FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system)
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Accounts Payable........................ 25,000 Purchase Discounts.............................750 Merchandise Inventory........................24,250 |
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Accounts Payable............................25,000 Merchandise Inventory......................... 750 Cash....................................................24,250 |
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Accounts Payable................................. 25,000 Merchandise Inventory.............................. 750Cash.................................... 5,750 |
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Accounts Payable............................... 25,000 Merchandise Inventory............................25,000 |
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- 16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Methodarrow_forwardOn June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?arrow_forwardOn January 10, 2022, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30, On February 9, Robertsen Co. gave Cullumber Co.a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation) Date Jan 10 4 Feb. 9 # Debit Credit 1000arrow_forward
- am. 103.arrow_forwardA company purchased $8, 200 of merchandise on June 15th with terms of 3/10, n/45. on June 20, it returned $410 of that merchandise. on June 24th it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid ok june 24th is a) 8, 200 b) 7, 790 c) 7,556 d) 7,597 e) 7, 954arrow_forward
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