Sales Discounts Taken Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30. Required: Prepare the journal entry to record the sale.  Prepare the journal entry to record the payment assuming the payment is made within 10 days (within the discount period).

Q: Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a…

A: 1/10,n/30 term means that if payment is made within 10 days from purchase, 1% of discount will be…

Q: On November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign…

A: FOB states Fee on board. Here FOB shipping point term indicates that all expenses on transit after…

Q: JBL undertook the following transactions for the month of Nov Purchased merchandise or $80,000 less…

A: Net purchase = purchase x (1- trade discount rate) x (1- trade discount rate)  = 80000*(1-0.95)…

Q: Dean Company regularly buys sweaters from Mill Company and is allowed a trade discount of 20% and…

A: Solution: Dean should report purchase at = Net price + Freight Net price = P900,000 * (1-0.20)…

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: Valenzuela Traders purchased merchandise from san Jose Suppliers for P3,600 list price, subject to a…

A: FOB destination refers to ownership of goods to the buyer when such goods are delivered to the place…

Q: ABC Company purchase 15,000 units of merchandise with a trade discount of 10% The list price is…

A: Gross Method of recording  purchases  is a method of recording Journal entry in books of account in…

Q: Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5​/20…

A: Last day of the discount period = Date of receipt of shipment + Discount period

Q: Brimstone Co. purchased 1,865 items at $8.24 each less trade discounts of 26%, 12%. On August 27,…

A: Trade discount is the discount offered to encourage the buyer to purchase the item in bulk quantity.…

Q: A large retailer obtains merchandise under the credit terms of 1/15, net 35, but routinely takes 65…

A: Given, the discount % is 1%. Total number of discount days are 15. Total number of days to pay bills…

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: Oliver Valenzuela Traders purchased merchandise from San Jose suppliers for P3,600 list price,…

A: Amount of Payment to seller = Cost of goods purchased- Trade discount- cash discount- a cost paid on…

Q: On June 1, Compassion Company sold merchandise with a list price of P1,000,000 to a customer. The…

A: The shipping charges are to be paid by the buyer for FOB shipping sale .

Q: A large retailer obtains merchandise under the credit terms of 2/15, net 40, but routinely takes 60…

A: Effective cost of trade credit can be calculated  by using this formula Effective cost of trade…

Q: ABC Company purchase 15,000 units of merchandise with a trade discount of 10% The list price is…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

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: On December 27, 20x1, XYZ received a sales order for a credit sale of goods with selling price of…

A: given that, Selling price of goods = P45,000  Shippment cost = P4,500 Goods received by buyer = 2…

Q: Mel's Diner purchased paper products list priced at $696 less series discounts of 10/20/10, with…

A: Solution: Net price of product after trade discount = $696 * (1-0.10) (1-0.20) (1-0.10) = $451

Q: On August 3, 2018, Pogi Traders Purchased from a supplier merchandise with a list price of P50,000,…

A: Net purchase value on list purchase = Purchase - purchase return = P50000 - 10000 = P40,000

Q: Bolton sold merchandise with a price of $34,200 to Sammy's Wholesale Company. Bolton offered terms…

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

Q: Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of…

A: Introduction:- Backyard World buys plastic pools from a supplier Total Invoice amount of $13,500…

Q: What is the transaction price for the following scenario: Scenario A: Tula Inc. sells $20,000 of…

A: The transaction price is the actual expected return of the seller at which they agree to provide…

Q: Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them…

A: Let us prepare T-account of supplier to find out how much the company owes the supplier Date…

Q: Gordon's Grocers purchases bread from Buddy's Bread Company at $1.45 per loaf. Gordon's engaged in a…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…

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

Q: Assume Bella Donna’s General Store bought, on credit, a truckload of merchandise from American…

A: If the payment is made within discount period, the discount canbbe availed as per the terms and…

Q: Botanic Choice sells natural supplements to customers with an unconditional sales return if they are…

A: Calculation of expected sales return: Calculation of cost of goods returned:

Q: Willy Company sold on credit merchandise having a list price of P200,000 with the following terms:…

A: Solution: Price after trade discount = 200000*90%*95% = 171,000 Sales discount = 171000*3% = 5130…

Q: On June 1 of the current year, Pitt Company sold merchandise with a list price of P 5,000,000 to…

A: Trade discount means discount offered on list price of the products. Under FOB shipping point…

Q: Customer return and refundOn December 28, 20Y3, Silverman Enterprises sold $18,500 ofmerchandise to…

A: The transactions are recorded in the journal form then posted to the ledger accounts. A journal…

Q: ales Discounts Not Taken Bolton sold a customer service contract with a price of $37,000 to Sammy's…

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

Q: Botanic Choice sells natural supplements to customers with an unconditional sales retum if they are…

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: ABC company purchase 15,000 units of merchandise with a trade discount of 10%, 20%. The list price…

A: Since you have asked multiple questions, we will solve the first question for you. If you  want any…

Q: Accounting for Sales Discounts. On December 8, 20X5, Lily Incorporated sold P9,000 of merchandise…

A: Total discount  = Total sales x discount rate = 9000 x 2% = P180

Q: Garden Co. uses the installment sales method. Garden Co. sells a good costing ₱10,000 for an…

A: Gross profit is the benefit procured by the organization from working exercises. Backhanded costs…

Q: Valenzuela Traders purchased merchandise from san Jose Suppliers for P3,600 list price, subject to a…

A: FOB destination refers to transfer risk in goods at the place of buyer and seller is under…

Q: On June 1, 2021, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on account.…

A: The gross profit is calculated as difference between sales and cost of goods sold.  Net sales is…

Q: A supplier offers the following discounts: Trade discounts of 20% at list price and another cash of…

A: The amount paid after discount is calculated as difference between total invoice price and discount…

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Discount amount (if payment is made within discount period) = Sales x rate of discount

Q: Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5/20…

A: Terms of sale      5/20                                    Receipt of goods…

Q: Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton…

A: The required journal entry is:

Q: Customer refundSenger Company sold merchandise of $15,500, terms 2/10, n/30, toBurris Inc. on April…

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

Q: Gross method for sales discounts The following were selected from among the transactions completed…

A: Journal entry is a process of recording business transactions in the books of accounts for the first…

Q: A large retailer obtains merchandise under the credit terms of 1/20, net 30, but routinely takes 55…

A: Retailer's effective cost of trade credit = (1+D/(1-D))^(365/n)-1 Where, n =  Days allowed -…

Q: FDN Trading undertook the following transactions for the month of November. Purchased merchandise…

A: Gross purchase = List price x (1 - trade discount rate) x (1 - trade discount rate) =…

Q: On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of…

A: Credit terms 3/15, n/30 means that customer will get a discount of 3% if payment is being made in 15…