if a company billed its branch at 25% markup and sent goods at billed price 187500, the company recordedOA. credit inventory for 187500OB. credit invetory 234375O c. credit overvaluation 27500OD. debit inventory 150,000

The objective of the question is to determine the correct accounting entry that the company would…

Answered: if a company billed its branch at 25%…

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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A sales invoice included the following information: merchandise price, $9,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $800 added to the invoice. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? Oa. $9,413 Ob. $11,393 Oc. $990 Od. $10,403
36.Willy Company sold on credit merchandise having a list price of P200,000 with the following terms: trade discount of 10% and 5%; cash discount of 3% if the account is paid within 10 days from the invoice date; full amount is due in 30 days. If Willy Company uses the gross price method, what are the accounts and amounts debited upon collection within the discount period? a. Cash, 194,000; Sales Discounts, 6,000 b. Cash 165,870 c. Cash, 165,870; Sales Discounts, 5,130 d. Cash, 171,000; Sales Discounts Forfeited, 5,130
please prepare multi-step income statement. thank youu
Which of the following entries would be made to record the purchase of inventory on account for $12,000, if a company uses the perpetual inventory system? O A. Merchandise Inventory 12,000 Accounts Payable 12,000 B. Accounts Payable 12,000 Merchandise Inventory 12,000 C. Cash 12,000 Merchandise Inventory 12,000 D. Merchandise Inventory 12,000 Cash 12,000
On April 12, HK Company purchases inventory of 60.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made? O a. 60.000 TL debit to 153-lnventory; 6.000 TL debit to 191-D. VAT and 66.000 TL credit to 320- A/P O b. 66.000 TL debit to 153-Inventory and 60.000 TL credit to 320-A/P; 6.000 TL credit to 391- R.VAT O c. 54.545,45 TL debit to 153-Inventory; 5.454,55 TL debit to 191-D. VAT and 60.000 TL credit to 320-A/P d. 66.000 TL debit to 153-Inventory and credit to 320-A/P
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $14,850 with terms 2/10, n/30. The cost of the merchandise sold was $8,910. Sale Cost b. Received payment less the discount. C. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420. Refund Inventory
Bramble Corp. made a $26200 sale on account with the following terms: 3/10, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? O Debit Accounts Receivable for $26200. O Debit Accounts Receivable for $25414 and Sales Discounts for $786. O Debit Accounts Receivable for $25414. O Debit Accounts Receivable for $26200 and Sales Discounts for $786. Save for Later Attempts: 0 of 1 used Submit Answer
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $11,300. Pierce prepaid the $272 shipping charge. Which of the following entries does Pierce make for this sale? Oa. Accounts Receivable-Stanton, debit $11,300; Sales, credit $11,300 Ob. Accounts Receivable-Stanton, debit $11,572; Sales, credit $11,572 Oc. Accounts Receivable-Stanton, debit $11,300; Sales, credit $11,300, and Delivery Expense, debit $272; Cash, credit $272 Od. Accounts Receivable-Stanton, debit $11,074; Sales, credit $11,074, and Accounts Receivable-Stanton, debit $272; Cash, credit $272
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $66,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it bla b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Gr APR étv
Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for $35,000. What is the amount of the cash discount allowed in case the customer pays within the discount period? Select one: a. $1,400 b. $9,800 c. $1,500 d. $5,250
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The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000

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if a company billed its branch at 25% markup and sent goods at billed price 187500, the company recorded OA. credit inventory for 187500 OB. credit invetory 234375 O c. credit overvaluation 27500 OD. debit inventory 150,000