Direction: Complete the Table. Compute what is asked for. Give the exact amount. Use PESO SIGN. NODECIMAL PLACES. ROUND-OFF Nearest peso. If your answer is NONE OR ZERO, PUT a 0 on the space.Name of BuyerCost ofMerchandiseTrade DiscountCash DiscountDate ofPurchaseDate PaidReturns madeafter 5 dayspurchaseFOBFreightChargesFreightcharges paidbyName of BuyerTradediscount, ifanyInvoice Price(before anyreams)Purchasediscount to berecorded uponpaymentAmount ofCash(payment) tobe creditedCompanyAster320,00012%1/10, n/eom15-March-1021-March-1021,000Shipping point4,100BuyerCompanyAsterABCDCompanyBougainvillea65,0005%,3%,2%2/eom.n/4515-Mar-1025-Mar-103,100.00Shipping point1,200.00BuyerCompanyBougainvilleaEFGTHCompanyCalabachi105,0001/15,2/10,n/eom15-Mar-1027-Mar-10Destination2,500.00SellerCompanyCalabachiIJKLCompanyDaisy25,300P500 discountfor everyP5,000purchased15-Mar-1016-Mar-10Destination1,100SellerCompanyDaisyMNOPCompanyEvergreen213,0005/25/com,n/6025-Mar-1025-Mar-105,200.00Shipping point3,000SellerCompanyEvergreenQRST

A credit term is set by a seller and agreed upon by a buyer for payments and delivery of goods. The…

Direction: Complete the Table. Compute what is asked for. Give the exact amount. Use PESO SIGN. NO DECIMAL PLACES. ROUND-OFF Nearest peso. If your answer is NONE OR ZERO, PUT a 0 on the space. Name of Buyer Cost of Merchandise Trade Discount Cash Discount Date of Purchase Date Paid Returns made after 5 days purchase FOB Freight Charges Freight charges paid by Name of Buyer Trade discount, if any Invoice Price (before any reams) Purchase discount to be recorded upon payment Amount of Cash (payment) to be credited Company Aster 320,000 12% 15-March-10 21-March-10 1/10, n/com 2/com.n/45 21,000 Shipping point 4,100 Buyer Company Aster A B C Company Bougainvillea 65,000 D 5%,3%,2% 15-Mar-10 25-Mar-10 3,100.00 Shipping point 1,200.00 Buyer Company Bougainvillea E F G H Company Calabachi 105,000 1/15,2/10, n/eom 15-Mar-10 27-Mar-10 Destination 2,500.00 Seller Company Calabachi I J K L Company Daisy 25,300 P500 discount for every P5,000 purchased 15-Mar-10 16-Mar-10 Destination 1,100 Seller Company Daisy M N O P Company Evergreen 213,000 5/25/com, n/60 25-Mar-10 25-Mar-10 5,200.00 Shipping point 3,000 Seller Company Evergreen Q R S T

Direction: Complete the Table. Compute what is asked for. Give the exact amount. Use PESO SIGN. NO DECIMAL PLACES. ROUND-OFF Nearest peso. If your answer is NONE OR ZERO, PUT a 0 on the space. Name of Buyer Cost of Merchandise Trade Discount Cash Discount Date of Purchase Date Paid Returns made after 5 days purchase FOB Freight Charges Freight charges paid by Name of Buyer Trade discount, if any Invoice Price (before any reams) Purchase discount to be recorded upon payment Amount of Cash (payment) to be credited Company Aster 320,000 12% 15-March-10 21-March-10 1/10, n/com 2/com.n/45 21,000 Shipping point 4,100 Buyer Company Aster A B C Company Bougainvillea 65,000 D 5%,3%,2% 15-Mar-10 25-Mar-10 3,100.00 Shipping point 1,200.00 Buyer Company Bougainvillea E F G H Company Calabachi 105,000 1/15,2/10, n/eom 15-Mar-10 27-Mar-10 Destination 2,500.00 Seller Company Calabachi I J K L Company Daisy 25,300 P500 discount for every P5,000 purchased 15-Mar-10 16-Mar-10 Destination 1,100 Seller Company Daisy M N O P Company Evergreen 213,000 5/25/com, n/60 25-Mar-10 25-Mar-10 5,200.00 Shipping point 3,000 Seller Company Evergreen Q R S T

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.
ONLY TYPED SOLUTION
A retailer purchases merchandise with a catalog list price of $28,100. The retailer receives a 16% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period? O a. $23,132 O b. $24,166 O c. $23,604 O d. $28,100
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) Freight charge Date of Cash Date of invoice Terms of invoice Net amount payment discount paid 850 None 8/5 3/10, 2/15, n/30 8/18 ..... %24
Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) $ 625 Freight charge None Date of invoice 8/10 Terms of invoice 5/10, 4/15, n/30 Date of payment 8/22 Cash discount Net amount paid
Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point. The cost of the merchandise is $2,850. The seller prepays the freight of $75. b. Buyer issues a $700 debit memo for defective merchandise that is not returned. c. Buyer pays within the discount period. Question Content Area Journalize the entries for the seller using a perpetual inventory system. If an amount box does not require an entry, leave Please dont give image based answers Thank you
9) Complete the table. Terms Last Date Last Date Date Paid Net Price to Pay Invoice Invoice Date Cash Discount Cash Price to Take Discount 3-Sept. 5/15, n/30 23-Sept. $348.64
Please do not give solution in image format thanku
Match the terms , write the entire definitions in the spreadsheet.
How would I journalize the transactions?
Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: Purchases $100 Purchase discounts $2 Beginning Inventory $10 Purchase returns $3 Sales Discounts $8 Accounts Receivable $25 Purchase Freight (on purchases, buyer responsible) $15 Delivery Expense (on sales to customers, seller responsible) $10 Sales $200 Accounts Payable $35 GAFS is $ Now..Assume ending inventory is $50. Use all the information provided to determine Cost of goods sold (COGS) COGS is $
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $9,450 with terms 2/10, n/30. The cost of the merchandise sold was $5,670. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable v 9,450 X Sales v 9,450 Cost Cost of Merchandise Sold V 5,670 Merchandise Inventory 5,670 Feedback b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash v 9,450 X Accounts Receivable v 9,450 X Feedback c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable v 1,100 Accounts Receivable v 1,100