A buyer of $7, 100 in merchandise inventory failed to take advantage of the vendor's credit terms of 3/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:$1, 065.$213.$71.$710.$100.
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- If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods soldA buyer of $7,200 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:
- A buyer of $7,800 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of: Multiple Choice $1,170. $156. $100. $78. $780.A buyer of $8,100 in merchandise Inventory failed to take advantage of the vendor's credit terms of 3/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of. Multiple Choice O $810. О $1,215. O $81. $100. $243.A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer.
- A company purchases merchandise for $29,500. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise? Multiple Choice $29,500. O O $2,950. $28,910. $9,350. $20,650.A buyer received an invoice for P 6,000 dated June 10. If terms are 2/10, n/30, and the buyer paid the invoice within the discount period, what amount will the seller receive? P 6,000 P 5,880 P 4,800 P 120 The purchases discount account is a contra account to Account payable Purchases Sales Sales discount When a seller of merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a Credit memorandum Debit memorandum Official receipt Sales invoice When the seller advances the transportation cost and the terms of sales are FOB shipping point, the seller records the payment of the transportation cost by accounts accounts transportation The account that appears in the chart of accounts for a merchandising entity but not for a service entity is Accounts receivable Accumulated depreciation Advertising expense Sales return and allowances Olive Valenzuela Traders purchased merchandise from…On March 12th, Company B sold $800 of inventory to a customer for $1,400. The customer paid $400 and promised to pay the difference within 10 days. Based on this transaction, match the account on the left with its appropriate debit or credit entry on the right. Inventory [ Choose] Accounts Receivable [Choose] Cash [ Choose] Cost of Goods Sold [ Choose ] Sales Revenue V[ Choose ] Credit $1,400 This account should not be indcluded in this entry. Debit $1,000 Debit $800 Net Income Credit $800 Debit $400 Debit $1,400
- Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764A seller uses a perpetual inventory system, and on April 18, a customer discovers that merchandise previously purchased is defective. The buyer decides to keep the defective merchandise and the seller allows a $15 price reduction, paid in cash to the buyer. Note: Enter debits before credits. Date April 18 General Journal Debit CreditCDE1. 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?