Exercise 7.6 bjective 7-7 ► Computing a trade discount. Vicente Wholesalers made sales using the following list prices and trade discounts. What amount will be recorded for each sale in the sales journal? 1. List price of $800 and trade discount of 20 percent
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- 1. Chapter 7 Homew Compute the amount of the trade discount and the net price using the discount method. Trade Discount 15% List Price $845 Discount Amount a. Discount Amount: $126.75; Net Price: $718.25 b. Discount Amount: $128.10: Net Price: $716.90 c. Discount Amount: $215.30; Net Price: $629.70 d. Discount Amount: $126.57; Net Price: $718.43 Net PriceExercise 1. Ping Co. bought merchandise from Pong Co. Given the following information, determine the amount of purchases to be recorded and the amount of payment. Terms: 5/10, n/30. Show your solutions. Purchases Payment Invoice Date Mar 16 List Price 120,000 90,000 Trade Discount 5%,5% 10%,5% Date Paid Mar 25 Mar 19 Mar 29 Mar 22 180,000 5%, 10%, 15% Apr 03Match the last day the discount may be taken to each letter Last Date Date Merchandise was Invoice Date Terms for Cash Received Discount a. September 28 October 4 8/10 EOM b. July 28 August 2 8/10 ROG C. January 22 January 27 2/10 EOM d. March 21 March 27 2/10 ROG е. May 30 June 6 1/15, n/30 f. September 14 September 17 3/10,n/30 [Choose] ( Choose ) I Choose) [ Choose] [Choose ) [ Choose]
- What is the amount of the trade discount on goods ordered with a list price of $3,450 and a trade discount rate of 3 3 4 % to the nearest cent? A. $86.25 B. $129.38 C. $862.50 D.$1,293.75Assuming that you are a retail merchandiser. You bought goods from wholesale merchandise under the credit terms of 2/10 n/30. What do you mean by n/30 under the credit term? a. maximum discount 10% b. maximum Credit days 30 c. maximum Credit days 10 d. maximum discount 30%1. Find the trade discount and net price. Item List Price Trade-Discount Trade Discount Net Price Rate Pool Filter $395.65 10%
- # 7 Date of invoice: March 14 Credit terms: 2/20, 1/45, n/60 Determine the last date on which the larger discount may be taken? Determine the last date on which the smaller discount may be taken? An invoice dated October 15 shows list price of $820.00 for merchandise Plus $30.00 shipping and handling. The terms are: Trade discount of 20/10 and cash discount of 2/10, 1/20, n/30. Invoice is paid on October 24. # 8 Calculate the amount needed to pay the invoice in full :23-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 net cost of the goods sold assuming that if the retailer made the payment within the discount period? a. RO 16,000 b. RO 480 c. RO 14,400 d. RO 15,520Question Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394
- Chapter 11 Homework еBook Show Me How Print Item Trade Discount and Cash Discounts Instructions Chart of Accounts Calculations General Journal Instructions Merchandise was purchased on account from Grant's Distributors on June 12. The purchase price was $4,000, less a 10% trade discount and credit terms of 2/10, n/30. Required: 1. Calculate the net amount to record the invoice, less the 10% trade discount. 2. Calculate the amount to be paid on this invoice within the discount period. 3. Journalize the purchase of the merchandise on June 12 and the payment on June 22 (within the discount period) in a general journal. %3D21-The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Credit period c. Discount period d. Trade discount23 please quickly thanks! calculations See the transactions in the picture presented. a. Record the journal entries of the transactions on Nov 6th. (Assuming the purchase is on credit) b. How much is the merchandise sold using perpetual LIFO method? (Show the calculations) C. How much is the gross profit in November? Nov 1 Inventory 140units at $25 Nov 6 Credit Sales 60 units at $30 (Selling price) Nov 14 Purchase 100 units at $22 Nov 19 Credit Sales 80 units at $30 (Selling price) Nov 25 Credit Sales 60 units at $30 (Selling price) Nov 30 Purchase 70 units at $20