Purchases transactions Elkhorn Company purchased merchandise on account from Springhill company for $42,000, terms 2/10, and/30. Elkhorn returned merchandise with an invoice amount of $8000 and received for credit. If Alcorn company pays the invoice within the discount., What is the amount of cash required for the payment? What account is debited by Elkhorn company to record the return?

Q: net sales from the above transactions? 12. Silver Co. sold merchandise to Bronze Co. on account,…

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

Q: Purchase-related transactionsThe Stationery Company purchased merchandise on account from asupplier…

A: Credit terms 2/10, n/30 means that 2% discount will be allowed to customers if payment is made…

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: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: Calculate purchase discoounts:Purchase discount =( Purchase - Purchase returns and allowance)*…

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

A: Introduction: An invoice is a type of business document that details and records transactions…

Q: Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30.…

A: Purchase discount: Goods purchased on credit. if payment is done within Discount period then seller…

Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…

A: Payment terms with  4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…

Q: Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for…

A: Given that: Original invoice value = $14000 Returns = $2200 Discount rate = 1%

Q: Romero's Heating and Cooling had the following transactions during April: Apr. 2   Purchased…

A: Journal entry is the act of recording all the identified transactions in the book of accounts.

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

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: Identifying errors in special journals For each transaction listed, identify the recording error and…

A:

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A:

Q: Sales-Related Transactions After the amount due on a sale of $145,225, terms 2/10, n/30, is…

A: Vgyyvv

Q: Travis Company purchased merchandise on account from a supplier for $8,000, terms 2/10, net 30.…

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

Q: The following purchases were made by Bay Leaf Trading: Item Purchase Date April 1 April 5 April 8…

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

Q: Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is…

A: Terms 2/10 means that 2% discount will be allowed if payment is made within 10 days, otherwise full…

Q: 7. Rabiya Company records purchases at gross amount but wishes to change to recording purchases net…

A:

Q: Yusuke Corporation records its purchases at gross amounts but wishes to change to recording of…

A: The amount of purchase discounts lost to be recognized is 72000 (80000 - 8000).

Q: Purchases Transactions Nieman Company purchased merchandise on account from a supplier for…

A: Given Purchase=$14,000 Purchase Returns: $3,400

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: A company entered into the following transactions Match sach transaction with the appropriate…

A: 1. General journal - It records transactions relating to adjustment entries, opening stock,…

Q: Purchase-related transactions. Journalize entries for the following related transactions of Mandumna…

A: Journal entries: It is the duty of the accountant to record and summarize business economic and…

Q: Purchases Transactions Hoffman Company purchased merchandise on account from a supplier for…

A: a.

Q: Purchase-related transactionsJournalize entries for the following related transactions of Lilly…

A: It is often that businesses suffer from insufficiency of cash but due to this insufficiency…

Q: Prepare the journal entry of the following merchandise transactions using periodic inventory system.…

A: Inventory is a current asset which represents the amount of goods available in a firm held for…

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: Purchase-Related Transactions Journalize entries for the following related transactions of Manville…

A: Definition of Purchase:Purchases means when goods are brought with an intension of selling.…

Q: answer. A company had the following transactions during December: 12/1/2020 - Sold merchandise on…

A: Journal entries are the recording of transactions in the accounting format which helps to prepare…

Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…

A: a.

Q: Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased…

A: Journal entries are made in the account to record the financial transactions of the business. The…

Q: Purchase-Related Transactions Journalize entries for the following related transactions of Lilly…

A:

Q: Payable-Aron. 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/10, n/30,…

A: Journal entries: It is the duty of the accountant to record business economic and non-economic…

Q: The following were selected from among the transactions completed by Home Sentry Company during…

A: Journal entry:   It is the first step of recording transactions of a company. Before this, no other…

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: Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has…

A: Accounts payable: Its a short term liability item reported in Balance sheet. Goods purchased on…

Q: Purchase-Related Transactions Warwick's Co., a women's clothing store, purchased $75,000 of…

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

Q: Sales-Related Transactions After the amount due on a sale of $172,675, terms 2/10, n/30, is received…

A: Sales means when goods and services are sold to customers. Sales return means when customer returns…

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: Centex Sound Systems purchased merchandise inventory costing $8,000 from Flower Co. on account.…

A: The appropriate answer is option (c). The recording of purchase of merchandise inventory on account…

Q: ABC Company purchased merchandise on credit from XYZ Corporation on April 4, for $9,000, terms 2/10,…

A: Credit terms 2/10, n/30 means that discount of 2% will be allowed if payment is made within 10 days,…

Q: journalize the following entries on the books of the borrower.  Assume a 360-day year.   January 1…

A: Formulas: Interest expenses = Face value * Rate Interest expenses = $40,000 * 6% *60/360 Interest…

Q: Journalize entries for the following related transactions of Manville Heating & Air Company:a.…

A: Purchases is an activity of acquiring the merchandise inventory of a business.

Q: Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for…

A: Credit terms 1/10, n/30 means if due amount will be paid in 10 days, then 1% discount will be…

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: Entity J sold merchandise to Entity X on account, P23,000, terms 3/15, net 45. The cost of the…

A: Sales discount = (sales - sales return) * discount rate = (23000-2500) *3% = P615

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is