FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
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Chapter 4, Problem 4QS
Computing net invoice amounts P1
Compute the amount to be paid for each of the four separate invoices assuming that all invoces are paid within the discount period.
| Merchandise (gross) | Terms | Merchandise (gross) | Terms |
| a. $5,000 | 2/10, n/60 | c. $75,000 | 1/10, n/30 |
| b.$20,000 | 1/15, EOM | d. $10,000 | 3/15, n/45 |
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Students have asked these similar questions
10.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a
a. debit to Sales Discounts for P36.
b. debit to Sales Revenue for P1,764.
c. credit to Accounts Receivable for P1,800
d. credit to Sales Revenue for P1,800
QS 5-4 (Algo) Computing net invoice amounts LO P1
Compute the amount to be paid for each of the four separate invoices assuming
that all invoices are paid within the discount period.
a.
b.
Merchandise
(gross)
$
$
GA
GA
C.
$
d. $
7,600
23,900
80,200
16,500
Terms
2/10, N/60
1/15, n/90
1/10, n/30
3/15, n/45
Payment
Instructions
Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal
explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered.
1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was
Mar.
$56,900.
Received payment les the discount.
13
Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
Chapter 4 Solutions
FINANCIAL+MANAG.ACCT.
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Merchandise accounts and computations C2 Use the...Ch. 4 - Computing net invoice amounts P1 Compute the...Ch. 4 - Recording purchases, returns, and discounts taken...Ch. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 24QSCh. 4 - Prob. 25QSCh. 4 - Prob. 26QSCh. 4 - Prob. 27QSCh. 4 - Prob. 28QSCh. 4 - Prob. 29QSCh. 4 - Prob. 30QSCh. 4 - Prob. 31QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Exercise 4-3 Recording purchase, purchase returns...Ch. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Exercise 4-4 Recording sales, sales returns and...Ch. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 24ECh. 4 - Prob. 25ECh. 4 - Prob. 26ECh. 4 - Prob. 27ECh. 4 - Prob. 28ECh. 4 - Prob. 29ECh. 4 - Prob. 1PSACh. 4 - Prob. 2PSACh. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 1PSBCh. 4 - Prob. 2PSBCh. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Prob. 4SPCh. 4 - Prob. 1GLPCh. 4 - The General Ledger tool in connect several of the...Ch. 4 - Prob. 3GLPCh. 4 - Prob. 1.1AACh. 4 - Prob. 1.2AACh. 4 - Prob. 1.3AACh. 4 - Prob. 1.4AACh. 4 - Prob. 2.1AACh. 4 - Prob. 2.2AACh. 4 - Prob. 2.3AACh. 4 - Prob. 3.1AACh. 4 - Prob. 3.2AACh. 4 - Prob. 3.3AACh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 1BTNCh. 4 - COMMUNICATING IN PRACTICE C2 P3 P5 BTN 4-4 You are...Ch. 4 - Prob. 4BTN
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What entry format is appropiate if sales returns and allowances occur on factored accounts? a. Sales returns and allowances xx Receivable from factor xx b. Reveivable from Factor xx Factoring expense xx c. Sales returns and allowances xx Factoring expense xx d. Reveivable from factor xx Accounts receivable xxarrow_forwardQS 4-4 (Algo) Computing net invoice amounts LO P1 Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. b. C. હો Merchandise (gross) $ $ $ $ 7,400 23,600 79,800 16,000 Terms 2/10, n/60 1/15, n/90 1/10, n/30 3/15, n/45 Payment Prey 1 of 8 MacBook Air Next >arrow_forwardQuestion Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900arrow_forward
- PARRISH Pg. 173 PURCHASE DISCOUNTS GROSS METHOD Would you please explain the following transactions that are listed in both Periodic and Perpetual Format. Explain why each account is used and why it is DR or CR...etc. Receipt of Invoice Periodic Dr. Purchases 1,000Cr. Accounts Payable 1,000PerpetualDr Inventory 1,000Cr Accounts Payable 1,000 Payment within the 10-day discount period PeriodicDr. Accounts Payable 1,000Cr. Cash 980Cr. Purchase Discounts 20PerpetualDr. Accounts Payable 1,000Cr. Cash 980Cr. Inventory 20 Payment after discount period Periodic Dr Acounts Payable 1,000 Cr. Cash 1,000 Perpetual Dr. Accounts Payable 1,000 Cr. Cash 1,000arrow_forwardQUESTION 15 A sales invoice included the following information: merchandise price, $12,000; terms 1/10, n/eom, FOB shipping point with prepaid freight of $900 added to the invoice. Assuming that a credit for merchandise returned of $500 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? O a. $11,385 O b. $11,500 O c. $10,480 O d. $12,285arrow_forwardAt what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $42,500 and the allowance for uncollectible accounts is estimated at 16% of gross receivables? Select one: a. $42,500 b. $35,700 c. $28,900 d. $6,800arrow_forward
- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.arrow_forwardAllowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.arrow_forward
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