please quickly i just need answer thanks! 13 Company A sold supplies to Company B. After receiving the supplies, Company B found that some supplies were polluted. After negotiating with Company A, Company B returned 30% of the total supplies back to Company A? Which of the following accounts should be credited for Company B? A, Inventory B, Purchase return and allowances C, A/P D. Sales return and allowances

please quickly i just need answer thanks! 13 Company A sold supplies to Company B. After receiving the supplies, Company B found that some supplies were polluted. After negotiating with Company A, Company B returned 30% of the total supplies back to Company A? Which of the following accounts should be credited for Company B? A, Inventory B, Purchase return and allowances C, A/P D. Sales return and allowances

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2PA: Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32...

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Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/Loss
PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. 7.The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped?
The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped? Present solution in good accounting form.
I need assistance with this please The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations: The total cost and individual cost to the nearest cent per wagon after all discounts. The amount saved by making the two payments. The breakeven point to the nearest cent for all wagons.
On December 24 2005 Preventous Health Concepts PHC one of our major customers ordered 60000 of Nutri bars and sent us an advance payment for this amount Since we did not have sufficient inventory PHC agreed that we could ship the merchandise in early January which we did on January 4, 2006, The accountant didn't know what to do with this transaction?
Computers and More offers discounts to its customers and allows the customer to return the product if not satisfied. Computers and More had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned goods. The cost of goods sold for the period after returns was $320,000. Calculate net profit and gross profit.
Can you help me with this The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations: The total cost of the wagons before any discount was taken; the net cost after the trade discount. The amount of remittance to the nearest cent on May 18. The amount of remittance to the nearest cent on May 31. The total cost and individual cost to the nearest cent per wagon after all discounts. The amount saved by making the two payments. The…
On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required:Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.(Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.(Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).
assume the selling cost was 7000$ and it was shipping FOB shipping point. We received the goods on 2/30. Terms of the sale were 2/10. n/45. Shipping costs covered by the suppliers, were 500$. we chose to insure the goods while in transit for 80$. While in transit, the driver of the truck was issued a speeding ticket for $120. To unload the goods and get them out onto our sales floor cos an additional $200. We paid for the goods on 12/31. As of 12/31/2020. what is the value of this particular inventory on our balance sheet?
answer should be complete and correct with all working A convenient store sells 500 units for $5 each. Sales are made for cash, rather than on credit terms. The store’s customary business practice is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $4. To determine the transaction price, the store decides that the approach that is most predictive of the amount of consideration to which the store will be entitled is the most likely amount. Using the most likely amount, the store estimates that five (25) units will be returned. The store’s experience is predictive of the amount of consideration to which the store will be entitled. The store estimates that the costs of recovering the products will be immaterial and expects that the returned products can be resold at a profit. REQUIRED: Provide the accounting entries to record the sale, and the subsequent return of the assets, assuming that the returns occur in…
Can you assist please The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations: The regular list price per wagon rounded to the nearest cent. The reduced list price per wagon rounded to the nearest cent. The total revenue received from the sale of all wagons. thanks
A store purchased canned goods at an invoice price of $2,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned immediately to the supplier. If AllNight pays the invoice within the discount period, the amount paid should be: a $960. b $980. c 1,960. d 2,000.