FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300.
- Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes.
- Black paid the account in full.
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- The following transactions were selected from the records of Evergreen Company:July 12 Sold merchandise to Wally Butler, who paid the $1,000 purchase with cash. Thegoods cost Evergreen Company $600.15 Sold merchandise to Claudio’s Chair Company at a selling price of $5,000 onterms 3/10, n/30. The goods cost Evergreen Company $3,500.20 Sold merchandise to Otto’s Ottomans at a selling price of $3,000 on terms 3/10,n/30. The goods cost Evergreen Company $1,900.23 Collected payment from Claudio’s Chair Company from the July 15 sale.Aug. 25 Collected payment from Otto’s Ottomans from the July 20 sale.Required:Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the twomonths ended August 31.arrow_forwardOn March 2, Blossom Company sold $960,000 of merchandise on account to Pina Company, terms 3/10, n/30. The cost of the merchandise sold was $562,000. On March 6, Pina Company returned $96,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000. On March 12, Blossom Company received the balance due from Pina Company. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts) Account Titles and Explanation Debit Creditarrow_forwardDuring the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: January 6 Sold goods for $260 to Wizard Incorporated with terms 2/30, n/60. The goods cost Solitare $78. January 6 Sold goods to Spyder Corporation for $104 with terms 2/10, n/30. The goods cost Solitare $68. January 14 Collected cash for the amount due from Wizard Incorporated. February 28 Collected cash for the amount due from Spyder Corporation. Required: Compute the Net Sales Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales 132 H 11 **** 1 +arrow_forward
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