Mar 31, 2022 Mrs. Santos visited the Royes Luggage Inc. store yesterday and discussed the problems (conditions of goods received) with their manager. Mrs. Santos and the manager agreed that there is a problem with the goods. Mrs. Santos will give a Sales price allowance for the goods on invoice # 2212, in the amount of $100.00, plus HST. Mrs. Santos received Royes Luggage Inc.'s cheque # 496 in the amount of $904.00 as payment for this invoice, less the allowance. There are no discount terms on this allowance as it is more than 10 days from the purchase date. 1. Record the allowance. 2. Record the cheque received.
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- Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/LossA 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 situations and record any necessary journal entries for Mequon’s Boutique. May 10 Mequon’s Boutique purchases $3,000 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $100 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon’s Boutique sells $3,700 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. May 10 Purchase - Select - - Select - - Select - - Select - May 10 Shipping charges - Select - - Select - - Select - - Select - May 14 Sale with cash - Select - - Select - - Select - - Select - May 14 Cost of sale - Select - - Select - - Select - - Select -
- Review the following situations and record any necessary journal entries for Mequon's Boutique. May 10: Mequon's Boutique purchases $2400 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $130 cash. Terms of the purchase are FOB Shipping Point. May 14: Mequon's Bountique sells $3000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon's of $1750. Shipping charges are and extra $150 cash. Terms of the sale are FOB Shipping Point.review the following situations and record any necessary journal entries for Mequon's Boutique. May 10 - Mequons Boutique purchases $2400 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $130 cash. Terms of the purchase are FOB Shipping Point. May 14 - Mequon's Boutique sells $3000 woth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon's of $1750. SHipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point.Sandra’s Store purchased merchandise from a manufacturer with an invoice price of$11,000 and credit terms of 3/10, n/60, and paid within the discount period.Requireda. Prepare the journal entries that the purchaser should record for the purchase andpayment.b. Prepare the journal entries that the seller should record for the sale and collection.c. Assume that the buyer borrowed enough cash to pay the balance on the last day ofthe discount period at an annual interest rate of 8% and paid it back on the last dayof the credit period. Calculate how much the buyer saved by following this strategy.(Use a 365-day year.)
- Review the following situations and record any necessary journal entries for Mequon’s Boutique May 10 Mequon’s Boutique purchases $2,500 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $120 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon’s Boutique sells $3,000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $120 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.Review the following situations and record any necessary journal entries for Mequon's Boutique. May 10 Mequon's Boutique purchases $2,900 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $110 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon's Boutique sells $3,500 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon's of $1,800. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. May 10 Purchase May 10 Shipping charges May 14 Sale with cash May 14 Cost of sale Accounts Receivable Accounts Payable Cost of Goods Sold Merchandise Inventory Sales II II II I II II II II1. On February 5, the company purchased $50,000 of merchandise at FOB shipping point. shipping costs $5,000 and will arrive 6 days later. there is an agreement with the seller that the seller prioritizes transportation costs. 2% discount terms for 10 days. Journalize this transaction. 2. the same data make a journal using fob destination 3. when the goods receipt report is made. 4. What is the contents of the invoice that will be received from the seller?.
- EA1. On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions.A. the initial saleB. the subsequent customer payment on March 10Assuming that Muscat Trading LLC is a furniture trader in Nizwa. The business wants to raise a Credit note. Which of the following statement is correct in regards to a Credit note? a. It will be raised by Muscat Trading LLC to the Suppliers at the time returning the goods due to partial damage of goods b. It will be raised by Muscat Trading LLC at the time of selling the goods to Customers under the credit terms of 2/10 n/60 c. It will be raised by Muscat trading LLC at the time of receiving the goods returned by customers due to damage of goods d. It will be raised by Muscat Trading LLC at the time of Purchase of Merchandise from Suppliers under the credit terms of 2/10 n/3012 Sydney returns $1,400 of the $28,000 of goods to Troy, who receives them the same day and restores them to its invento The returned goods had cost Troy $938. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. th Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 repare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list Journal entry worksheet < 1 2 3 Date May 11 Sydney accepts delivery of $28,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,760. Record Sydney's entry for this transaction. Note: Enter debits before…