Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $17,000. What is the amount of sales discount allowable? $165 $103 $173 $340

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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

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21-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 discount

Merchandise is purchased for $3,300 on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by the seller totaled $193. What is the cost of the merchandise if paid on September 12, assuming the discount is taken? Oa. $3,493 Ob. $3,559 Oc. $3,234 Od. $3,168

Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,390. The retailer receives a 45% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a. $8,295 b. $15,390 c. $22,146 d. $8,465

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Sales-Related Transactions After the amount due on a sale of $172,675, terms 2/10, n/30, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $103,605. If required, round your answers to nearest whole value. a. What is the amount of the refund owed to the customer? b. Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the correspondir number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts. Balance Sheet Stockholders' Assets Liabilities Equity Cash v + Inventory v Est. Returns Inventory = Customer Refunds Payable v + No effect v Statement of Cash Flows Income Statement Operating v No effect v

Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785   b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500   c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285   d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285