Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The Wheatland Company returned $8,000 of the merchandise and received full credit. a.  What is the amount of cash required for the payment within the discount period? $fill in the blank 1 b.  Under a perpetual inventory system, what account is credited by The Wheatland Company to record the return?

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?

Travis Company purchased merchandise on account from a supplier for $12,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank.

Assume the perpetual inventory method is used. • The company purchased $13,700 of merchandise on account under terms 3/10, n/30. • The company returned $3,200 of merchandise to the supplier before payment was made. • The liability was paid within the discount period. . All of the merchandise purchased was sold for $21,400 cash. What effect will the return of merchandise to the supplier have on the accounting equation? Multiple Choice O Assets and liabilities are decreased by $3,104. Assets and liabilities are decreased by $3,200. None. It is an asset exchange transaction. Assets and stockholders' equity are decreased by $3,200. Help

Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $66,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it bla b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Gr APR étv

Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $29,900. The merchandise had cost Mesa $20,392. 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 buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction list Journal entry worksheet 1 2 3 Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with…

Journalze for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Purchased 55,100 of merchandise from Schell account, terms 1/10, n/30 paid the amount owed on the invoice discovered that merchandise with an invoice amount of 7,200 purchased in (a) was defective and returned items, receiving credit. Purchased $6200 of merchandise from Schell Co. on account, terms n/30. Received a refund from Schell Co. for return in (C) less the purchase in (D)

Determine the amount to be paid in full settlement of each purchase invoice, assuming that credit for returns and allowances was received prior and that all invoices were paid within the discount period, a. b. Merchandise $3,400 $13,300 3103 Freight Paid by Seller $287 $72 Freight Terms FOB shipping point, 1/10, net 30 FOB destination, 2/10, net 45 Returns and Allowances $300 $2,900 payment

Sales-Related Transactions After the amount due on a sale of $172,675, terms 2/10, n/30, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $103,605. If required, round your answers to nearest whole value. a. What is the amount of the refund owed to the customer? b. Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the correspondir number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts. Balance Sheet Stockholders' Assets Liabilities Equity Cash v + Inventory v Est. Returns Inventory = Customer Refunds Payable v + No effect v Statement of Cash Flows Income Statement Operating v No effect v

Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a.  If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b.  Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?