What is the amount of sales from the above transactions
Q: The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold…
A: Discount to Blossom = ($473,800 - $22,800) x 2% Discount to Blossom = $9,020
Q: Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, terms 2/10,…
A: Accounts payable are the suppliers from whom a company purchases its raw material or input stock. In…
Q: Journalize the entries to record the sale on December 31. B. Journalize the entries to record the…
A: Given information is: Scheduled Co. Sold merchandise on account to Bernard Retail Inc. for $15,000,…
Q: Assume that a company records purchases net of discount. If the company bought merchandise valued at…
A: Accounts payable will be recorded as net of discount as purchases are recorded net of discount. The…
Q: A company purchased $9,800 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it…
A: The term 3 / 10 or n/ 45 indicates that the payee can avail of the discount of 3 % if he paid the…
Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…
A: Term 2/15, n/45 represent that the payment is due in 45 days and if the payment is made by the…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the…
A: Net sales = Total sales - Sales return = $42000 - $4000 = $38000 Cost of goods sold =Original cost…
Q: Love Co. sold merchandise to Kind Co. on account, P35,000, terms 2/15, net 45. The cost of the…
A: Cost of goods sold less return=Cost of goods sold-Return=P 24,500-P1,700=P 22,800
Q: Stockton Company sold goods on account with a sales price of $70,000 on August 17. The terms of the…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30. How…
A: Purchase discount is a discount provided by the seller if payment is made within a specific period…
Q: A company purchased $9,500 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it…
A: Net Purchase = Purchase - purchase return = $9500 - 475 = $9,025
Q: A Company purchased P3,600 of merchandise on account, terms 2/10, n/30. If payment was made after…
A: Purchase price = P 3600 Payment after expiration of the discount period
Q: sales invoice included the following information: merchandise price, $4,500; transportation, $300;…
A: Net Sales = Sales - Returned
Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for…
A: Here, sales value = $300 Discount rate = 1%
Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…
A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/
Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT…
A: The income statement is prepared to find net income or losses incurred during the period.
Q: Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10,…
A: Prepare journal entry for the sale of inventory.
Q: Calexico trading recorded the following events involving a recent purchase of merchandise:…
A: Solution: Net cost of purchase = (Gross purchase - Purchase returns) * (1-cash discount rate) +…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $37000, terms 2/15, net 45. The cost of the…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Merchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The…
A: FOB: FOB stands for free on board. FOB is term that determines the person who is liable for damage…
Q: Purchases transactions Elkhorn Company purchased merchandise on account from Springhill company for…
A: Cash required for the payment= Net purchases - Discount where, Net purchases = Goods purchased -…
Q: A sales invoice included the following information: merchandise price, $8,000; terms 2/10, n/eom.…
A: Formula to calculate cash received by the seller:Cash received by seller = Merchandise price -…
Q: Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30.…
A: Purchase: Purchase is an activity of acquiring the merchandise inventory of a business.
Q: Purchases Transactions Nieman Company purchased merchandise on account from a supplier for…
A: Given Purchase=$14,000 Purchase Returns: $3,400
Q: A company purchased $9,900 of merchandise on June 15 with terms of 3/10, n/45. On June 20, It…
A: Lets understand the basics. For attracting early payments, seller gives the discount to the buyer.…
Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700. The invoice is dated on May 1 with…
A: 1/15 means 1% discount will be there if payment is made with in 15 days and no discount after 15…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $35,100, terms 2/15, net 45. The cost of the…
A: Gross profit margin is the profit arrived after considering all direct costs relating to the sale of…
Q: On February 1, Crown Company purchased $2,000 of merchandise, terms 2/10, n/30. Crown uses the gross…
A: Under the Gross method of purchases, Purchases are booked at Gross value. Discount amounts are not…
Q: Summit Company sold merchandise on account to Beartooth Co., $59,500, terms FOB shipping point,…
A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…
Q: ount. On June 20, it returned $2,400 of that merchandise. On June 24, it paid the balance owed for…
A: FOB shipping point is an agreement between the seller and the buyer that the risk of damage is on…
Q: Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier…
A: Discount is a benefit offered by a seller to the buyer for the payment done within the time period…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: Accounts receivable = Selling price- discount = $11300-($11300×2%) =$ 11300 -$226 =$11074
Q: Merchandise is sold on account to a customer for $18,300, terms FOB shipping point, 1/10, n/30. The…
A: Accounts receivable: It is a current asset of an organization. It is the amount due from customers…
Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…
A: Credit Term 2/15, net 45 means the Credit period is 45 Days dollar company has to make the payment…
Q: February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Purchases Transactions Halibut Company purchased merchandise on account from a supplier for $18,600,…
A: Purchase: Purchase is an activity of acquiring the asset or merchandise inventory of a business. a.…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for…
A: Accounts Receivables:-It is the current assets that can be received within 12 months. It appears in…
Q: Hinds Company sold merchandise to Peter Company on account for $146,000 with credit terms of ?/10,…
A: Cost of good sold returned = (Cost of good sold / Sales)*Sales return = ($86,140 / $146,000)*$6,000…
Q: A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business…
A: Credit terms 3/10, n/60 means customer will get a discount of 3% if payment is made within 10 days,…
Q: Xanadu Company purchased merchandise on account from Springhill Company for $7,900, terms 2/10,…
A: The payment term is 2/10, n/30. So the discount is 2% if the payment is made within the discount…
Q: American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus…
A: Sales Return - Sales Return is the sales made by the company due to some defect or quality issue…
Q: Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The…
A: a.Calculate the net sales after discount.
Q: Assume that a company records purchases net of discount. If the company bought merchandise valued at…
A: Purchases are recorded net of discount which means Accounts payable will be recorded as net of…
Q: Record the following transactions on the books of Cheyenne Corp. (a) On July 1, Cheyenne Corp.…
A: Sales discount = Net sales x discount rate where, Net sales = Sales - sales return
Q: Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the…
A: Gross Profit = Net Sales - Cost of Goods Sold
Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions
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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.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 journalThe following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
