5 Marks Question- FINANCIAL ACCOUNTING Summit Traders purchased goods listing $60,000, receiving trade discount 10% and quantity discount 5%. What is the net purchase price?
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Net Purchase price?
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- 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?A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?
- 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. $500A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business and credit terms are 3/10, n/60. What is the net cost of the goods sold assuming that if the retailer made the payment within the discount period? a. RO 4800 b. RO 144,000 c. RO 155,200 d. RO 160,000A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are 2/10, n/30. What is the amount payable by the retailer assuming that if the retailer made the payment within the discount period? a. RO 78,400 b. RO 80,000 c. RO 1600 d. RO 72,000
- Journalize the following merchandise transactions: a. Sold merchandise on account, $12,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,060. Sale Cost b. Received payment within the discount od.Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry is to record the sale which would include a a. Credit to sales for $4900 b debit to sales discount for $100 c. Debit to cash for $5000 d.A wholesaler sold merchandise inventory with in invoice price RO 16,000 to the customer of business and credit terms are 3/10, n/60. What is the amount payable to the wholesaler assuming that if the customer made the payment within the discount period? a. RO 480 b. RO 14,400 c. RO 16,000 d. RO 15,520
- If merchandise is sold on account to a company for $1000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount of discount for early payment would be: a) $0 b) $5 c) $10 d) $10.50Sales-Related Transactions Merchandise is sold on account to a customer for $21,200, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $360. Determine the following: a. Amount of the sale $fill in the blank 1 b. Amount debited to Accounts Receivable $fill in the blank 2 c. Amount received within the discount periodSales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $630. Determine the following: a. Amount of the sale $ b. Amount debited to Accounts Receivable $ c. Amount received within the discount period $