Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale are 5/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day?
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Mel's Diner purchased paper products list priced at $696 less series discounts of 10/20/10, with terms of 3/10-50 extra. If the retailer paid the invoice within 60 days, find the amount paid.
Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is receivedfrom a customer within the discount period, the seller consents to thereturn of the entire shipment for a cash refund. The cost of themerchandise returned is $16,800. (A) What is the amount of the refundowed to the customer? (B) Journalize the entries made by the seller torecord the return and the refund.
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- On June 1 of the current year, Pitt Company sold merchandise with a list price of P 5,000,000 to Bull company. Pitt allowed trade discounts of 30% and 20%. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P 200,000 of delivery costs. What will be the remittance to be received by Pitt from Bull? a. P 2,744,000 b. P 2,940,000 c. P 2,944,000 d. P 3,140,000arrow_forwardcompany A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?arrow_forwardThe invoice price of goods purchased is $10,000 with purchase terms of 4/7, n/30 and FOB shipping point. The invoice is paid within the week of receipt and shipping costs are $200. By what amount should the purchaser's Inventory be increased?arrow_forward
- MAKE THE NECCESSARY JOURNAL ENTRIES.... BALIM Company is a merchandising company and tradindg OFFICE SUPPLİES .Company’s November 2020 trancations are as follows. 2. Company Decided to import Machinary for 200.000 DOLAR. (USD) Installation and Adjustment Cost is 85.000 TL + %10 VAT. Import Tax is 35.000 TL. 75.000 USD , Advance is paid by issueing a check. USD Rate is 5.50 TL/USD .arrow_forwardOn June 1, 2021, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on account. Pitt allowed trade discounts of 30% and 20%. On June 11, 2021, the customer paid in full. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P200,000 of delivery costs for Burr as an accommodation. 1. What amount should be reported as sales revenue? a. 5,000,000 b. 2,800,000 c. 3,500,000 d. 2,500,000 2. What amount was received by Pitt from Burr as remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000arrow_forwardIf merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount of discount for early payment would be: a) $0 b) $5 c) $10 d) $10.50arrow_forward
- GINKGO-NUTS Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point prepaid. At what amount is the accounts payable debited upon payment if paid on the ninth day?arrow_forwardAssume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?arrow_forwardWilletta 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 $322arrow_forward
- On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required:Fill in the blanks below with dollar amounts, if any are appropriate. If an ending balance is 0, enter 0.(Use the net price method for items a. and b. below.) a. If payment was made on June 15, Sabrex would debit Accounts Payable for $fill in the blank 1. b. If payment was made on July 3, Sabrex would debit Purchase Discounts Lost for $fill in the blank 2.(Use the gross price method for c. and d. below.) c. If payment is made on June 15, Sabrex would credit Cash for $fill in the blank 3. d. Assuming no payment had yet been made, Sabrex would debit Purchase Discounts Lost for $fill in the blank 4 in the adjusting entry at July 31 (fiscal year-end).arrow_forwardMerchandise subject to terms 3/10, n/25, FOB shipping point, is sold on account to a customer for $20,000. What is the amount of the sales discount allowed in case the customer pays within the discount period? Select one: a. $600 b. $460 c. $150 d. $260arrow_forward
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