The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800

The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 6.15EX: Purchase-related transactions Based on the data presented in Excrd.sc 6-14, journalize Ha I boa Co.s...

See similar textbooks

Related questions

Q: Purchases of direct raw materials 191,535 58,000 Purchases of indirect raw materials Direct labour…

A: Cost of goods manufactured = prime cost + factory cost Gross profit =…

Q: Time Remaining 02:28 55 □ Close All P Blag for Review Pillar Co has developed a new product called…

A: For the bluebell candle product following information I provided: The company spends $20000 on an…

Q: Sort the following contribution margin income statement line items in the correct order from top…

A: In a Contribution Margin Income Statement, the variable cost are reduced from sales revenue to get…

Q: Account Cash Equipment Accumulated Depreciation Total Assets Liabilities Income Tax Payable…

A: Vertical analysis of the financial statement reflects the comparison of balance sheet elements with…

Q: What is the amount of total credits for this trial balance?

A: TRIAL BALANCE IS A REPORT THAT LIST THE BALANCES OF ALL GENERAL LEDGER ACCCOUNTS OF AN ENTITY AT A…

Q: State the difference between Standard costing & Budgetary control. Give your analysis with 5 points…

A: Standard costing was used by the entity in making analysis of cost data by making comparison between…

Q: Maple Management Inc. issued 6 percent bonds with a maturity value of $6,000,000 for $5,513,346 on…

A: Bond interest and bond discount are amortized over the life of the bonds. Under the effective…

Q: The company uses the absorption costing system Required A) Calculate the cost of producing one unit.…

A: Cost of products 1) Direct materials = €900 Direct labour = €1000 Variable production OH =…

Q: You are given the following • Total sales 40 • Total fixed cost 2 • Net profit 28 What is the TOTAL…

A: In order to determine the contribution margin per unit, the variable cost per unit is required to be…

Q: RJ Corporation has provided the following information about one of its inventory items: Number of…

A: Under LIFO method,we assume that inventory which is bought later will be sold earlier i.e. last in…

Q: The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:…

A: Introduction: After subtracting costs, allowances, and taxes, net income is the amount earned by an…

Q: What are the importance of the following financial ratios? Price to earnings ratio. Earnings per…

Q: Employment Condition

A: 1.ANNUL LEAVE: the national employment standards provide 4 weeks paid annual leave for each year of…

Q: Aracel Engineering completed the following transactions in the month of June. Jenna Aracel,…

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: dvertising and Promotion Expenses ncome Tax Expense $ 264,300 56,680 44,080 nterest Expense cher…

A: The income statement is prepared to know about the profitability of the business The net income is…

Q: Problem 6-5A Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust…

A: Inventory refers to the stock that the company holds for the resale purpose or the good that is not…

Q: Case 1: LAC Corporation is in the process of setting a selling price for a new product it has just…

A: In order to determine the selling price per unit, the markup % on cost are required to be added in…

Q: a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: These are selected account balances on December 31, 2021 Land (location of the corporation's office…

A: Property , Plant and Equipment means tangible assets , which are held for use in production of goods…

Q: Price per unit = $10 Variable cost per unit = $7 Fixed cost = $1,500 Number of units sold = 700…

A: The net income is calculated as difference between revenue and expenses of the current period. Net…

Q: Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest…

A: Introduction: The balance sheet, also known as the statement of financial position, is the third…

Q: Use the following information for problems 3 to 5 LO P2 (Algo) [The following information applies to…

A: Rental Revenue 26000 Consulting Revenue 37000 Total Revenue 63000 Salaries…

Q: Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments,…

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…

Q: JOURNALIZE THE ADJUSTING ENTRIES NECESSARY ON DECEMBER 31 For preparing the adjusting entries, the…

A: Introduction:- Adjusting entries are passed in the books of accounts at the end of one accounting…

Q: Why shall accounting students need to study accounting theory? Choose one of accounting theories you…

A: Accounting theory means those theories which are used to study and in the application of accounts…

Q: Highlight T Strikethrough Calculator Scratch Pad Pillar Co makes decorative candles which are made…

Q: Kailyn Company has a 25% margin of safety. Its before-tax return on sales is 6%, and its tax rate is…

A: Sales are the basic revenue generating operation of the trading company which involves selling of…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: Units…

A: Under Weighted Average perpetual inventory system: Cost per unit is calculated based on total moving…

Q: Tim Urban, owner/manager of Urban's Motor Court in Key West, is considering outsourcing the daily…

A: Consider the information given: Details provided in the question are as follows: Number of rooms…

Q: Ivanhoe Company issues $3,000,000, 10-year, 8% bonds at 93, with interest payable each January 1.…

A: The bonds are the financial instruments for the business used to raise money from the market. The…

Q: On 31 October 2012 the carrying amount of an entity’s delivery truck was R200 000 when its…

A: Introduction: A fixed asset impairment is defined as a sudden decline in fair value caused by…

Q: SixthZ incurred the following costs during 2018: Variable costs treehouse Manufacturing: Direct…

A: Variable Costing refers to a method of Costing where only Variable costs are considered at the time…

Q: Certain balance sheet accounts of a foreign subsidiary of Paul Inc. at December 31, year 1, have…

A: Information needed: - Note receivable (current rate) = 240,000 Prepaid rent (historical rate)…

Q: Sales revenue (30,000 units) Variable costs Contribution margin Fixed costs Operating income At the…

A: Break even sales is the sales where net income is zero. Or we can say the level where total variable…

Q: Brussels Enterprises issues bonds at par dated January 1, 2021, that have a $3,400,000 par value,…

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: s and limitations of the ‘Conce

A: Conceptual framework refers to the compiled set of details and processes used while preparing the…

Q: Which of the following statements regarding the allocation of cost from other departments to the…

A: In a large firm with multiple departments, some are operating departments which produce or…

Q: ) The index of general price changes rose steadily from 200 on 1 January 2021 to 220 on 31 December…

A: Current Purchasing Power (CPP).: It refers to convert the historical values/ measured of the items…

Q: In order for an asset to be recognized in the financial statements, which of the following…

A: Asset refers to the kind of resource that could easily be converted into cash and it includes…

Q: Morgan Company issues 9%, 20-year bonds with a par value of $750,000 that pay interest semiannually.…

A: Bonds are sources of raising long-term funds by the company. The company pays periodic interest…

Q: What is a basic financial statement that is required for federal agencies?

A: Financial statement refers to those statements which are prepared through the business at the end of…

Q: Feather Light Travelling Trains has completed all of its journal entries an shown below. Note:…

A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…

Q: calculate the profit and loss statement for the year ended December 2021,the cash flows statement…

A: Given in the question: Van purchase date = May, 2021 Purchase cost = RM 60,000 Life expectancy = 8…

Q: FOUR yse the implications of employees accepting gifts and gra cribe the measures a business could…

A: Stakeholders refer to an entity or wide group of people who invests in a project of a company such…

Q: View Policies Current Attempt in Progress On July 1, 2022, Blossom Co. pays $12.000 to Nash's…

A: A record is typically kept in the general ledger, but it can also be kept in a separate account,…

Q: 14. Prepare cost sheet for the month of January (Opening and closing materials)

Q: Sam’s Catering purchased a delivery vehicle of R150 000 on 1 June 2021 on credit. Sam was advised…

Q: Carla Vista Corporation issued 2,800, 6%, 5-year, $1,000 bonds dated January 1, 2022, at 100.…

A: Introduction: Bonds are issued with the assistance of governments and enterprises in order to raise…

Q: What is the variable cost per unit using the high-low method (to two decimal places)? $

A: High-low method refers to a technique used by the company to determine the variable cost component…

Question

10.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a

a. debit to Sales Discounts for P36.

b. debit to Sales Revenue for P1,764.

c. credit to Accounts Receivable for P1,800

d. credit to Sales Revenue for P1,800

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
Purchase-related transactions Based on the data presented in Excrd.sc 6-14, journalize Ha I boa Co.s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice.
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?
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
The entry to record a sale of P7,500 with terms of 2/10, n/30 would include a. Debit to sales for P7,350 b. Debit to sales Discount for P150 c. Credit to Accounts Receivable for P7,500 d. Credit to sales for P7,500
9. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a a. debit to Sales Discounts for $300 b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.
17. Merchandise with a sales price of P500 is sold on account with term 2/10, n/30. The journal entry to record the sale would include a a. debit to Cash for P500 b. Debit to Sales Discounts for P10 C. Credit to Sales for P500 d. Debit to Accounts Receivable for P490 18. Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold account to a customer for P15,000. The seller paid transportation costs et P1,000 and issued a credit memorandum for P5,000 prior to payment. What i the amount of the cash discount allowable? a. P160 b. P150 c. P140 d. P100 19. The entry to record the return of merchandise from a customer would include a a. debit to Sales b. credit to Sales c. debit to Sales Returns and Allowances d. credit to Sales returns and Allowances 20. A sales invoice included the following information: merchandise price, P4,000; transportation, P300; terms 1/10, n/eom, FOB shipping point. Assuming tha credit for merchandise returned of P600 is granted prior to payment, trhat…
which one in 1-4 is correct? The 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 1. credit to Sales Discounts for $48. 2. credit to Sales Revenue for $2400. 3. debit to Sales Revenue for $2352. 4. credit to Accounts Receivable for $2400.
Merchandise 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.
Select the best answer for the question. 7. Company A records purchases using the net price method. It an item is purchased from a supplier for $800 on terms of 3/10, n/30, the correct accounting entry would be O A. Purchases 776 Purchase Discounts 24 Accounts Payable OB. Purchases Accounts Payable O.C. Purchases D Accounts Payable OD. Accounts Payable 776 800 Purchases Purchase Discounts 800 >
The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 1/10, n/30 will include a credit to Cash for $1485. Accounts Receivable for $1500. ● Sales Revenue for $1500. ● Sales Discounts for $15.
Merchandise with a sales price of $5,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a A. Debit to Customer Refunds Payable for $102 B. Credit to Sales for $4,998 C. Debit to Cash for $5,100 D. Debit to Accounts Receivable for $5,100