Concord Company made a purchase of merchandise on credit from Ivanhoe Company on August 8, for $9700, terms 2/10, n/30. On August 17, Concord makes the appropriate payment to Ivanhoe. The entry on August 17 for Concord Company is:   A) Accounts Payable 9700      Cash   9700   B) Accounts Payable 9700       Inventory   194     Cash   9506

Q: Glasgow Company uses the periodic inventory system. On February 1, the corporation purchased…

A: Introduction:- On February 1, the corporation purchased inventory on account for $16,000. The terms…

Q: On October 5, Blossom Company sells merchandise to Pina Company for $5,400, terms 2/10, n/30. The…

A: PERPETUAL INVENTORY SYSTEM:                                                           It is a method…

Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…

A: At the time of purchase, goods were recorded at $30,000 (gross). The Journal entry was: Debit:…

Q: A company purchased $1800 of merchandise on July 5 with terms 2/10, n/30. on July 7, it returned…

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

Q: On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

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: The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10,…

A: a.Calculate the  requirement of cash to pay the merchandise purchased on account during the discount…

Q: Record the following transactions on the books of Galaxy Co. a. On July 1, Galaxy Co. sold…

A: 2/10, n/30 means that , if the amount due from customer is paid within 10 days , then the customer…

Q: The following is the transaction of the trading company "Mars" in December 2020 by using the…

A: Adjusting entries - those entries which are passed when the accounts have been closed, in order to…

Q: On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account,…

A: Net Payment made = Inventory Purchased - Inventory returned = $252,510 - $30,380 = $222,130

Q: a ccompany purchased $1,800 of merchandise on July 5, with terms 2/10, n/30. On july 7. it returned…

A: Discount on payment = (Purchases - purchase return) x discount rate = (1800-200)*2% = $32

Q: The following transactions are for Kingbird Company. On December 3, Kingbird Company sold $473,800…

A: The journal entries under perpetual inventory system are presented hereunder :

Q: Lion, Inc, purchased merchandise from a supplier on October 1, 2021, for $100,000 on account, terms…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Abdulla Co. purchased S2,600 of merchandise from Adel Co. on April 10 with terms 2/10, n/30. On…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: The following transactions are for Blossom Company. 1.   On December 3, Blossom Company sold…

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

Q: Travis Company purchased merchandise on account from a supplier for $8,000, terms 2/10, net 30.…

A: Perpetual inventory system: Under this accounting method for companies moving large amounts of…

Q: The following transactions are for Larkspur Company. On December 3, Larkspur Company sold $512,700…

A: Financial transactions are recorded via journal entries. You insert transaction details into your…

Q: The following transactions are for Carla Vista Company. 1.   On December 3, Carla Vista Company…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of…

A: SOLUTION 1- GIVEN, PURCHASED AMOUNT = 13100 DISCOUNT RATE          = 2%

Q: On September 14, 2022, Carla Vista Company sells merchandise valued at $42500 on account to Pacifica…

A: 5/10, n/30 means discount of 5% is valid for 10 days from the date of purchase.  Since the payment…

Q: On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200,terms 1/10, n/30. On…

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

Q: On October 1, Reyenbeau Company sold inventory in the amount of $5,800 to Wiles. On October 3, Wiles…

A: UNDER PERPETUAL INVENTORY BOTH THE RETURNS AND ALLOWANCES REDUCE THE BUYER'S DEBT TO THE SELLER…

Q: A company purchased $9,900 of merchandise on June 15 with terms of 3/10, n/45. On June 20, It…

A: Lets understand the basics. For attracting early payments, seller gives the discount to the buyer.…

Q: On December 22, Travis Company purchased merchandise on account from a supplier for $13,200, terms…

A: Calculation of Discount Received on Purchases:   Merchandise purchased = $ 13200. Discount = 2%  =…

Q: Small Musical Shop uses the perpetual inventory system. On April 2, Small Musical sold merchandise…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: On April 15, Jones, Inc. purchased merchandise inventory at an invoice price of $350,000, with terms…

A: Discount on Payment = Invoice amount x rate of discount = $350,000 x 3% = $10,500

Q: Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the…

A: Solution:- Calculation of net sales:-

Q: on february 3 smart company sold merchandise in the amount of 2000 to truman company with credit…

A: Perpetual inventory system: The perpetual inventory system involves tracking inventory after every,…

Q: A company purchased $3,700 of merchandise on July 5 with terms 2/10, n/30 on July 7, it returned…

A: Inventory Purchased = $ 3700 Inventory returned = $ 850 Inventory is purchased on account Terms for…

Q: On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms…

A: Introduction  Journal entry may be defined as a process of recording business transactions into the…

Q: Orange Co. is a customer of Watermelon Co. On June 17, 2022 Orange Co. returned back the merchandise…

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

Q: Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: A company purchased $3,000 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…

A: Under perpetual inventory system, inventory purchased is recorded as merchandise and freight expense…

Q: On September 12, Vander Company sold merchandise in the amount of $9,200 to Jepson Company, with…

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

Q: A company uses the periodic inventory system and records purchases net of discounts. On April 1, the…

A: Net Purchases = Invoice amount - Discount amount where, Discount amount = Invoice amount  x discount…

Q: a company purchased inventory for $2,200 on account, and recorded the following journal entry:…

A: Purchases: Purchases refer to the business act of procuring the merchandise inventory.   Purchase…

Q: Ali Co. purchased $2,600 of merchandise from Murad Co. on April 10 with terms 2/10, n/30. On April…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: On 5 December 2020, Salalah Trading company sold goods to a customer on account for 37800 OMR. Which…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5,…

A: Journal Entry: It is the method involved with making records of any exchanges either monetary or…

Q: Mathis Company and Reece Company use the perpetual inventory system. The following transactions…

A: The question is based on the concept of Financial Accounting.

Q: Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for OMR…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with…

A: The first question has been answered. Discount given as payment is received within 10 days = $2,600…

Q: The following are purchase transactions on account of JC Clothing Store for the month of June.…

A: A) & C) Purchase Journal: Date Suppliers Particulars Terms Invoice Number Net VAT @ 12% Gross…

Q: Provisions Grocery Store purchased merchandise on account from Federal Grocers for $500.00 on April…

A: Total amount paid = Net Purchase - discount amount + freight charges where, Discount amount = Net…

Q: Jeet Company and Reece Company use the perpetual inventory system. The following transactions…

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

Q: Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The…

A: Answer-  A purchase return occurs when a buyer returns merchandise to a seller. When a buyer…

Q: Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30.…

A: Net purchases = Purchases - purchase return = $13400 - 1700 = $11,700

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