a. Sold merchandise on account, $14,200, with terms 2/10, net 30. The cost of the merchandise sold was $9,230. Sale Cost b. Received payment within the discount period.
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- Prepare 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.If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer remitted payment within the discount window?A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
- If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?Journalize the following merchandise transactions: a. Sold merchandise on account, $14,200, with terms 2/10, net 30. The cost of the merchandise sold was $9,230. Sale Cost b. Received payment within the discount period.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?
- Journalize the following merchandise transactions: a. Sold merchandise on account, $12,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,060. Sale Cost b. Received payment within the discount od.Merchandise 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 periodMerchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $22,100. What is the amount of sales discount allowable?
- A. Sold merchandise on account, $11,500 with terms 2/10, net 30. The cost of the merchandise sold was $7,800. B. Received payment less the discount.a. Sold merchandise on account, $13,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,710. Sale CostMerchandise 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?