Cash Discount and Remittance calculations   For each of the following May Paz Abad Retailers purchases, assume that credit terms are 2/10, n/30 and that any credit memorandum was issued and known before Mary Paz Abad Retailers made the payments.         Prepaid    Purchases Shipping Terms Freight Credit a P 12,000 FOB shipping point (by seller) Me

Q: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

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

A:

Q: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for…

A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000

Q: Customer for $7,600 with credit terms 3/10, n/30. Flores od of accounting for sales discounts. is…

A: Journal entries are defined as reporting of the transactions into the books of the entity and it is…

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: Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30.…

A: Purchase discount: Goods purchased on credit. if payment is done within Discount period then seller…

Q: Merchandise is sold on account to a customer for $13,600, terms FOB shipping point, 2/10, n/30. The…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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

A: Given that: Original invoice value = $14000 Returns = $2200 Discount rate = 1%

Q: Purchase-Related Transactions The Stationery Company purchased merchandise on account from a…

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

Q: Review the following situations and record any necessary journal entries for Nine Lives Inc. Jan.…

A: Perpetual inventory system is that inventory system under which all transactions related to…

Q: Prepare the SCI for Merchandizing Business All currency is in Philippine Pesos Maitum School…

A: The income statement is prepared to find the net income or loss incurred during the period.

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: Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments…

A: Cash payment journal:  All cash payment transactions are recorded in cash payment journals. The cash…

Q: Several purchase transactions of the Joey Beringuela Pharmacy are presented below. The credit terms…

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

Q: The following purchases were made by Bay Leaf Trading: Item Purchase Date April 1 April 5 April 8…

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

Q: 11. A retailer purchases merchandise with a catalog list price of P10,000. The retailer be needed to…

A: Since, there are multiple questions posted we will answer the first question for you as per the…

Q: Journal Entry (Purchased of merchandise for cash) Date Particulars Debit Credit Feb -01 Cash in Bank…

A: Ledger It is a set of accounts where business transactions are recorded and  it is used to prepare…

Q: A sales invoice included the following information: merchandise price, $3,100; terms 1/10, n/eom;…

A: Solution: Particulars Amount ($) Merchandise Price 3,100 Less: Merchandise Returns 600 Net…

Q: Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is…

A: Terms 2/10 means that 2% discount will be allowed if payment is made within 10 days, otherwise full…

Q: Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Introduction:- Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a…

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

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

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom;…

A: Sales - Return = Net Sales  Merchandise Price = $11,800 Prepaid Freight  = $560  Merchandise…

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

A: a.

Q: A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom,…

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

Q: Sales Discount Recorded Columbia Company provided services with a list price of $48,500 to Small…

A: Journal entry is a record of financial transaction in the books of accounts maintained by an…

Q: Journalizing Cash Payments Sandcastles Northwest uses a cash payments journal. Prepare a cash…

A: Accounts payable are described as those individuals or firms to whom the business owes the payment.…

Q: ash Discount and Remittance Calculations For each of the following Paz Abad Company purchases,…

A: We are answering the first question as we only answer one question. Please resubmit the question.…

Q: Notes Receivable Discounting Marienau Suppliers had the following transactions: Mar. 1 Sold…

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

Q: Dawn Co. purchased goods with invoice price of ₱3,000 on account on December 27, 20x1. The related…

A: FOB is a term generally used when the goods are imported or exported. FOB stands for free on board…

Q: d. cash 12. The entry to record the sale of merchandise for cash includes a: a. debit to accounts…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

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

Q: 2 From the following information, calculate the value of purchases. Opening payables Cash paid…

A: For calculating the value of purchase , we need to prepare the accounts payables account i.e.…

Q: Select a description for each transaction recorded in the following T accounts: Cash     (c)…

A: Introduction: Ledger: After recording journals , all the entries are to be posted in each individual…

Q: Purchases Transactions Halibut Company purchased merchandise on account from a supplier for $18,600,…

A: Purchase: Purchase is an activity of acquiring the asset or merchandise inventory of a business. a.…

Q: Several purchase transactions of the Chopper Pharmacy are presented below. The credit terms of the…

A: GIVEN   OCT 6 Purchased merchandise for cash, P200,000; FOB shipping point. 12 Purchased merchandise…

Q: DATE TRANSACTIONS 20x1 pril 1 Sold merchandise for $4,500 to Alto Music Center; issued Invoice 3912…

A: Answer -  A journal entry is used to record a business transactions in the accounting record of a…

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: Exercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the…

A: The trade discount is not recorded in the books, it is just deducted from the list price to get the…

Q: Riverbed Retailers accepted $ 31500 of Silver Bank MasterCard credit card charges for merchandise…

A: Here in this question, we are required to determine which heads are needs to debt for recording…

Q: Stylon Co., a women's clothing store, purchased $28,000 of merchandise from a supplier on account,…

A: Net purchases = Total purchases - Purchase return = $28,000 - $4,200 = $23,800

Q: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…

A: Required journal entries are given below:

Q: transactions for Buyer and Seller wilmington Co. sold merchandise to Angelleti Co. on account,…

A: To keep track of the financial transactions, journal entries are utilized. Your journal entries are…

Q: Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments…

A: In the above entry, payment made for merchandising inventory is recorded. Here, the corporation…

Q: Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9…

A: Journal: Recording of a business transactions in a chronological order.

Q: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for…

A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000

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…

Q: Question 2 Credit Sales, Credit Purchases & Returns You are to enter the following items in the…

A: Every business would have a certain amount of purchases and sales. These transactions are the…

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