On June 10, Pharoah Company purchased $8,500 of merchandise on account from Flounder Company, FOB shipping point, terms 2/10, n/30. Pharoah pays the freight costs of $520 on June 11. Damaged goods totaling $500 are returned to Flounder for credit on June 12. The fair value of these goods is $70. On June 19, Pharoah pays Flounder Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is partially correct. Prepare separate entries for each transaction on the books of Pharoah Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10 v Inventory 8,500 Accounts Payable 8,500 June 11 v Inventory 520 Cash 520 June 12 v Accounts Payable 500 Inventory 500 June 19 v Accounts Payable Inventory Cash MacBook Pro

On June 10, Blue Spruce Company purchased $8,400 of merchandise on account from Ayayai Company, FOB shipping point, terms 3/10, n/30. Blue Spruce pays the freight costs of $460 on June 11. Goods totaling $700 are returned to Ayayai for credit on June 12. On June 19, Blue Spruce pays Ayayai Company in full, less the discount. Both companies use a perpetual inventory system.

On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 67 televisions at a cost of $150 each. Century received a 15/7/4 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $127 freight. Terms were 2/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $195 partial payment. Century will pay the balance on May 6. What is Century’s final payment on May 6? Assume no taxes. (Do not round intermediate calculations. Round your answer to the nearest cent.)

The following transactions are for Wildhorse Company. 1.   On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2.   On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3.   On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

The original price of a Honda Shadow to the dealer was $17,045, but the dealer will pay only $16,335 after rebate. If the dealer pays Honda within 15 days, there is a 1% cash discount. a. How much is the rebate? Answer is complete and correct. Amount of rebate $ 710 b. What percent is the rebate? Note: Round your answer to the nearest hundredth percent. X Answer is complete but not entirely correct. Percentage of rebate 4.00 × %

Information related to Splish Brothers Inc. is presented below. rch On April 5, purchased merchandise on account from Sheffield Company for $26,400, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $930 on merchandise purchased from Sheffield. On April 7, purchased equipment on account for $41,900. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sheffield Company in full. 1. 2. 3. 4. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system. (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 O for the amounts.) No. 1. 2. Date Account Titles and Explanation norcal_archives_20....zip O i Ei W QCA 5.docx C ((( W response essay.docx Debit < 76°F_^ Credit

On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms 2/10, n30. The cost of the items sold is $4,500. Klein uses PERPETUAL inventory system and the GROSS METHOD of accounting for sales. Babson pays the invoice on March 17th and takes the appropriate discount. What is the journal entry Klein makes on March 17th?