What is the entry to record the transaction on Kiner's books?

A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom; FOB shipping point with prepaid freight of $496 added to the invoice. Assuming that a credit for merchandise returned of $1,800 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?

Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. Nov. 3 The company purchased $3,500 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $924 to J. Than for $1,015 on credit, subject to a $20 sales discount if paid by the end of the month. 9 The company 13 J. Ali, the 18 The company sold merchandise costing $147 to B. Cox for $262 cash. 22 The company paid Hart Co. $3,500 cash for the merchandise purchased on November 3. 27 The company received $995 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,750 in cash. Date borrowed $3,450 cash by signing a note payable to the bank. owner, contributed $4,750 cash to the company. Account Credited Cash Dr. CASH RECEIPTS JOURNAL Accounts Receivable. Sales Cr. Cr. Sales Discount Dr. Other Accounts Cr. Cost of…

Shore Co. sold merchandise to Blue Star Co. on account, $30,500, terms FOB shipping point, 2/15, n/30. The cost of the goods sold is $18,450. Shore paid freight of $700. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for the exact wording of account titles.   Chart of Accounts-Shore Co.     CHART OF ACCOUNTS Shore Co. General Ledger   ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312…

Presented below are transactions related to Bramble, Inc. May 10 (a) 11 19 24 Purchased goods billed at $15,200 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $11,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $12,300 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

Bramble Corp. made a $26200 sale on account with the following terms: 3/10, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? O Debit Accounts Receivable for $26200. O Debit Accounts Receivable for $25414 and Sales Discounts for $786. O Debit Accounts Receivable for $25414. O Debit Accounts Receivable for $26200 and Sales Discounts for $786. Save for Later Attempts: 0 of 1 used Submit Answer

Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also collected sales taxes of $250. The journal entry to record this information includes aa. credit to Sales Tax Expense $250.b. credit to Sales Revenue $5,250.c. debit to Sales Tax Payable $250.d. debit to Cash of $5,250.

Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $8,400 (that had cost $5,443) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list Journal entry worksheet 1 2 3 4 Sold merchandise for $8,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. Note: Enter debits before credits. General Journal Debit Credit Date April 12 Cash Credit card expense Sales

Complete the necessary journal entries for the company below. a. ABC Co purchased $1,000 of inventory on account. Credit Terms 2/10, n/30. X/X b. ABC Co paid for shipping of $50 for the purchase. (FOB Shipping Point) X/X c. ABC Co. returned $400 of the purchased. X/X d. ABC Co. paid the bill within the discount period. X/X

The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000