Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. Required: What amount should be recorded for each sale? List price of $4,200 and trade discounts of 30 percent and 20 percent. List price of $4,900 and trade discounts of 30 percent and 20 percent. List price of $3,250 and trade discounts of 20 percent and 10 percent.
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Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts.
Required:
What amount should be recorded for each sale?
- List price of $4,200 and trade discounts of 30 percent and 20 percent.
- List price of $4,900 and trade discounts of 30 percent and 20 percent.
- List price of $3,250 and trade discounts of 20 percent and 10 percent.
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- Winter Company received quotations from two entities for an item of merchandise as follows: From Company A: List price P500,000, less 20-10-10, FOB shipping point, 2/10, n /30.From Company B: List price P500,000 less 35, FOB shipping point, 2/10, n /30. Required:For each quotation, compute the invoice amount and the amount to be paid by the buyer within the discount period.Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.)Suppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.) Quantity Unit Merchandise Unit List TradeDiscounts ExtendedTotal 150 ea. Blenders $49.95 20/15/15 $ 4330.67 400 ea. Toasters $37.88 20/10/10 $ 9818.50 18 doz. Coffee Mills $244.30 30/9/6 $ 12 doz. Juicers $480.00 25/10/5 $ Invoice subtotal $ Extra 5 1 2 % volume discount on total order − $ Invoice total $
- Winter Company received quotations from two entities for an item of merchandise as follows: From Company A: List price P500,000, leess 20-10-10, FOB shipping point, 2/10, n/30 From Company B: List price P500,000 less 35, FOB shipping pont, 2/10, n/30 Required: For each quotation, compute the invoice amount and the amount to be paid by the buyer within the discount period.Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?Merchandise with a list price of $3,900 and costing $2,000 is sold to a customer (MJ Co.) on account, subject to the following terms: 2/10, n/30. The seller (Stone Co.) prepays the transportation costs of $50, shipping terms are FOB Destination. The correct payment amount is received from the buyer within the discount period. Record the foregoing transactions of the SELLER (Stone Co.) in the sequence indicated below (omit the 4th journalizing step of providing an explanation): (a) Sold the merchandise, recognizing the sale and cost of merchandise sold. (b) Paid the $50 transportation charges. (c) Received payment from the customer. Record the foregoing transactions of the BUYER (MJ Co.) in the sequence indicated below (omit the 4th journalizing step of providing an explanation): (d) Bought the merchandise. (e) Sent payment to the vendor. JOURNAL Date Post.…
- Olympia Company sold merchandise on credit with a list price of $60,000. Terms were 2/10, n/30. Given the indicated sales discounts methods in the responses, which entry is correct? a. Gross Price Method Accounts Receivable 54,000 Sales 54,000 b. Net Price Method Accounts Receivable 30,000 Sales 30,000 c. Net Priced Method Accounts Receivable 58,800 Sales 58,800 d. Gross Price Method Accounts Receivable 58,800 Sales 58,800A sala set priced at P 2,250 was offered to a retailer with a discount of P 350.00. What was the rate of trade discount?A business supply store bought some merchandise with a list price of $13,600. The wholesaler extended a trade discount that made the net price $7,480. Find the trade discount rate (as a %).
- Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. View transaction list Journal entry worksheetSanta Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction list Journal entry worksheetA Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are 2/10, n/30. What is the net cost of the goods assuming that if the retailer made the payment within the discount period?