Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?
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Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…
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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
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A: Sale value=Merchandise value×100-2%=$600×98%=$588
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A: Here, sales value = $300 Discount rate = 1%
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Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions?
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.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?Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions
- Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $2,100. Determine the following: (a) amount of the sale, (b) amount debited to Accounts Receivable, and (c) amount received within the discount period.Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $55 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable-Stanton, debit $55; Sales, credit $55 b.Accounts Receivable-Stanton, debit $297; Sales, credit $297, and Accounts Receivable-Stanton, debit $55; Cash, credit $55 c.Accounts Receivable-Stanton, debit $355; Sales, credit $355 d.Accounts Receivable-Stanton, debit $55; Sales, credit $55, and Transportation Out, debit $300; Cash, credit $300Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285
- Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the merchandise sold is P15,500. Corinto Co. issued a credit memo for P1,750 for merchandise returned that originally cost P1,400. The Genesis Co. paid the invoice within the discount period. What is amount of net sales from the above transactions?Merchandise is sold on account to a customer for $17,800, terms FOB shipping point, 1/10, n /30. The seller paid the freight of $530. a. Determine the amount of the sale. $fill in the blank 1 b. Determine the amount debited to Accounts Receivable. $fill in the blank 2 c. Determine the amount of the discount for early payment. $fill in the blank 3 d. Determine the amount due within the discount period. $fill in the blank 4Merchandise is sold on account to a customer for $13,600, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $510. a. Determine the amount of the sale.$fill in the blank 1 b. Determine the increase to Accounts Receivable.$fill in the blank 2 c. Determine the amount of the discount for early payment.$fill in the blank 3 d. Determine the amount due within the discount period.$fill in the blank 4
- Sales-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 $Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $19,600; Sales, credit $19,600, andAccounts Receivable—Stanton, debit $500; Cash, credit $500 b.Accounts Receivable—Stanton, debit $20,000; Sales, credit $20,000 c.Accounts Receivable—Stanton, debit $20,000; Sales, credit $20,000, andDelivery Expense, debit $500; Cash, credit $500 d.Accounts Receivable—Stanton, debit $20,100; Sales, credit $20,100Abbey Co. sold merchandise to Gomez Co. on account, $35,100, terms 2/15, net 45. The cost of the merchandise sold was $13,900. Abbey Co. issued a credit memo for $3,900 for merchandise returned that originally cost $1,200. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?
