Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,881. The retailer receives a 24% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar.

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: Dean Company regularly buys sweaters from Mill Company and is allowed a trade discount of 20% and…

A: Solution: Dean should report purchase at = Net price + Freight Net price = P900,000 * (1-0.20)…

Q: Abbey Co. sold merchandise to Gomez Co. on account, $10,400, terms 2/15, net 30. The cost of the…

A: Gross profit: It implies to the profit that is earned by the business after subtracting it's direct…

Q: Review the following situations and record any necessary journal entries for Mequon's Boutique. May…

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

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: Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: A retailer purchases merchandise with a catalog list price of $34,900. The retailer receives a 24%…

A: Formula: Cash discount amount = Invoice amount x Discount rate

Q: Stylon Co., a women’s clothing store, purchased $77,000 of merchandise from a supplier on account,…

A: Date Account title and explanation Debit$ Credit$ a) Inventory 77000…

Q: The following transactions were selected from among those completed by Hailey Retailers in the…

A: Journal entries are entries recorded in the books of accounts. Journal entries are recorded from the…

Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…

A: Invoice Price = $19,700 Terms of Sale , If paid in 15 days 5% discount on the amount

Q: ABC Company sold merchandise with P10,000 list price, subject to trade discount of 25%, and is paid…

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

Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,000. The retailer…

A: If Gross Method used:     Catalog List price $12,000   Less: trade Discount ($12,000 * 44%)…

Q: Ami Retailers purchased merchandise with a list price of ₱100,000, subject to a trade discount of 20…

A: Gross Method : Which means gross amount of a product shall be taken without any cash discount ,…

Q: Jasper Company is a wholesaler that buys merchandise in large quantities. Its supplier’s catalog…

A: Particulars Amount ($) The list price per unit $500 Less: Discount ($500 x 30%) 150 Net…

Q: Orange Co. sold Red Co. merchandise on account FOB shipping point, 2/10, net 30, for 10,000. Orange…

A: Cost of purchase of Inventory           10,000 Add: Shipping Charges                 200 Total…

Q: Suppose a certain appliance store purchases the following items. Calculate the extended total after…

A: For quantity in dozen, the units should be divided by 12 but ea. stands for Each, thus, the same…

Q: What is the entry on Kiner's books to record the payment of the invoice within the discount period?

A: In the normal course of business, Business Entities allow credit to their customers on some terms…

Q: On August 3, 2018, Pogi Traders Purchased from a supplier merchandise with a list price of P50,000,…

A: Net purchase value on list purchase = Purchase - purchase return = P50000 - 10000 = P40,000

Q: The following transactions were selected from among those completed by Hailey Retailers in the…

A: 1.Credit card fees charged from customer B: $600 *2% = $12   Customer D balance: Sale value of 12…

Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…

A: Discount on sales value: When the customer pays the amount within discount period then customer is…

Q: Bolton sold merchandise with a price of $34,200 to Sammy's Wholesale Company. Bolton offered terms…

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

Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…

A: Given: Price of the invoice = $ 19,700 Partial payment = $ 10,800 Sales term = 515,n45

Q: Suppose a certain appliance store purchases the following items. Calculate the extended total after…

A: Trade discount is the discount given to customers on list price. This discount will not be recorded…

Q: Review the following situations and record any necessary journal entries for Mequon’s Boutique May…

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

Q: Review the following situations and record any necessary journal entries for Mequon’s Boutique. May…

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

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: The following transactions were selected from among those completed by Bennett Retailers in November…

A: In the above table,  the net sales for the month of november and december has been calculated by…

Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,684. The retailer…

A: Cost of Inventory Purchased = List Price - Trade Discount - Cash Discount

Q: Leni Company regularly buys merchandise from Lmao Company and is allowed trade discounts of 15% and…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22%…

A: Discount:  It refers to a percentage that is deducted from the normal selling price of a product.

Q: What amount should Norfolk debit to the merchandise inventory account (Round your answer to the…

A: Answer:   Option a.

Q: Calculate the extended total after the trade discounts

A: Trade discount is the discount allowed by the manufacturer to the reseller. The discount is…

Q: Maxie Company regularly buys merchandise from Dawson Suppliers and is allowed a trade discount of…

A: Solution 5-1: Amount debited to materials if purchase discount is treated as income = P100,000 *…

Q: Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month…

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

Q: Review the following situations and record any necessary journal entries for Mequon’s Boutique. May…

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

Q: A business supply store bought some merchandise with a list price of $13,600. The wholesaler…

A: The discount given by seller to buyer at the time of purchase of goods is called as trade discount.…

Q: Avocado Company regularly buys merchandise from Ukraine Company and is allowed trade discounts of…

A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…

Q: A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are…

A: The net cost of goods sold if payment made within discount period is 78,400 Net Cost of Goods…

Q: Prepare journal entries for the following credit card sales transactions (the company uses the…

A: Solution: Introduction: A Perpetual Inventory system is a system which is automatically recorded and…

Q: Vanessa company purchases merchandise with a list price of P25,000. The company receives a 35% trade…

A: Trade discount = List price x trade discount rate = P25000 x 35% = P8,750

Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,941. The retailer…

A: Trade discounts are the discounts allowed by the seller of goods to the buyer if a certain quantity…

Q: Willetta Company purchases inventory for $19,000 with terms 2/10, n/30. It then returns $2,900 of…

A: Terms 2/10, n/30 means 2% discount will be given if payment is made within 10 days. Given in the…

Q: A retailer purchases merchandise with a catalog list price of P15,000. The retailer receives a 15%…

A: Net purchases = Purchases worth - Purchase discount = P15,000 - P15,000 x 15% = P12,750

Q: On June 1, Able Company sold merchandise in the amount of $6,000 to Maya's, with credit terms of…

A: Cash received if payment made within discount period = Invoice amount * (1 - discount rate) Cash…

Q: ABC is a Wholesale Merchandise trader. He uses periodic inventory system. He received an order from…

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

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: 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: 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: