What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)?
Q: On February 3, Smart Company sold merchandise in the amount of $1,800 to Kennedy Company, with…
A: Under Gross Method, Sales are recorded at their Gross Value. If the buyer makes payment within…
Q: Valenzuela Traders purchased merchandise from san Jose Suppliers for P3,600 list price, subject to a…
A: FOB destination refers to ownership of goods to the buyer when such goods are delivered to the place…
Q: On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The…
A: We have the following information: For (a) Monroe Sales sells $9,525 on account to Garrison Brewer…
Q: Review the following situations and record any necessary journal entries for Mequon's Boutique. May…
A: Journal: Recording of a business transactions in a chronological order.
Q: A retailer purchases merchandise with a catalog list price of $34,900. The retailer receives a 24%…
A: Formula: Cash discount amount = Invoice amount x Discount rate
Q: On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The…
A: Journal: Recording of business transactions in a chronological order.
Q: Winter Company received quotations from two entities for an item of merchandise as follows: From…
A: Trade discount is that discount which is given on list price of product to all the customers. Under…
Q: list price of ₱90,000, subj
A: Given as, Merchandise Inventory list price = P 90,000 Trade discounts = 20% Another discounts = 10%
Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…
A: Sales discounts = Gross price x rate of discount
Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…
A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…
Q: Oliver Valenzuela Traders purchased merchandise from San Jose suppliers for P3,600 list price,…
A: Amount of Payment to seller = Cost of goods purchased- Trade discount- cash discount- a cost paid on…
Q: Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8…
A: Journal entry shows the recording of the transactions in the accounting system of an organization…
Q: Review the following situations and record any necessary journal entries for Mequon's Boutique. May…
A: journal entries for Mequons Boutique May 10 Purchases A/c Dr…
Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,000. The retailer…
A: If Gross Method used: Catalog List price $12,000 Less: trade Discount ($12,000 * 44%)…
Q: Ami Retailers purchased merchandise with a list price of ₱100,000, subject to a trade discount of 20…
A: Gross Method : Which means gross amount of a product shall be taken without any cash discount ,…
Q: you purchase goods with a list price of $455 and a trade discount of 25%. The invoice is dated…
A: List Price = $455 Trade Discount = 25% Invoice Date= October 3 Credit Terms = 3/15, n/45
Q: On May 30, Cecil Company purchased merchandise on account from Ricci Company as follows - List…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Jasper Company is a wholesaler that buys merchandise in large quantities. Its supplier’s catalog…
A: Particulars Amount ($) The list price per unit $500 Less: Discount ($500 x 30%) 150 Net…
Q: Suppose a certain appliance store purchases the following items. Calculate the extended total after…
A: For quantity in dozen, the units should be divided by 12 but ea. stands for Each, thus, the same…
Q: On August 3, 2018, Pogi Traders Purchased from a supplier merchandise with a list price of P50,000,…
A: Net purchase value on list purchase = Purchase - purchase return = P50000 - 10000 = P40,000
Q: Bolton sold merchandise with a price of $34,200 to Sammy's Wholesale Company. Bolton offered terms…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of…
A: SOLUTION 1- GIVEN, PURCHASED AMOUNT = 13100 DISCOUNT RATE = 2%
Q: Suppose a certain appliance store purchases the following items. Calculate the extended total after…
A: Trade discount is the discount given to customers on list price. This discount will not be recorded…
Q: A company purchases merchandise with a catalog price of $24,500. The company receives a 35% trade…
A: Trade discount: When a producer selling the product to a reseller instead of the end consumer, it…
Q: Review the following situations and record any necessary journal entries for Mequon’s Boutique May…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Review the following situations and record any necessary journal entries for Mequon’s Boutique. May…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,881. The retailer…
A: The amount should be debited to inventory account = ( List price - Trade discount ) - term discount…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $35,100, terms 2/15, net 45. The cost of the…
A: Gross profit margin is the profit arrived after considering all direct costs relating to the sale of…
Q: Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The following transactions were selected from among those completed by Bennett Retailers in November…
A: In the above table, the net sales for the month of november and december has been calculated by…
Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,684. The retailer…
A: Cost of Inventory Purchased = List Price - Trade Discount - Cash Discount
Q: A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22%…
A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.
Q: Calculate the extended total after the trade discounts
A: Trade discount is the discount allowed by the manufacturer to the reseller. The discount is…
Q: Maxie Company regularly buys merchandise from Dawson Suppliers and is allowed a trade discount of…
A: Solution 5-1: Amount debited to materials if purchase discount is treated as income = P100,000 *…
Q: n January 4, JC sells merchandise costing $2,000 for $8,000 to RM with terms of 3/12, n30. On…
A: Solution Concept Credit term 3/12, n30 means that if the amount is paid within 12 days of the…
Q: A business supply store bought some merchandise with a list price of $13,600. The wholesaler…
A: The discount given by seller to buyer at the time of purchase of goods is called as trade discount.…
Q: Vanessa company purchases merchandise with a list price of P25,000. The company receives a 35% trade…
A: Trade discount = List price x trade discount rate = P25000 x 35% = P8,750
Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,941. The retailer…
A: Trade discounts are the discounts allowed by the seller of goods to the buyer if a certain quantity…
Q: Required: Record the following transactions of Fashion Park in a general journal, Fashion Park must…
A: Answer - Working Note - 1. Sold merchandise for cash $2540 plus sales tax. Sales revenue = $2540…
Q: Willetta Company purchases inventory for $19,000 with terms 2/10, n/30. It then returns $2,900 of…
A: Terms 2/10, n/30 means 2% discount will be given if payment is made within 10 days. Given in the…
Q: Merchandise costing $714 is sold for $1,234 on terms 2/10, n/30. If the buyer pays within the…
A:
Q: A retailer purchases merchandise with a catalog list price of P15,000. The retailer receives a 15%…
A: Net purchases = Purchases worth - Purchase discount = P15,000 - P15,000 x 15% = P12,750
Q: Suppose a certain appliance store purchases the following items. Calculate the extended total after…
A: Trade Discounts of 20/15/15 means that total value shall be first multiplied by 80%, then by 85% and…
Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,400. The retailer…
A: Trade discount: A discount issued on the list price of product by seller to the buyer at time of…
Q: Suppose a certain appliance store purchases the following items. Calculate the extended total after…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 2/10, net 30, for $8,100.…
A: Discount on payment = Purchase value x discount rate = 8100*2% = 162
Q: A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business…
A: COGS stands for Cost of goods sold which is defined as the direct cost of producing the goods sold…
Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,300. The retailer receives a 21% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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.A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
- 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?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?Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
- 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?Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,390. The retailer receives a 45% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a. $8,295 b. $15,390 c. $22,146 d. $8,465
- Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,817. The retailer receives a 32% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a. $10,756 Ob. $15.817 Oc. $10.540 O d. $20.663A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period (Round your answer to the nearest dollar)? Oa. $22,308 Ob. $21,862 Oc. $22,880 Od. $28,600Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,941. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a.$10,459 b.$10,250 c.$19,214 d.$14,941
