n/30.The journal entry to record the sale would include aa. debit to Cash for P500b. Debit to Sales Discounts for P10C. Credit to Sales for P500d. Debit to Accounts Receivable for P49018. Merchandise subject to terms 1/10, n/30, FOB shipping point, is soldaccount to a customer for P15,000. The seller paid transportation costs etP1,000 and issued a credit memorandum for P5,000 prior to payment. What ithe amount of the cash discount allowable?a. P160b. P150c. P140d. P10019. The entry to record the return of merchandise from a customer would includeaa. debit to Salesb. credit to Salesc. debit to Sales Returns and Allowancesd. credit to Sales returns and Allowances20. A sales invoice included the following information: merchandise price, P4,000;transportation, P300; terms 1/10, n/eom, FOB shipping point. Assuming thacredit for merchandise returned of P600 is granted prior to payment, trhattransportation is prepaid by the seller, and that the invoice is paid within tediscount period, what is the amount of cash received by the seller?a. Р3,366b. P3,400с. Р3,666d. P3,950

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Answered: 10, n/30. 17. Merchandise with a sales…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
Record the following transactions in general journal form. a. Sold merchandise on account to D. North, invoice no. 4556, 2,515.25. b. Sold merchandise on account to NexStar Industries, invoice no. 4557, 775.00. c. NexStar Industries returned 225.50 worth of the merchandise. Issued credit memo no. 101.
Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, 680 plus 54.40 sales tax (invoice no. D446). b. Bauer returned 105.50 of the merchandise. Issued credit memo no. 114 for 113.94 (105.50 for the amount of the sale plus 8.44 for the amount of the sales tax).
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods sold
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195
A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for faulty inventory parts. Which of the following represents the journal entry for this transaction if the retailer has already remitted payment? A. B. C.

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10, n/30. 17. Merchandise with a sales price of P500 is sold on The journal entry to record the sale would include a a, debit to Cash for P500 b. Debit to Sales Discounts for P10 C. Credit to Sales for P500 d. Debit to Accounts Receivable for P490