The vendor shipped and invoiced the following goods on June 7:   200 folding chairs at $50 list price.   Trade discounts were 40% and 5%; and a 2% quantity discount for an order of 200 or more folding chairs was provided by the vendor.  Invoice dating and cash discount terms were determined at 5/20, EOM.   What is the trade discount$ for the entire merchandise?  What is the quantity discount$ for the entire merchandise?  What amount must be remitted to the vendor if the invoice is paid on July 15?

A company purchases merchandise for $29,500. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise? Multiple Choice $29,500. O O $2,950. $28,910. $9,350. $20,650.

Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. View transaction list Journal entry worksheet

Merchandise with a sales price of $3,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a:  a.debit to Accounts Receivable for $3,000 b.debit to Cash for $3,000 c.debit to Customer Refunds Payable for $60 d.credit to Sales for $2,940

A sales invoice included the following information: merchandise price, $3,100; terms 1/10, n/eom; FOB shipping point with prepaid freight of $386 added to the invoice. Assuming that a credit for merchandise returned of $600 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? $3,451 $3,100 $600 $2,861

Dog Merchandise with a sales price of $5,200 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a a. debit to Sales Discounts for $104 b. debit to Cash for $5,200 c. credit to Sales for $5,096 d. debit to Accounts Receivable for $5,076

An invoice shows a net price of $176.72 after trade discounts of 30%, 10%, and 2% have been deducted.a. What was the list price of the goods? (Round your answer to the nearest cent.)Price  = $ 286.23b. What single rate of trade discount would be equivalent to the discount series? (Round your answer to two decimal places.)Single rate  = %

A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom; FOB shipping point with prepaid freight of $560 added to the invoice. Assuming that a credit for merchandise returned of $2,400 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? O $11,800 O $12,236 O S2400 O $9,866 Previous Next 6:28 PM 3/22/20 38) II

A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30.

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