Webb Inc. sells $25,000 of merchandise to Jones and Sons on account, the terms were 2/10, n30. The cost of the merchandise is $12,500 Write the entry Webb would make to record this transaction. Sales $24,99

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $22,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $15,075. Sydney pays $580 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,200 of the $22,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. 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 Sydney…

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A company purchased $11,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1,300, was added to the invoice amount. On June 20, it returned $2,080 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: Multiple Choice $9,224. $12,280. $12,900. $12,380. $10,534.