A company purchased $7,800 worth of merchandise. Transportation costs were an additional $110. The company later returned $1,200 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is: Multiple Choice $6,710.00 $7,754.00 $6,578.00 $6,575.80 $7,644.00

A company purchased $7,800 worth of merchandise. Transportation costs were an additional $110. The company later returned $1,200 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is: Multiple Choice $6,710.00 $7,754.00 $6,578.00 $6,575.80 $7,644.00

Name: dev A company purchased $7,800 worth of merchandise. Transportation co
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Description: dev A company purchased $7,800 worth of merchandise. Transportation costs were an additional $110. The company later returned$1,200 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandi

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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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.
A company purchased $3,400 worth of merchandise. Transportation costs for the buyer were an additional $300. The company returned $235 worth of merchandise and then paid the invoice within the 1% cash discount period. The total cost of this merchandise is: Multiple Choice $3,335.00. S3, 263.00. $3, 431.00. $3, 433.35. $3,465.00.
17 A company purchased $4,600 worth of merchandise. Transportation costs were an additional $405. The company returned $315 worth of merchandise and then paid the invoice within the 1% cash discount period. The total cost of this merchandise is: 1 Multiple Choice polnts $4,510.00. $4.476.00. $4,644.00. $4,647.15. $4,690.00.
A company purchased $9,700 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $485 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: Multiple Choice $9,409. О $8,939. O $9,700. O $9,215. C $8,987.
A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. On June 20, it returned $800 of that merchandise. The shipping charges for the purchase totaled $500. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: Multiple Choice $9,424. $10,500. $9,224. $10,300. $10,200.
A company purchased $12,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. On June 20, it returned $2,400 of that merchandise. The shipping charges for the purchase totaled $1,500. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash pald on June 24 equals: Multiple Choice $10,812. O $8,952. O $12,800. $13,500. $12,900.
Barans Company purchased merchandise on account from Springhill Company for $12,800, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $3,200 and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar.
Purchase transactions: Rolfes company purchased merchandise on account from Springhill Company for $ 10, 700, terms 2/10, n30. Rolfes returned merchandise with an invoice amount of $2,700 and received full credit. a. If Rolfes company pays the invoice within the discount period, what is the amount of cash required for the payment?
A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $240 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: Multiple Choice O O O $240. $1,894. $1,901. $1.960. $2,200.
A 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. $28,600
A company purchased $2.700 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $295 worth of merchandise. On July B. it paid the full amount due. The amount of the cash paid on July 8 equals Mutiple Choice $2.357 $2.351 $295. $2,400 42700
Nieman Company purchased merchandise on account from Springhill Company for $12,100, terms 2/10, n/30. Nieman returned merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Nieman Company to record the return?