During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the purchases? • How much is the invoice price? • Who is the seller?
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- During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. FOB destination. • Who is the owner of goods in transit?During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. FOB shipping point. • Who is the owner of the goods in transit? • When is the due date if no discount?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?
- During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the accounts payable? • How much is the discount if paid in full within the discount period? • How much is the accounts receivable?H3. A retailer purchases some merchandise with an invoice price of $19,100 and terms of sale of 5/15, n/45. What is the net amount due (in $) on the order if a partial payment of $10,800 is made on the 15th day? (Round your answer to the nearest cent.) Please show proper step by step calculation with detailsQ.1. Journalize the following transactions: December 1, 2020 Purchased merchandise worth TL 230,000; 5/10; n/30, December 3, 2020 Returned TL 30.000 of merchandise purchased. December 6, 2020 Sold merchandise for TL 150,000, 10/10; n/30, Cost of the merchandise sold was TL 120,000. December 8, 2020 Our customer returned the %10 of merchandise sold on December 6, 2020. December 9, 2020 December 15, 2020 Paid for the merchandise purchased on December 1, 2020. Received payment for the merchandise sold on December 6. Required: Journalize the following transactions of Company A for the month of December 2020.
- 8. On October 9, 2020, Polk Corporation sold merchandise to a customer for $1,000,000 on credit, terms 2/10, n/30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14. What account should Polk Corporation debit on October 14? Polk uses periodic inventory system. Accounts Receivable for $980,000. b. Cash for $1,000,000. а. Cash for $980,000. d. Accounts Receivable for $1,000,000. с. 9. Butterfly, Inc, purchased merchandise from a supplier on October 1, 2020, for $50,000 on account, terms 1/10, n/30. What entry would Butterfly use to record this purchase if the company uses perpetual inventory system. Accounts Payable Inventory а. 50,000 50,000 b. Inventory 49,500 Accounts Payable 49,500 Purchases 49,500 с. Accounts Payable 49,500 d. Inventory 50,000 Accounts Payable 50,0001. FDN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P35,000, terms 2/10, n/30. Returned P900 of the shipment for credit. Paid P400 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases? 2. On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period? 3. FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of…On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.
- Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thediscount period, what amount will be reported on the income statement as net sales and as grossprofit?CDE1. Nezee Paints purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Nezee Paints returned $1,200 of the merchandise two days later and received full credit. 1. If Nezee Paints pays the invoice one day before the end of the discount period, what is the amount of the discount? 2. Under the perpetual inventory system, what account is credited by Nezee Paints to record the return? 3. Assuming the payment was made one day before the end of the discount period, what is the balance of the Merchandise Inventory account after these transactions?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?