A sales invoice included the following information: merchandise price, $4,200; terms 1/10, r/eom; FOB shipping point with prepaid freight of $421 added to th Assuming that a credit for merchandise returned of $800 is granted prior to payment and that the invoice is paid within the discount period, what is the amour that should be received by the seller? 54.375 $4,200 $400

A sales invoice included the following information: merchandise price, $4,200; terms 1/10, r/eom; FOB shipping point with prepaid freight of $421 added to th Assuming that a credit for merchandise returned of $800 is granted prior to payment and that the invoice is paid within the discount period, what is the amour that should be received by the seller? 54.375 $4,200 $400

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 3E: Record the following transactions in general journal form. a. Sold merchandise on account to A....

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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.
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
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A 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?
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods sold
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