Returns and Allowances (Invoice Amount) $2,000 Merchandise (Invoice Amount) $24,000 Freight Paid by Seller Freight Terms $300 FOB destination, 1//10, n/30 b. 31,500 250 FOB shipping point, 2/10, n/30 2,500
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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.
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- Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalA buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
- EONY Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is?GINKGO-NUTS Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point prepaid. At what amount is the accounts payable debited upon payment? SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM10. JASMINE Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU!
- For each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10n/30 and that any purchase returns was known before Mary Paz Abad Retailers made the payments.Freight Prepaid PurchasePurchases (by seller) Returnsa. P12,000 FOB Shipping Point 1,000 P3,000b. 24,000 FOB Destination 2,400 2,000c. 28,000 FOB Shipping Point 4,000Shipping TermsPage 1 of 6d. 40,000 FOB Shipping Point 3,000Required:a. Determine the cash discount available.b. Determine the cash remitted if payment is made within the discount period.Bee's purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB shipping point, freight collect. The net purchase under the net method amounts to: [A]147,000 [B]148,500 [C]147,500 [D]150,500A sales invoice include the following information: merchandise price, $12,000: terms 1/10, n/oem;FOB shipping point with prepaid freight of $900, added to tlhe invoice. Assuming that a credit for merchandise returned of $500 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? How do you solve this?
- Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is receivedfrom a customer within the discount period, the seller consents to thereturn of the entire shipment for a cash refund. The cost of themerchandise returned is $16,800. (A) What is the amount of the refundowed to the customer? (B) Journalize the entries made by the seller torecord the return and the refund.
