The Wayback Antique Supply sold Old Treasures, merchandise on account for $137, plus sales tax of $8. What is the journal entry for Wayback Antique Supply to record this transaction? O Debit Accounts Receivable/Old Treasures, $145; Credit Purchases, $137, Sales Tax Payable, $8. Debit Accounts Receivable/Old Treasures, $145; Credit Sales $137, Sales Tax Payable, $8. Debit Purchases, $137, Sales Tax Payable, $8; Credit Accounts Receivable/ Old Treasures, $145. Debit Sales, $137, Sales Tax Payable, $8; Credit Accounts Receivable/Old Treasures, $145.
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, $680 plus $54.40 sales tax (invoice no. D446). Bauer returned $105.50 of the merchandise. Issued credit memo no. 114 for $113.94 ($105.50 for the amount of the sale plus $8.44 for the amount of the sales tax.American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550. %24
- Which of the following is an element of the journal entry to account for a purchase of merchandise on account? a). a debit to accounts payable. b). a credit to freight in c). a credit to sales d). a debit to purchases. Kay Sadia sold merchandise for $15,200 subject to a 7% sales tax. The entry in the sales journal will include a credit to Sales tax payable for a). $1,064.00 b). $ 15,200.00 c). $ 16,264.00 d). $ 14,136.00Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the merchandise sold is $18000. Abbey Co. issued a credit memo for $4000 for merchandise returned that originally cost $2200. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? Add your answerHelp me with the problem: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The invoice is dated on May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
- The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10, n/30. The Stationery Company returned $1,200 of the merchandise and received full credit. a. If Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by Stationery Company to record the return? Cost of Merchandise Sold ? Inventory ? Sales ? Accounts Payable?Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10Record the following selected transactions: a. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the goods sold was $510. b. Paid $436 to the state sales tax department for taxes collected. Required: Journalize the entries. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522…
- Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of merchandise sold is $20000. Abbey co. Issued a credit memo for $4700 for merchandise returned that originally cost $2800. Gomez co. Paid the invoice within the discount period. What is the amount of gross profit earned by abbey co on the above transactions?Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, terms 2/10, n/30. Elkhorn returned merchandise with an invoice amount of $8,000 and received full credit. If Elkhorn Company pays the invoice within the discount period, what is the amount of cash required for the payment? What account is debited by Elkhorn Company to record the return?A sales invoice included the following information: merchandise price, $6,000; terms 2/10, n/eom. Assuming that a credit for merchandise returned of $600 is granted prior to payment, and that the invoice is paid within the discount period, what is the amount of cash received by the seller?