BSU Food Processing Center was authorized to sell various Food products. They sold this products on account with the List Price of P471,123, less trade discounts of 5%, 5%, 1%. As the bookkeeper your are assigned to journalized the transaction. How much is to be debited to Accounts receivable?
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- On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
- 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?BSU Food Processing Center was authorized to sell various Food products. They sold this products on account with the List Price of P480,000, less trade discounts of 5%, 5%, 1%. As the bookkeeper your are assigned to journalized the transaction. How much is to be debited to Accounts receivable? Drop centavos if any.which one in 1-4 is correct? The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a 1. credit to Sales Discounts for $48. 2. credit to Sales Revenue for $2400. 3. debit to Sales Revenue for $2352. 4. credit to Accounts Receivable for $2400.
- On June 1, Compassion Company sold merchandise with a list price of P 1,000,000 to a customer. The entity allowed trade discounts of 20% and 10%. Credit terms were 5 / 10; n/30 and the sale was made FOB shipping point. The entity prepaid P50,000 of delivery cost for the customer as an accommodation. The customer paid in full on June 11. What amount is received from the customer as full remittance?The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10, n/30. The Stationery Company returned $1,200 of the merchandise and received full credit. a. If Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by Stationery Company to record the return? Cost of Merchandise Sold ? Inventory ? Sales ? Accounts Payable?Barans Company purchased merchandise on account from Springhill Company for $13,900, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,600 and received full credit. A) If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. ? B) What account is debited by Barans Company to record the return? ?
- The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a Answer: credit to accounts receivable for $2400 explain to me why this is the answer instead of debit to sales revenue for $2352. Does the fact that the terms are 2/8 instead of 2/10 change things? Don't I have to subtract 48 and my answer would be $2352?6- On June 3, Basim plc sold to Ahmed Company merchandise having a sales price of ￡2,000 with terms of 2/10, n/60. An invoice totaling ￡90, terms n/30, was received by Ahmed on June 8 from Jasim Transport Service for the freight cost. On June 12, the company received a check for the balance due from Ahmed Company. Instructions: Prepare journal entries on the Basim plc books to record sales and receivables all the events noted above under each of the following bases. 1. Sales and receivables are entered at gross selling price. 2. Sales and receivables are entered at net of cash discounts. Answer 1 and 2On December 1, BCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what would be the amount of the sales discount be if the payment is received on December 7?
