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- 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. $195A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?On June 1 of the current year, Pitt Company sold merchandise with a list price of P 5,000,000 to Bull company. Pitt allowed trade discounts of 30% and 20%. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P 200,000 of delivery costs. What will be the remittance to be received by Pitt from Bull? a. P 2,744,000 b. P 2,940,000 c. P 2,944,000 d. P 3,140,000
- On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required:Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.(Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.(Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method1. Maningkamot ko permi makapasar sports wear regularly buys sweaters from BSA Company and its allowed trade discounts of 20%, and 10% from the list price. Maningkamot ko permi made a purchase during the year and receive an invoice with a list price of P600,000, a freight charge of P15,000 and payment terms and 2/10, n/30. What is the cost of the purchase?
- The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30. How much is the Purchase Discount if the company paid the account in full within the discount period?On May 1, RVQ Company sold goods for P6,000 on terms of 2/10, 1/15, n/30. Customer made a partial payment of P1,000 discounts are given only upon full payment of an account. The customer pays the balance on May 12, RVQ will receive on May 12 the amount of28) MN traders has the purchases of RO 76,500, purchases returns and allowances of RO 1,900, transportation cost of RO 500 and purchase discount of RO 300. Calculate the amount of Net cost of purchases made by the business. a. RO 74,800 b. RO 77,100 c. RO 73,800 d. RO 75,400 Clear my choice
- Vanessa company purchases merchandise with a list price of P25,000. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made on time, what is the net cost of the merchandise?1.On June 1, P8,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer returned P1,000 of the goods. How much should the seller expect to receive if the buyer pays on June 8?During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the sale? • How much is cash paid if within the discount period? • Who is the buyer?