If Able Ltd, registered for GST, purchased inventory from a supplier for $9 000 (excluding GST), returned $1 500 worth of inventory (excluding GST) two days later and then paid the account within the discount period to take advantage of a 2% discount, what amount would Able Ltd record for discount received? please recalculate
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- Davis Inc. uses the gross method for recording purchase and sales discounts. They had the following transactions occur in October of 2022. Oct 1: Purchased inventory costing $5000, terms 2/10, n/30. Oct 8: Paid for the inventory purchased on Oct 1. Oct 18: Returned one-half of the inventory purchased on Oct 1 back to the supplier. The supplier will apply the return against future payables for Davis. Record the October transactions in the general journal assuming Davis Inc. uses the periodic and perpetual inventory.On October 5, your company buys and receives inventory costing $5,400, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase.Prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the net method.Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020, Sheridan received full payment for the June 1 sale. Prepare the required journal entries for Sheridan Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
- A firm uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020 it received full payment for the June 1 sale. Prepare the required journal entries (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.Hussain Company purchased inventory on account from a supplier for Rs. 65,000, terms 1/10, n/30. Hussain Company returned Rs. 7,500 of the inventory and received full credit. If Hussain Company uses periodic inventory method, and pays the invoice within the discount period, what will be its journal entries for the a). purchase, b). purchase returns, and c). payment?Travis Company purchased merchandise on account from a supplier for $12,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank.
- Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.Travis Company purchased merchandise on account from a supplier for $12,900, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions.Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?
- Select the best answer for the question. 7. Company A records purchases using the net price method. It an item is purchased from a supplier for $800 on terms of 3/10, n/30, the correct accounting entry would be O A. Purchases 776 Purchase Discounts 24 Accounts Payable OB. Purchases Accounts Payable O.C. Purchases D Accounts Payable OD. Accounts Payable 776 800 Purchases Purchase Discounts 800 >You are provided with the following information for DL Traders for the year ended 30 September 2021. DL Traders is not registered for VAT and uses a periodic inventory system. The inventory balance on 1 October 2020 was R28 000. Total cash inventory purchases for the year amounted to R54 000. The purchases column in the creditors journal had a total of R166 000 for the year. The creditors allowance journal reflected purchase returns of R12 000 for the year. Carriage on purchases amounted to R6 200 for the year. Custom duties and import tariffs of R2 000 and R5 700 respectively were incurred for the year. Carriage on sales amounted to R115 000 for the year. The inventory balance on 30 September 2021 was R14 500. Required: Calculate the cost of sales for DL Traders for the year ended 30 September 2021.Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $55,000 with terms 4/15, n/45. On June 12, 2020, Sheffield received full payment for the June 1 sale.Prepare the required journal entries for Sheffield Co.