Scout Systems purchases merchandise for $4,600 on credit with terms of 1/10, n/30.   5 Scout Systems pays for the previous purchase.   7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1.   10 Scout Systems pays $420 to transport merchandise to its store.   13 Scout Systems sells merchandise for $6,700 on account. The cost of the merchandise was $4,400.   16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,220 and cost $800. The item will be returned to inventory.

May 11 Sydney accepts delivery of $27,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,425. Sydney pays $470 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,100 of the $27,500 of goods to Troy, who receives them the same day and restores them to its inventory.. The returned goods had cost Troy $737. May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list View journal…

10 Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches.for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash. Solution Debit Credit Date Accounts and Explanation

May   11   Sydney accepts delivery of $34,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $22,780. Sydney pays $350 cash to Express Shipping for delivery charges on the merchandise.     12   Sydney returns $1,400 of the $34,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938.     20   Sydney pays Troy for the amount owed. Troy receives the cash immediately. Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

A buyer receives merchandise on September 7th that is invoiced for $3,250. The date on the invoice is August 2nd and the terms are 3/15 ROG. How much is due if the buyer pays the bill on September 24th? Answer: A buyer receives the bill for $2,500 of merchandise from a vendor. The date on the invoice is January 15th and the terms are net. How much is due to the vendor and what is the due date? Select one: O a. $2,450 on January 30th b. $2,500 on January 30th c. $2,450 on February 14th d. $2,500 on February 14th Merchandise received on March 2nd with a total quoted cost of $4,000 and transportation costs of $200 was billed on an invoice dated February 6th. The terms on the invoice were 2/10 ROG, FOB Destination, Charges Reversed. How much was due to the vendor if the buyer paid on February 26th? Answer: A buyer receives merchandise on April 2nd that is invoiced for $8,200. The date on the invoice is April 27th and the terms are 2/10 EOM. What is due if the buyer pays by May 15th? Select…

Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,800 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $140 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $3,024 with terms n/30. The cost of the merchandise is $1,512. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.

Required: Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. The company uses the perpetual inventory system. DATE TRANSACTIONS 20X1 April 2 Sold merchandise for cash, $2,500 plus sales tax. The cost of merchandise sold was $1,500. 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $150. 4 Sold merchandise on credit to Jordan Clark; issued Sales Sslip 908 for $1,050 plus tax, terms n/30. The cost of the merchandise sold was $630. 6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $90. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. View transaction list

an invoice dated oct 15 shows list price of $82 for the merchandise plus $30 shipping and handling. the terms are : trade discount of 20/10 and cash discount 2/10,1/20,n/30. invoice is paid Oct 24   calculate the amount needed to pay the invoice in full

Record the transactions on the books of marigold corporation.

Nov.   1   Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.     5   Dollar Store pays cash for the November 1 purchase.     7   Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.     10   Dollar Store pays $65 cash for transportation costs for the November 1 purchase.     13   Dollar Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise is $702.     16   Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $285 and cost $143; the items were not damaged and were returned to inventory.