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A 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:
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- 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 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 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 Credit
- 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.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 $1,400A 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…
- A note that the maker fails to pay on the due date is referred to as discounted note. expected credit loss note. dishonored note. disappointed note. Assume that a company records purchases net of discount. If the company bought merchandise valued at ₱10,000 on credit terms of 3/15, net 30, the entry to record the payment for half of the purchase within the discount period would include a debit to Accounts Payable for ₱4,850 and a credit to Cash for ₱4,850. Accounts Payable for ₱5,000 and a credit to Cash for ₱5,000. Accounts Payable for ₱4,850 and to Interest Expense for ₱150, and a credit to Cash for ₱5,000. Accounts Payable for ₱5,000 and to Interest Revenue for ₱150 and to Cash for ₱5,000. A note that the maker fails to pay on the due date is referred to as discounted note. expected credit loss note. dishonored note. disappointed note. Assume that a company records purchases net of discount. If the company bought merchandise valued at ₱10,000 on credit terms…A company purchases merchandise with a catalog price of $24,500. The company receives a 35% trade discount from the seller. 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?A company purchases merchandise for $23,000. 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?
- 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, P1,764Kurt Company purchased $5,000 of merchandise from Marilyn Company with terms of 2/10, n/40. What percent discount will Kurt Company get if it pays within the allowed discount period? If Kurt Company fails to pay within the discount period, how many days does Kurt Company have from the date of purchase before the payment is considered to be late? daysAugust 1) Purchased merchandise from Griffin Company for $7,700 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5) Sold merchandise to Clinton Corporation for $5,300 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. August 5) The merchandise sold to Clinton had cost $3,200. August 8) Purchased merchandise from Parker Corporation for $5,440 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9) Paid $325 cash for shipping charges related to the August 5 sale to Clinton Corporation August 10) Clinton returned merchandise from the August 5 sale that had sold for $200. August 10) The cost of the merchandise returned by Brown's was $100. The merchandise was restored to inventory. August 12) After negotiations with Parker Corporation concerning problems with the purchases on August 8, Brown's received a credit memorandum from Parker granting a price reduction of $600 off the $5,440 of goods purchased.…
