Willetta Company purchases inventory for $19,000 with terms 2/10, n/30. It then returns $2,900 of the inventory purchased to the supplier and also receives an allowance for defective inventory of $190. The company pays the amount due within the discount period. What is the amount of the discount that will be taken? (Round your answer to the nearest dollar amount.)   Multiple Choice   $318   $376   $290   $322

Q: GW sold merchandise to Mulligans for $10,000, offering term of 1/15, n/30. mulligans paid for the…

A: a) Prepare the journal entries in the accounting records of GW to account this sales and the…

Q: Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells…

A: Given,  Cost Price of grandfather watch = $ 10,000 The selling price of grandfather watch = $14,000…

Q: 21)April 4, 2020 Smith and West, who uses the periodic inventory system, purchased 1000 widgets from…

A: Credit purchase indicates the transaction made by the company on account and accepts the obligation…

Q: displayed below.] On July 15, 2021, the Nixon Car Company purchased 2,200 tires from the Harwell…

A: Under periodic inventory procedure, the Merchandise Inventory account is updated periodically after…

Q: On June 16, 2021, llano sold merchandise to Pascual for P6,000, terms 2/10, n/30. Shipping costs…

A: As per our protocol we are authorized to answer one question or 3 subparts only but since you have…

Q: Need Chart of accounts, thanks   March 21st, 23rd 3/21/2022 Orca Company purchased 500 units of…

A:

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Formula: Discount amount = Invoice amount x Discount rate.

Q: A company using the perpetual inventory system purchased inventory worth $24,000 on account with…

A: Inventory refers to the goods that are available for sale or available for further production.

Q: Lion, Inc, purchased merchandise from a supplier on October 1, 2021, for $100,000 on account, terms…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company…

A: Under the gross method of inventory, the recording of inventory is made at full price without…

Q: ABC Company sells inventory to XYZ Company for $2,400.  If XYZ purchases additional inventory it…

A: Discount on purchase :— It is an offer provided to purchaser to Purchase Goods in Less Price then…

Q: April 4, 2020 Smith and West, who uses the Perpetual inventory system, purchased 1000 widgets from…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Golden Furniture in Muscat follows periodic inventory method. The business Purchased Merchandise 100…

A: This question deals with the concept of discount benefits given for early payment. There are many…

Q: JELLY'S BEAN uses the perpetual inventory method. On May 1, it purchased ₱20,000 of inventory, terms…

A: Credit term 2/10, n/30 means if payment is done within 10 days from the date of invoice a discount…

Q: The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases…

A: Net sales = Sales - Sales return - Sales allowance - Sales discount  =…

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: Gross method of accounting  In case of gross method of accounting for purchase discount, purchase is…

Q: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays…

A: Perpetual inventory system: The perpetual inventory system records and updates the inventory after…

Q: 9. Butterfly, Inc, purchased merchandise from a supplier on October 1, 2020, for $50,000 on account,…

A: Perpetual Inventory System: Perpetual inventory systems track the sale of products immediately…

Q: 3) the 456 company purchased office supplies from a-one supplies worth 80,000 on april 4, 2021 A-…

A: company deals in selling product to the customer credit Management system and inventory management…

Q: a. Sampson Co. sold merchandise to Batson Co. on account, $36,000, terms 2/15, net 45. p. The cost…

A: The perpetual inventory system maintains the record for cost of goods sold with every sale…

Q: ABC Company is using the perpetual inventory system purchased inventory worth P25,000 on account…

A: Net Purchases = Purchases - Purchase Return                                  = P25,000 - P2,000…

Q: On July 15, 2018, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each.…

A: Journal entry is a record of financial transaction in the books of accounts maintained by an…

Q: A company that uses the perpetual inventory system purchased inventory for $1,130,000 on account…

A: A perpetual inventory system seems to be an application that constantly assesses your inventory…

Q: Euphoria Corporation uses the perpetual inventory method. On March 1, it purchased P30,000 of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: You are accountant for New Horizon Merchandising Company.  New Horizon Merchandising Company buys…

A: New Horizon sold 500 units of Zoom for $15 each plus 8% sales taxes on account to Nice Company.Terms…

Q: Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase…

A: Under periodic inventory system, all purchases that are made will be recorded in Purchases account.

Q: On July 15, 2021, the Nixon Car Company purchased 2,800 tires from the Harwell Company for $35 each.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Golf World sold merchandise to Mulligans for $10,000, offering terms of 1/15, n/30. Mulliganspaid…

A: Step 1 Journal entries are the part of bookkeeping.

Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Vaughn Manufacturing uses the perpetual inventory and the gross method. On March 1, it purchased…

A: Net purchases = Total purchases - purchase return =74000-9000 = 65000

Q: On July 19, 2021, SLRTN Inc. sold 19,000 units of its inventory to a customer for a total cash price…

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

Q: Stitch Ships Inc. has the following inventory purchases during the fiscal year ended December 31,…

A: Perpetual inventory system is that system, under which all purchases and sales related to inventory…

Q: l Bushra LLC accounting records shows the following for the year ending on 31 December 2019,…

A: COGS  = Opening inventory + Net purchases - ending inventory Opening inventory   = Nil Net Purchase…

Q: Bramble Corp. uses the perpetual inventory and the gross method. On March 1, it purchased $ 54000 of…

A: Total purchase  $                  54,000 Return  $                   (5,400) Net purchase  $…

Q: You are accountant for New Horizon Merchandising Company.  New Horizon Merchandising Company buys…

A: Perpetual inventory system: Under this accounting method for companies moving large amounts of…

Q: Ace Bonding Company purchased merchandise inventory on account. The inventory costs $4,000 and is…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: 1. Joca Co. purchased goods with an invoice price of P100,000 on account from Nap Co. on Dec. 27,…

A: December 31, 20x1 Purchases 100000     Accounts payable   100000   (To record purchase of goods…

Q: Tracy Company, a manufacturer of air conditioners, sold 170 units to Thomas Company on November 17,…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: journal entry to record the Cost of goods sold in the books of seller under Perpetual inventory…

A: When goods are sold under perpetual inventory system on credit  Customer account is debited for…

Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Vangie Company, a merchandising concern entity, has the following transactions during 2020: a.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: What are the related journal entries under the gross method and the net method? At month-end, how…

A: 1. Journal entries under the gross method:

Q: Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The…

A: Answer-  A purchase return occurs when a buyer returns merchandise to a seller. When a buyer…

Q: Uptown Department Store uses the perpetual inventory system and has ending inventory with a…

A: As per the LIFO method, the ending inventory is measured at cost or replacement cost whichever is…

Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…

A:

Q: On January 15, 2021, Marimar Company shipped 100 cellphone units to Sergio Company.     The related…

A: Journal entries under the gross method: