COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
16th Edition
ISBN: 9781264624256
Author: Haddock
Publisher: MCG
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Chapter 7, Problem 6E
To determine
Compute the amount that should be recorded as sales in each of the given cases.
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Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?
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What is the amount of the trade discount on merchandise that a vendor can receive with a list price of $7,900 and a trade discount rate of 30 1/2%
Chapter 7 Solutions
COLLEGE ACCOUNTING ETEXT+CONNECT ACCESS
Ch. 7 - What is the name of the account used to record...Ch. 7 - What is a sales return? What is a sales allowance?Ch. 7 - Prob. 1.3SRQCh. 7 - Prob. 1.4SRECh. 7 - Prob. 1.5SRECh. 7 - Prob. 1.6SRACh. 7 - Prob. 2.1SRQCh. 7 - Prob. 2.2SRQCh. 7 - Prob. 2.3SRQCh. 7 - Prob. 2.4SRQ
Ch. 7 - Prob. 2.5SRECh. 7 - Prob. 2.6SRECh. 7 - Prob. 2.7SRACh. 7 - Prob. 1CSRCh. 7 - Prob. 2CSRCh. 7 - Prob. 3CSRCh. 7 - Prob. 4CSRCh. 7 - Prob. 5CSRCh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 14DQCh. 7 - Prob. 15DQCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Record the following transactions of Fashion Park...Ch. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 6PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - INSTRUCTIONS 1. Open the general ledger accounts...Ch. 7 - The Urban Florist is a wholesale shop that sells...Ch. 7 - Prob. 5PBCh. 7 - Prob. 6PBCh. 7 - Prob. 1CTPCh. 7 - Tony Zendejas is the owner of Housewares Galore, a...Ch. 7 - Prob. 1MFCh. 7 - Prob. 2MFCh. 7 - Prob. 3MFCh. 7 - Prob. 4MFCh. 7 - Prob. 5MFCh. 7 - Prob. 6MFCh. 7 - Prob. 7MFCh. 7 - Why should management insist that all sales on...Ch. 7 - Prob. 1ED
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Similar questions
- Assume 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_forwardThe buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Trade discount c. Discount period d. Credit periodarrow_forwardJournalize the following merchandise transactions: A. Sold merchandise on account, $21,300 with terms 2/10, net 30. The cost of the merchandise sold was $17,000. B. Received payment less the discount. C. merchandise on account from a supplier for $6,500, terms 2/10, net 30. D. Returned $1,500 of the merchandise and received full credit. E. Paid for the merchandise within the discount periodarrow_forward
- If merchandise sells for $3,500, with terms 3/15.n/45 , and the cost of the inventory sold is $2,100, the amount charged to sales under the net method of recording sales discounts is?arrow_forwardMerchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry is to record the sale which would include a a. Credit to sales for $4900 b debit to sales discount for $100 c. Debit to cash for $5000 d.arrow_forwardAssume that a company records purchases net of discount. If the company bought merchandise valued at P10,000 on credit terms 3/15, net 30, the entry to record a payment for half of the purchase within discount period would include a debit to * Accounts Payable for P4,850 and a credit to Cash for P4,850 Accounts Payable for P5,000 and a credit to Cash for P5,000 Accounts Payable for P4,850 and to Interest Expense for P150 and a credit to Cash for P5,000 Accounts Payable for P4,850 and to Interest Revenue for P150 and a credit to Cash for P5,000arrow_forward
- Question :) The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a $24. b.$30. c.$29.40. d.$21. e.$450.arrow_forwardA sala set priced at P 2,250 was offered to a retailer with a discount of P 350.00. What was the rate of trade discount?arrow_forwardThe amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.arrow_forward
- Journalize the following merchandise transactions: a. Sold merchandise on account, $12,700, with terms 2/10, net 30. The cost of the merchandise sold was $8,255. Sale Cost b. Received payment within the discount period.arrow_forwardThe entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a Answer- credit to accounts receivable for $2400 Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of 2/10, n/30. What is the net cost of the goods if Kingbird, Inc. pays within the discount period? Answer- 12,838 Just tell me the difference between the phrasing of the two questions. In other words, why don't I multiply 0.02 percent to 2,400 and then subtract $48 to get 2352 debit to sales revenue for the first question?arrow_forwardMerchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $590. Determine the following: a. Amount of the sale b. Amount debited to Accounts Receivable c. Amount received within the discount periodarrow_forward
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