Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise Freight Paid by Seller Freight Terms Credit for Refunds and Allowances a. $5,850 $100 FOB shipping point, 2/10, n/30 $1,550 b. 2,800 500 FOB destination, 1/10, n/30 1,100
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Question Content Area
Freight Terms
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar.
Merchandise |
Freight Paid by Seller |
Freight Terms |
Credit for Refunds and Allowances |
|||||
a. | $5,850 | $100 | FOB shipping point, 2/10, n/30 | $1,550 | ||||
b. | 2,800 | 500 | FOB destination, 1/10, n/30 | 1,100 |
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- eBook Question Content Area Purchase-Related Transactions The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30. Cash Accounts Payable (2) 150 (3) 1,980 (1) 13,860 (4) 11,880 (4) 11,880 Inventory (1) 13,860 (3) 1,980 (2) 150 a. Describe each transaction. 1. 2. 3. 4. b. Determine the invoice amount of the merchandise that was returned in (3).$fill in the blank 5company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?https://www.bartleby.com/questions-and-answers/solve-the-following-ledger-please-1.-we-buy-goods-on-credit-for-dollar30000.00-we-pay-50percent-in-c/e657ebb4-e960-4a2c-81d5-b4ef23d6ba48 Solve the following ledger please 1. We buy goods on credit for $30,000.00, we pay 50% in cash, and the rest on credit. 2. We buy goods on credit for $150,000.00, we pay 50% in cash, 30% on credit and for the rest we sign a document. 3. On March 1, 2005, we bought merchandise for $65,000.00 and signed a document, for which they will charge us 1% per month. we paid on May 31, 2005. 4. On February 1, 2005, we took a loan from BBVA for the amount of $230,000.00, signing a promissory note at 17% per year for 60 days. the document was paid on March 31, its expiration date. (document with interest and document with discounted interest). 5. On June 1, 2004, we requested a loan from Mr. Adolfo López in the amount of $320,000.00, and we signed a promissory note at 15% per annum for 6 months. (both methods). 6. On…
- Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $9,400 $366 FOB Shipping Point, 1/10, net 30 $900 (b) $9,300 $77 FOB Destination, 2/10, net 45 $2,000 a. $fill in the blank 1 b. $fill in the blank 2Question Content Area Purchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $28,500, terms n/30. The cost of the merchandise sold is $17,100. Showcase Co. issues a credit memo for $5,100 as a price adjustment prior to Balboa Co. paying the original invoice. Question Content Area a. Journalize Balboa Co.’s entry for the purchase. If an amount box does not require an entry, leave it blank. Question Content Area b. Journalize Balboa Co.’s entry for the credit memo. If an amount box does not require an entry, leave it blank. Question Content Area c. Journalize Balboa Co.’s entry for the payment of the invoice. If an amount box does not require an entry, leave it blank.Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $8,000 $382 FOB Shipping Point, 1/10, net 30 $800 (b) $6,300 $106 FOB Destination, 2/10, net 45 $1,400 a. $__________ b. $__________
- Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: Merchandise Freight Paid by Seller Customer Returnsand Allowances a. $17,200 - FOB destination, n/30 $900 b. 11,400 $500 FOB shipping point, 2/10, n/30 1,400 c. 8,100 - FOB shipping point, 1/10, n/30 700 d. 3,700 100 FOB shipping point, 1/10, n/30 500 e. 2,500 - FOB destination, 1/10, n/30 - a. $ b. $ c. $ d. $ e. $Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: Merchandise Freight Paid by Seller Customer Returnsand Allowances a. $19,600 - FOB destination, n/30 $1,000 b. 12,200 $500 FOB shipping point, 2/10, n/30 1,500 c. 6,700 - FOB shipping point, 1/10, n/30 600 d. 2,600 100 FOB shipping point, 2/10, n/30 400 e. 1,500 - FOB destination, 1/10, n/30Instruction: Please answer the following with complete solution and explanation. Thank you 1. Yusuke Corporation records its purchases at gross amounts but wishes to change to recording of purchases net of purchase discounts. Discounts on purchases recorded from January 1, 20x1 to December 31, 20x1 totaled P80,000. Of this amount, P8,000 is still available in the accounts payable balance. the balances in Yusuke’s accounts as of and for the year ended December 31, 20x1, before conversion are: Purchases P4,000,000 Purchase discounts 32,000 Accounts payable 1,200,000 Required: 1. The amount of purchase discounts lost to be recognized is 2. Accounts payable balance should be reduced by 3. The purchases account should be reduced by 4. Prepare the entry to record the conversion
- Help me with the solution: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The invoice is dated on May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?eBook Show Me How Print Item Question Content Area Liability Transactions The following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10. Purchased merchandise on account from Beckham Co., $144,000, terms n/30. Feb. 9. Issued a 30-day, 7% note for $144,000 to Beckham Co., on account. Mar. 11. Paid Beckham Co. the amount owed on the note of February 9. May 1. Borrowed $139,200 from Verity Bank, issuing a 45-day, 8% note. June 1. Purchased tools by issuing a $81,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 7%. 15. Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $139,200. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Verity Bank the amount due on the note of June 15. 30. Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Lambert…Prepare the Journal Entries for the following purchase transactions: I. Purchase of merchandise for cash:a. Merchandise is purchased for cash, P35,000b. Merchandise listed at P50,000, subject to a trade discount of 10%, is purchased for cash. II. Purchase of merchandise on account:a. Merchandise purchased on account, credit terms 2/10, n/30, P40,000.b. Merchandise purchased on account, credit terms 3/10, n/30, P28,000.c. Payment is made on invoice (a) within the discount period.d, Payment is made on invoice (b) beyond the discount period.