February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15, n/45. Which of the following entries correctly applies the indicated method to receive the appropriate customer payment on February 12? Gross Price Method Cash 8,148   Accounts Receivable   8,148 Net Price Method Cash 8,400   Sales Revenue   252   Accounts Receivable   8,148

Q: On February 3, Smart Company sold merchandise in the amount of $4,800 to Truman Company, with credit…

A: Note: I have provide you the correct Journal entry, but I guess the correct option is not uploaded.…

Q: 2. Maeve's Store had the following transactions during December, the last month of the accounting…

A: The journal book keeps the record of business transactions on regular basis.

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: Journalize the entries to record the sale on December 31. B. Journalize the entries to record the…

A: Given information is: Scheduled Co. Sold merchandise on account to Bernard Retail Inc. for $15,000,…

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

A:

Q: On February 3, Smart Company sold merchandise in the amount of $1,800 to Kennedy Company, with…

A: Under Gross Method, Sales are recorded at their Gross Value.    If the buyer makes payment within…

Q: Complete the following table by entering the amounts of the effects of each transaction, including…

A: Every sale, sales return, credit discounts or sales discount transactions impact the Net sales and…

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: Apr. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

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: EVALUATION: A company had the following transactions during December: • Sold merchandise on credit…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On May 10, ABC Company sold S35,000 of merchandise on credit, 3/10, n/30. On May 25, ABC received…

A: Solution: Journal Entry: Date Particulars Debit Credit May 10 Accounts Receivable 35,000…

Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…

A: Sales discounts  = Gross price x rate of discount

Q: Customer refunds, allowances, and re On February 18, Silverman Enterprises sold $24,000 of…

A: Accounts receivables: Accounts receivables are considered as current asset of the company that…

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: Olympia Company sold merchandise on credit with a list price of $60,000. Terms were 2/10, n/30.…

A: CALCULATION OF AMOUNT : $60,000 - 2% DISCOUNT = $58,800

Q: On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,700 on…

A: 2/10 net 30 means that if the amount due is paid within 10 days, the customer will enjoy a 2%…

Q: A sales invoice included the following information: merchandise price, $7,100; terms 1/10, n/eom;…

A: The amount of cash that should be received by the seller = Invoice price + Freight charges –…

Q: On May 30, Cecil Company purchased merchandise on account from Ricci Company as follows - List…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

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: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…

A: Formula: Sales discount = Net sales x Discount rate

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: 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: Forever Jewelers uses the perpetual inventory system. On April​ 2, Forever sold merchandise with a…

A: Solution:- Preparation of the journal entries correctly records the sales​ revenue as follows::…

Q: On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Sales discounts: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: (Olympia Company sold merchandise on credit with a list price of $70,000. Terms were 2/10, n/30.…

A: Net amount to pay = 70,000 * ( 1 - 0.02 ) = 68,600

Q: On February 3, Smart Company sold merchandise in the amount of $5,800 to Kennedy Company, with…

A: Amount received = Invoice amount - Discount amount where, Discount amount = Invoice amount  x…

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: Sales-related transactionsSayers Co. sold merchandise on account to a customer for $80,000…

A: Sales discount = Sales x discount rate = $80,000 x 2% = $1,600

Q: The following data were selected from the records of Sykes Company for the year ended December 31,…

A: Assumed as journal

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: he Basim plc books to record sales and receivables all the events noted above under each of the…

A:

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: 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: A sales invoice included the following information: merchandise price, $6,000; terms 2/10, n/eom.…

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

Q: On September 1, Jerry's Lighting purchased merchandise with a list price of $12,500 with credit…

A: Total amount paid = Net Purchase - discount amount where, Net Purchase = list price - purchase…

Q: On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit…

A: Journal entries are used to keep financial transactions organized. You enter transaction data into…

Q: A sales invoice included the following information: merchandise price, $6,000; terms 2/10, n/30.…

A: Payment terms 2/10, n/30 means discount of 2% is valid till 10 days from the date of purchase.…

Q: On September 12, Ryan Company sold merchandise in the amount of $8,000 to Johnson Company, with…

A: Ryan company is using net method of accounting. The entry at the time of receipt of payment will be:…

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Discount amount (if payment is made within discount period) = Sales x rate of discount

Q: Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The…

A: a.Calculate the net sales after discount.

Q: On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms…

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

Q: The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are…

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

Q: The following data were selected from the records of Sykes Company for the year ended December 31,…

A: Net sales revenue=Sales revenue-Sales returns and allowances+Sales discounts

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

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

Q: On October 1, Jerry's Lighting purchased merchandise with a list price of $8,700 with credit terms…

A: Total amount paid = Net Purchase - discount amount where, Net Purchase = list price - purchase…

Q: On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit…

A: Following are the calculation of sales discount: