On July 9, Coronado Company sells goods on credit to Wildhorse Company for $4600, terms 2/10, n/60. Coronado receives paymenton July 18. The entry by Coronado on July 18 is:CashSales DiscountsAccounts ReceivableCashSales DiscountsAccounts ReceivableCashSales DiscountsAccounts ReceivableCashAccounts Receivable45089246004692924600460092450846004600

Step 1:As the goods are sold on credit basis with the terms of 2% discount if payment is made within…

Answered: On July 9, Coronado Company sells goods…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
On June 7, Pixer Co. sells $1,500 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. Prepare the entry on Pixer’s books to record the sale. Prepare the entry on Pixer’s books to record the receipt of payment. a. General Journal Date Description Debit Credit June 7 AnswerAccounts ReceivableCashSales Answer Answer AnswerAccounts ReceivableCashSales Answer Answer To record sales of merchandise. b. General Journal Date Description Debit Credit June 21 AnswerAccounts ReceivableCashSales Answer Answer AnswerAccounts ReceivableCashSales Answer Answer To record receipt of cash from customer.
Consider the following transactions for Z-Container Co.: April 4 Z-Container Co. buys $30,400 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. April 10 Z-Container Co. returns $4,800 of the merchandise to Can Makers Corp. What is the net amount of Accounts Receivable due if Z-Container Co. makes payment withing the discount period? $30,400 $25,088 $25,600 $29,792 Consider the following transactions for Grote's Shipping Materials: April 6 Grote's Shipping Materials buys $149,600 worth of merchandise inventory on account with credit terms of 3/10, n/30. Assuming Grote's Shipping Materials uses the periodic inventory system, which is the correct journal entry for this transaction? Accounts Payable $149,600 Debit Purchases $149,600 Credit Inventory $149,600 Debit Accounts Payable $149,600 Credit Purchases $149,600 Debit Accounts Payable $149,600 Credit Accounts Payable $149,600 Debit Inventory…
On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms 1/10, n/30. On December 1, Suzan Corp. writes-off as uncollectable the balance due from Sam Inc. Direct write-off method to account for uncollectible accounts is used. The journal entry to record December 1 transaction will include: Credit Accounts Receivable $45,000. Credit Sales Revenue $45,000. Debit Sales Discount $450. Credit Bad Debt Expense $45,000 None of the above
On February 1, 2021, Marigold Company sells merchandise on account to Ivanhoe Company for $6470. The entry to record this transaction by Marigold Company is Notes Receivable 6470 Accounts Receivable 6470 Sales Revenue Accounts Payable 6470 6470 Accounts Receivable 6470 Sales Revenue 6470 Cash 6470 Sales Revenue 6470
Merchandise subject to the credit terms 2/10, n/30, FOB shipping point, is sold to a customer on account for $20,125. The seller issued a credit memorandum for $4,600 prior to payment. What is the amount of the cash discount allowable if the payment is made within 10 days of the invoice date?
The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255
A merchandiser receives payment in full after the expiration of the discount period on a P3,000 sales invoice, terms 3/15, n/30. The journal entry would include a: debit to cash for P2,910 credit to accounts receivable for P2,910 debit to accounts receivable for P3,000 debit to cash for P3,000
On July 9, Bonita Company sells goods on credit to Sandhill Company for $4500, terms 2/10, n/60. Bonita receives payment on July 18. The entry by Bonita on July 18 is: A) Cash 4590 Sales Discounts 90 Accounts Receivable 4500 B) Cash 4500 Sales Discounts 90 Accounts Receivable 4410 C) Cash 4500 Accounts Receivable 4500 D) Cash 4410 Sales Discounts 90 Accounts Receivable 4500
Kaden Co. sells merchandise on credit to Jase Co. for $9,600. The invoice is dated July 15 with terms of 1/15, net 45. If Jase Co. chooses not to take the discount, by when should the payment be made? Oa. July 25 Ob. August 15 Oc. July 30 Od. August 29
On November 10 of the current year, Flores Mills sold carpet to a customer for $7,600 with credit terms 3/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Multiple Choice Cash Accounts receivable 7,600 7, 600 Cash 7,828 7,600 Accounts receivable entnr discOunte forfnitod E Prev 8 of 15 Next
Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on April 15 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?Required to answer. Single choice.

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