FINANCIAL & MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781266265549
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 4, Problem 4QS
Computing net invoice amounts P1
Compute the amount to be paid for each of the four separate invoices assuming that all invoces are paid within the discount period.
| Merchandise (gross) | Terms | Merchandise (gross) | Terms |
| a. $5,000 | 2/10, n/60 | c. $75,000 | 1/10, n/30 |
| b.$20,000 | 1/15, EOM | d. $10,000 | 3/15, n/45 |
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Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $19,200. What is the amount of the sales discount allowable?
a.$384
b.$96
c.$192
d.$480
10.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a
a. debit to Sales Discounts for P36.
b. debit to Sales Revenue for P1,764.
c. credit to Accounts Receivable for P1,800
d. credit to Sales Revenue for P1,800
Instructions
Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal
explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered.
1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was
Mar.
$56,900.
Received payment les the discount.
13
Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
Chapter 4 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Merchandise accounts and computations C2 Use the...Ch. 4 - Computing net invoice amounts P1 Compute the...Ch. 4 - Recording purchases, returns, and discounts taken...Ch. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 24QSCh. 4 - Prob. 25QSCh. 4 - Prob. 26QSCh. 4 - Prob. 27QSCh. 4 - Prob. 28QSCh. 4 - Prob. 29QSCh. 4 - Prob. 30QSCh. 4 - Prob. 31QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Exercise 4-3 Recording purchase, purchase returns...Ch. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Exercise 4-4 Recording sales, sales returns and...Ch. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 24ECh. 4 - Prob. 25ECh. 4 - Prob. 26ECh. 4 - Prob. 27ECh. 4 - Prob. 28ECh. 4 - Prob. 29ECh. 4 - Prob. 1PSACh. 4 - Prob. 2PSACh. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 1PSBCh. 4 - Prob. 2PSBCh. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Prob. 4SPCh. 4 - Prob. 1GLPCh. 4 - The General Ledger tool in connect several of the...Ch. 4 - Prob. 3GLPCh. 4 - Prob. 1.1AACh. 4 - Prob. 1.2AACh. 4 - Prob. 1.3AACh. 4 - Prob. 1.4AACh. 4 - Prob. 2.1AACh. 4 - Prob. 2.2AACh. 4 - Prob. 2.3AACh. 4 - Prob. 3.1AACh. 4 - Prob. 3.2AACh. 4 - Prob. 3.3AACh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 1BTNCh. 4 - COMMUNICATING IN PRACTICE C2 P3 P5 BTN 4-4 You are...Ch. 4 - Prob. 4BTN
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What entry format is appropiate if sales returns and allowances occur on factored accounts? a. Sales returns and allowances xx Receivable from factor xx b. Reveivable from Factor xx Factoring expense xx c. Sales returns and allowances xx Factoring expense xx d. Reveivable from factor xx Accounts receivable xxarrow_forward17. Merchandise with a sales price of P500 is sold on account with term 2/10, n/30. The journal entry to record the sale would include a a. debit to Cash for P500 b. Debit to Sales Discounts for P10 C. Credit to Sales for P500 d. Debit to Accounts Receivable for P490 18. Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold account to a customer for P15,000. The seller paid transportation costs et P1,000 and issued a credit memorandum for P5,000 prior to payment. What i the amount of the cash discount allowable? a. P160 b. P150 c. P140 d. P100 19. The entry to record the return of merchandise from a customer would include a a. debit to Sales b. credit to Sales c. debit to Sales Returns and Allowances d. credit to Sales returns and Allowances 20. A sales invoice included the following information: merchandise price, P4,000; transportation, P300; terms 1/10, n/eom, FOB shipping point. Assuming tha credit for merchandise returned of P600 is granted prior to payment, trhat…arrow_forwardPrepare 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.arrow_forward
- Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.arrow_forwardw.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inp Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account, to a customer for $19,600. What is the amount of the sales discount allowable? a. $98 b. $392 c. $196 d. $490arrow_forwardPARRISH Pg. 173 PURCHASE DISCOUNTS GROSS METHOD Would you please explain the following transactions that are listed in both Periodic and Perpetual Format. Explain why each account is used and why it is DR or CR...etc. Receipt of Invoice Periodic Dr. Purchases 1,000Cr. Accounts Payable 1,000PerpetualDr Inventory 1,000Cr Accounts Payable 1,000 Payment within the 10-day discount period PeriodicDr. Accounts Payable 1,000Cr. Cash 980Cr. Purchase Discounts 20PerpetualDr. Accounts Payable 1,000Cr. Cash 980Cr. Inventory 20 Payment after discount period Periodic Dr Acounts Payable 1,000 Cr. Cash 1,000 Perpetual Dr. Accounts Payable 1,000 Cr. Cash 1,000arrow_forward
- dont give answer in image formatarrow_forwardMultiple choicearrow_forward3 - Last In First Out (LIFO) method according to the S approximate amount of disposable Merchandise Cost Which of the following? a) 33,480 TL B) 43,200 TL NS) 64,800 TL D) 49,800 TL TO) 36,549 TL 4 - In which of the following accounts , increases are recorded on the credit side of the relevant account and decreases are recorded on the debit side of the relevant account ? a) Active Regulatory Accounts B) Active Account NS) Expense Accounts D) Passive Regulatory Accounts TO) Cost Calculationsarrow_forward
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