Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 o April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on June 10, assuming the customer made the corre payment on that date? Multiple Choice Cash Accounts receivable Discounts receivable Cash Accounts receivable Sales discounts forfeited Cash Accounts receivable 46,000 46,000 46,000 45, 540 460 45, 540 460 46,000
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- Oswego Clay Pipe Company sold $45,100 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60, Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date? Multiple Choice Cash 44, 649 Sales discounts 451 Accounts receivable 45, 100 Cash 44, 649 Sales 451 45, 100 Accounts receivableOswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.
- On november 10 if the curret year, Flores Mills sold carpet to a customer for $7,700 with credit terms 1/10, n/30. Flores uses the gross method accounting for sales discounts what is the correct entry for Flores on November 10Question: Paid the amount due to Water Corporation ($5,400) for the August 8 purchase less the price allowance ($400) from August 12. Terms 1/10. Payment met the discount date How do I record this in the general ledger?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?
- 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.On November 10 of the current year, Flores Mills sold carpet to a customer for $7,900 with credit terms 4/10, 1/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date?Ben City issued a purchase order on 05/10/19 for supplies with an estimated cost of $8600. An Encumbrance of $8600 was recorded at that time. When the supplies and accompanying invoice were received on 08/13/19, the invoice indicated a $9200 actual price. For what amount should Ben City credit ENCUMBRANCES on 08/13/19? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer:
- Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable Note the following: o All amounts given are pre-tax values. o Discounts are determined on pre-tax amounts. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321. terms 2/10, n/30. July 4. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque # 42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice #321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)On November 10 of the current year, Flores Mills sold carpet to a customer for $7,600 with credit terms 3/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Multiple Choice Cash Accounts receivable 7,600 7, 600 Cash 7,828 7,600 Accounts receivable entnr discOunte forfnitod E Prev 8 of 15 NextElm City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies were received, the accompanying invoice indicated an actual price of $4,950. What amount should Elm debit (credit) to the reserve for encumbrances after the supplies and invoice were received?a. ($50)b. $50c. $4,950d. $5,000