On June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?

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A: Net purchase = purchase x (1- trade discount rate) x (1- trade discount rate)  = 80000*(1-0.95)…

Q: Khalld Compony sold goods on January t, for OMR25,000, with credit terrms ol 3/10, n/30. How much…

A: when you see an invoice that states '3/10 net 30', it means that customers can receive a 3% discount…

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

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A: Compute the Bell Corporation's net sales amount: Compute the value of discount:

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A: Probability of successful collection from the customer is p = 0.95 Profit on successful collection,…

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A: Revenue recognition is an basic accounting concept where revenue needs to be properly recorded for…

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A: Net Sales - Net Sales is calculated by following formula - Net Sales = Gross Sales - Sales Return…

Q: ABC Co sold merchandise to DEF Co for P120,000 and received P120,000 for that sale one month later.…

A: Revenue Recognition: The seller has transferred the property in the products to the buyer for a…

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: Consider the case of the Cast Iron Company. On each nondelinquent sale, Cast Iron receives revenues…

A: Revenue with Present value = 1230 Cost incurred with Present value = 1000  Cost increased = 1000 to…

Q: On January 1, 20x7, LL Electrical Shop received from MMM Trading 300 pieces of bread toasters. LL…

A: Calculation of Unit sold

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A: Discount received = Net purchase x discount rate Net purchase = cost of goods purchased - goods…

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A: As posted multiple independent questions we are answering only first question kindly repost the…

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A: Formula: Total Revenue = Total Gift certificates x Each gift certificate sale price

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A: The journal entry for the omitted transaction is as below. You may kindly note that: All amounts…

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A: The journal keeps the record for day to day transactions of the business on regular basis. The…

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

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A: Sales tax payable = Sales x sales tax rate

Q: On November 3, FDN Trading sold merchandise for P170,000 less 10-5 on terms 3/1O 2/20 n/30. Two days…

A: Gross sales = sales x (1- trade discount rate) x (1 - trade discount rate)  = 170000*(1-0.10)…

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A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: On December 27, 20x1, XYZ received a sales order for a credit sale of goods with selling price of…

A: given that, Selling price of goods = P45,000  Shippment cost = P4,500 Goods received by buyer = 2…

Q: On May 1, FDN Trading bought merchandise for P300,000 less 10 on terms 1/10 n/30. FDN Trading…

A: Note: 1/10, n/30: Here, 1 represent the discount rate if payment is made within ten days. And if…

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: ABC Co sold merchandise to DEF Co for P120,000 and received P120,000 for that sale one month later.…

A: Given, Amount received from sale of merchandise = P 120,000 Payment made to DEF = P 20,000 Fair…

Q: The trial balance of Esplanade Company showed inventories of P164,000. The inventories include some…

A: Defective goods: Improperly packaged or faulty goods are those that do not conform to the contract.…

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A: Lets discus basic things. Seller for the purpose of getting early payment from the buyer, gives the…

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A: Journal entry is a primary entry entry that records the financial transactions nitially.

Q: Illustration : Bill and hold and lay away The following are among the transactions of ABC Co. during…

A: Inventory means the amount of stock which is held for used in production or for resale purpose.…

Q: Kurt Company purchased $5,000 of merchandise from Marilyn Company with terms of 2/10, n/40. What…

A: Step 1 Discount is a benefit made available to the buyer by the seller for making payment against…

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

A: The discount is given to the customers so as to receive payment from customers on the early basis.

Q: Consider the case of the Cast Iron Company. On each nondelinquent sale, Cast Iron receives revenues…

A: a-1) Computation:

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A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: A buyer received an invoice for P 6,000 dated June 10. If terms are 2/10, n/30, and the buyer paid…

A: Solution Note As per the Q&A guideline we are required to answer the first question only .…

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A: Consignment is the process where goods are sent by owner(consignor) to agent (consignee) for further…

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A: As per revenue recognition concept , a sale should be recognised by seller only when risk and…

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A: Here the terms 2/10, n/30 means 2% cash discount will be provided if payment is made with in 10 days…

Q: Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods)…

A: Journal entry for trade discount is not recorded in the books of accounts

Q: On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of…

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

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

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A: a1) Calculate the expected profit as follows: Expected profit = (p*(Revenue - Cost)) - ((1-p)*Cost)…

Q: Consider the case of the Cast Iron Company. On each nondelinquent sale, Cast Iron receives reveneues…

A: A) The new cost is $1,110. Revenue is $1,260. The below expression can be used to calculate expected…

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A: Gross purchase = List price x (1 - trade discount rate) x (1 - trade discount rate) =…

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A: Merchandise goods refer to the goods which the firm deals in daily course of business. Purchase or…

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A: Credit is the ability of the person to procure goods and services for which payment can be made on…