Action Signs recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. How would the entry to this sale be recorded? cash decreases by $3,000 sales discounts increase by $200 sales increases by $9,800 accounts receivable increases by $10,000

Q: Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, terms 2/10,…

A: Accounts payable are the suppliers from whom a company purchases its raw material or input stock. In…

Q: net sales from the above transactions? 12. Silver Co. sold merchandise to Bronze Co. on account,…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: On January 15, Nifty Company sells merchandise on account to Martinez Associates for $5,000 with…

A: COncept -  The term 3/10, n/30 Indicates that,  If the payment is made within 10days then the…

Q: Rolfes Company purchased merchandise on account from Springhill Company for $6,300, terms 1/10o,…

A: Payment due=Purchase-Purchase return=$6,300-$1,600=$4,700

Q: Your payables control account has a balance at 1 October 20x8 of $34,500 credit. During October,…

A: We have the following information: Opening Balance: $34,500 Credit Purchases: $78,400 Cash…

Q: hat is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller…

A:

Q: On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: Stockton Company sold goods on account with a sales price of $70,000 on August 17. The terms of the…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: A merchandiser receives payment in full after the expiration of the discount period on a P3,000…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Provide solution for the following with proper explanation: a)Faith company provided the following…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…

A: 2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…

Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…

A: Payment terms with  4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…

Q: Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal…

A: Sales indicate the income generated by the corporation in its day-to-day operations by selling the…

Q: The following purchases were made by Bay Leaf Trading: Item Purchase Date Amount Date Paid Credit…

A:

Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT…

A: Hi student Since there are multiple subparts, we will answer only three subparts.

Q: . A journal entry with a debit to cash of $980, a debit to Sales Discounts of $20, and a credit to…

A: INTRODUCTION In the question two terms have been used which are "sales" and "net sales". Sales is…

Q: Merchandise with a sales price of $2,800 is sold on account with terms 2/10, n/30. The journal entry…

A: Journal entry is mandatory requirement of the process of accounting. It is done to record the…

Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Allister's payables ledger control account has a balance at 1 October 20X8 of $34,500 credit. During…

A: We have the following information: Opening Balance: $34,500 Credit Purchases: $78,400 Cash…

Q: My New Business uses percentage of sales to determine the value for allowance for doubtful accounts.…

A: Bad debt expense=Sales×Estimated Percentage of sales=$275,000×2%=$5,500

Q: Merchandise with a sales price of $5,600 is sold on account with terms 2/10, n/30. The journal entry…

A: Credit terms 2/10,n/30 means if customer will pay in 10 days, then he will get a discount of 2%,…

Q: Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10,…

A: Net Purchases = Purchases - Purchase return = $10,600 - $2,200 = $8,400

Q: The entry to record the receipt of payment within the discount period on a sale of $2400 with terms…

A: A firm makes sales to its customer and allows a discount for making payment early. The discount on…

Q: Sales-Related Transactions After the amount due on a sale of $145,225, terms 2/10, n/30, is…

A: Vgyyvv

Q: A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom,…

A: Sales invoice: Sales invoice refers to the document which is used to inform the customer the amount…

Q: A sales invoice included the following information: merchandise price, $8,000; terms 2/10, n/eom.…

A: Formula to calculate cash received by the seller:Cash received by seller = Merchandise price -…

Q: After the amount due on a sale of $26,500, terms 2/10, n/eom, is received from a customer within the…

A: Sales return is the return of merchandize by the buyer due to various reasons such as defect,…

Q: Merchandise with a sales price of $3,000 is sold on account with terms 2/10, n/30. The journal entry…

A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…

Q: The entry to record a sale of P7,500 with terms of 2/10, n/30 would include a. Debit to sales for…

A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…

Q: Purchases Transactions Nieman Company purchased merchandise on account from a supplier for…

A: Given Purchase=$14,000 Purchase Returns: $3,400

Q: Barans Company purchased merchandise on account from Springhill Company for $12,800, terms 2/10,…

A: Amount due after merchandise return = $12,800 - $3,200 = $9,600

Q: Abbey Co. sold merchandise to Gomez Co. on account, $35,100, terms 2/15, net 45. The cost of the…

A: Gross profit margin is the profit arrived after considering all direct costs relating to the sale of…

Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans…

A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…

Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…

A: (1) Calculate the amount of refund owed to the customer.

Q: A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30.…

A: Cost of purchase = 23000 Credit Terms = 2/10, n/30

Q: During the month of February 2021, the following transactions ocurred: Feb 1 Collected 113,00 from…

A: Journal entry means recording of transactions on basis of double entry system.

Q: Sales-related transactions Sayers Co. sold merchandise on account to a customer for $83,000 terms…

A: According to the template given, Sales need to be recorded using the net method.  Because under the…

Q: Merchandise with a sales price of $5,100 is sold on account with terms 2/10, n/30. The journal entry…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: JoJo's recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. Select the…

A: The gross method of cash rebate is the bookkeeping strategy in which deals are accounted for at…

Q: Delta Company sold goods to wholesalers on terms 2/15, n/30. The entity had no cash sales but 50% of…

A: Net realizable value of accounts receivable = Gross Accounts receivable - Allowance for sales…

Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30.…

A: a)  Net purchases = $32,100 - $8,600 = $23,500 Discount on purchases = $23,500 * 2% = $470 Cash…

Q: Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has…

A: Accounts payable: Its a short term liability item reported in Balance sheet. Goods purchased on…

Q: Xanadu Company purchased merchandise on account from Springhill Company for $7,900, terms 2/10,…

A: The payment term is 2/10, n/30.   So the discount is 2% if the payment is made within the discount…

Q: merchandise with an invoice amount of $2,800 and received full credit. a.  If Nieman Company pays…

A: In the given question, Springhill Company purchased goods worth $ 12,100 and returned goods worth $…

Q: Based on the account balances shown below, calculate "Net Sales". Normal Account Balance Account…

A: Net sales  = Sales revenue - Sales discount - Sales return

Q: Delta Company sold goods to wholesalers on terms 2/15, net 30. The entity had no cash sales but 50%…

A: The ageing of receivables are givem with the terms of credit 2/15 net 30.  Required  What amount…

Q: Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for…

A: Credit terms 1/10, n/30 means if due amount will be paid in 10 days, then 1% discount will be…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is