Sept. 11 Leggy Pants sold Viking 200 pairs of pants on account, terms 2/10, n/30. The cost of these pants to Leggy Pants was $30 per pair, and the sales price was $70 per pair. Sept. 15 Viking returned 5 pairs of pants to Leggy Pants because they were the wrong size. Leggy Pants allowed Viking full credit for this return. Sept. 21 Viking paid the remaining balance due to Leggy Pants within the discount period. Both companies use a Perpetual Inventory system. Required: 1.Record these series of transactions in the general journal of Leggy Pants. Record these series of transactions in the general journal of Viking. Record the transactions in Leggy Pants if receive collection after discount period Viking if pays after discount period

Sept. 11 Leggy Pants sold Viking 200 pairs of pants on account, terms 2/10, n/30. The cost of these pants to Leggy Pants was $30 per pair, and the sales price was $70 per pair. Sept. 15 Viking returned 5 pairs of pants to Leggy Pants because they were the wrong size. Leggy Pants allowed Viking full credit for this return. Sept. 21 Viking paid the remaining balance due to Leggy Pants within the discount period. Both companies use a Perpetual Inventory system. Required: 1.Record these series of transactions in the general journal of Leggy Pants. Record these series of transactions in the general journal of Viking. Record the transactions in Leggy Pants if receive collection after discount period Viking if pays after discount period

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 18EB: Canary Lawnmowers sold 75 lawnmower parts at $5.00 per part to a customer on December 4. The cost to...

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Required: 1.Record these series of transactions in the general journal of Leggy Pants.

Record these series of transactions in the general journal of Viking.

Record the transactions in

Leggy Pants if receive collection after discount period
Viking if pays after discount period

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Canary Lawnmowers sold 75 lawnmower parts at $5.00 per part to a customer on December 4. The cost to Canary is $3.00 per part. Terms of the sale are 4/10, n/25, invoice dated December 4. The customer pays their account in full on December 16. On December 21, the customer discovers 22 of the parts are the wrong size, but decides to keep them after Canary gives them an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.
Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.
Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.
Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size, but decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.
Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
The following is a series of related transactions between Leggy Pants and Viking, a chain of retail clothing stores: Sept. 11 Leggy Pants sold Viking 200 pairs of pants on account, terms 2/10, n/30. The cost of these pants to Leggy Pants was $30 per pair, and the sales price was $70 per pair. Sept. 15 Viking returned 5 pairs of pants to Leggy Pants because they were the wrong size. Leggy Pants allowed Viking full credit for this return. Sept. 21 Viking paid the remaining balance due to Leggy Pants within the discount period. Both companies use a Perpetual Inventory system. Required: Record these series of transactions in the general journal of Leggy Pants Record these series of transactions in the general journal of Viking. Record the transactions in Leggy Pants if receive collection after discount period Viking if pays after discount period
On Nov 3, Ali Mercadejas sold merchandise for $180,000 less 15-10 on terms 3/10 2/20 n/30. Two days after, the customer returned $17,000 worth of defective goods. On Nov 13, the customer made a partial payment of $40,000. The account was finally paid in full on Nov 23. How much was the net sales generated from the above transactions?
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 breakeven point to the nearest cent…
On November 3, FN Trading sold merchandise for P200,000 less 10-5 on terms 3/10 2/20 n/30. Two days after, the customer returned P10,000 worth of defective goods. On November 13, the customer made a partial payment of P60,000. The account was finally paid in full on November 23. How much cash was received by FDN Trading on November 23?
On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with terms of 2/10, n/30. How much in sales discounts will be recorded if payment is received from the customer on January 8? $100,000 $0 $2,000 $98,000