Grayson Co. sold merchandise to Chang Co. on account, $9,250, terms 2/15, n/30. The cost of merchandise sold is $5,550. Assume all discounts are taken. Journalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount due. (a) Accounts Receivable-Chang Co.  fill in the blank 7561bb04b07ffb2_2     Sales    fill in the blank 7561bb04b07ffb2_4   Cost of Merchandise Sold  fill in the blank 7561bb04b07ffb2_6     Merchandise Inventory    fill in the blank 7561bb04b07ffb2_8 (b) Cash  fill in the blank 7561bb04b07ffb2_10     Accounts Receivable-Chang Co.    fill in the blank 7561bb04b07ffb2_12 Journalize Chang Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due. (a) Merchandise Inventory  fill in the blank 7379b107704bfa1_2     Accounts Payable-Grayson Co.    fill in the blank 7379b107704bfa1_4 (b) Accounts Payable-Grayson Co.  fill in the blank 7379b107704bfa1_6     Cash    fill in the blank 7379b107704bfa1_8

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

A: 1/10,n/30 term means that if payment is made within 10 days from purchase, 1% of discount will be…

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: 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: he entry to record the receipt of payment within the discount period on a sale of $2400 with terms…

A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…

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

A: Introduction: An invoice is a type of business document that details and records transactions…

Q: Purchase-Related Transactions Journalize entries for the following related transactions of Manville…

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the…

A: Net sales = Total sales - Sales return = $42000 - $4000 = $38000 Cost of goods sold =Original cost…

Q: Transactions for Buyer and Seller Wilmington Co. sold merchandise to Chang Co. on account, $4,450,…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: The following are selected transactions of Thomas, Inc.: 5/10   Sold & shipped on account to Ryder,…

A: SOLUTION- GENERAL JOURNAL-  IT IS A JOURNAL OF THE COMPANY IN WHICH THE INITIAL RECORD KEEPING ALL…

Q: a. Sampson Co. sold merchandise to Batson Co. on account, $22,200, tefS 2/15, Het b. The cost of the…

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

Q: Transactions for Buyer and Seller Statham Co. sold merchandise to Bloomingdale Co. on account,…

A: working note; calculation of amount of payment made as follows: = ($147,600*98/100) + $2,400 =…

Q: On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30. The cost…

A: Discount = Sales on account x rate of discount = $28,200 x 2% = $564

Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for…

A: Sale value=Merchandise value×100-2%=$600×98%=$588

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: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for…

A: Here, sales value = $300 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: Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the…

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

Q: a. Sampson Co. sold merchandise to Batson Co. on account, $20,100, terms 2/15, net 45. b. The cost…

A: 1)Journal entries in the books of Sampson co. : Sl. No General journal L.F Debit Credit a)…

Q: Transactions for Buyer and Seller Wilmington Co. sold merchandise to Chang Co. on account, $4,450,…

A: Journal entry : It is prepared to record the financial and non-financial transactions of the…

Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…

A: Sales discount = $1,100 x 2% Sales discount = $22

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: Silver Co. sold merchandise to Bronze Co. on account, P23,000, terms 2/15, ne 45. The cost of the…

A: The amount of a company's gross sales minus returns, allowances, and discounts is known as net…

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: Sampson Co. sold merchandise to Batson Co. on account, $22,900, terms 2/15, net 45. The cost of the…

A: Cash discount = $22,900*2% Cash discount = $458   Sales after cash discount = $22,900 - $458 Sales…

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: 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 Transactions Merchandise is sold on account to a customer for $16,500, terms FOB…

A:

Q: a. Sampson Co. sold merchandise to Batson Co. on account, $36,000, terms 2/15, net 45. p. The cost…

A: The perpetual inventory system maintains the record for cost of goods sold with every sale…

Q: Sayers Co. sold merchandise on account to a customer for $90,000 terms 2/10, n/30. The cost of the…

A: Note: Under net method, Sales is recognized after considering the discount. Net Sales  = Sales -…

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: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…

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

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: Jl's wholesale House uses the direct write-off method in accounting for uncollectible accounts.…

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

Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…

A: Accounts receivable = Selling price- discount  = $11300-($11300×2%) =$ 11300 -$226 =$11074

Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…

A: Credit Term 2/15, net 45 means the Credit period is 45 Days dollar company has to make the payment…

Q: Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms…

A: The net method records the sales and purchases amount at net value after adjusting for discount to…

Q: Hinds Company sold merchandise to Peter Company on account for $146,000 with credit terms of ?/10,…

A: Cost of good sold returned = (Cost of good sold / Sales)*Sales return = ($86,140 / $146,000)*$6,000…

Q: Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the…

A: Entries in the books of Sather Co.:

Q: On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost…

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

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: a. Sampson Co. sold merchandise to Batson Co. on account, $24,30o, terms 2/15, net 45. b. The cost…

A: Solution Date Particulars Debit Credit   Batson Co. A/c 24,300       To Sales A/c   24,300…

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: Entity J sold merchandise to Entity X on account, P23,000, terms 3/15, net 45. The cost of the…

A: Sales discount = (sales - sales return) * discount rate = (23000-2500) *3% = P615

Q: Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 2/10, net 30, for $8,100.…

A: Discount on payment = Purchase value x discount rate = 8100*2% = 162

Q: Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30.…

A: Cash paid = Purchase - discount Discount = Purchases x discount rate