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Merchandise topic to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $14,900. What is the amount of sales discount allowable?
Cumberland Co. Selling $2,000 that inventory to Hancock Co. Because that cash. Cumberland payment $1,250 for the merchandise. Under a perpetual list system, which of the complying with journal entry(ies) would be recorded?
debit Cash, $2,000; credit transaction Sales, $2,000; and debit price of goods Sold, $1,250; credit Inventory, $1,250
When compare a retail company to a business business, the financial statement that changes the many is the
Using a perpetual list system, the entry to record the return indigenous a customer of merchandise sold on account has a
Which the the complying with accounts will certainly not be discovered in the price of products Sold ar of the income statement for a company using the periodic inventory method?
A agency using the routine inventory system has actually inventory costing $210 on hand in ~ the beginning of a period. Throughout the period, goods costing $635 is purchased. At year-end, perform costing $160 is ~ above hand. The price of items sold for the year is
685 price of goods sold = start inventory + list purchased - ending inventory = $210 + $635 - $160 = $685
A sales invoice included the adhering to information: goods price, $5,300; terms 1/10, n/eom; FOB shipping suggest with prepaid freight the $589 included to the invoice. Assuming the a credit transaction for merchandise reverted of $1,100 is granted before payment and that the invoice is paid within the discount period, what is the lot of cash that have to be obtained by the seller?
Cash obtained = Sales - Sales discount + Prepaid freight - cost of merchandise returned = $5,300 - (1% × $5,300) + $589 - <$1,100 - (1% × $1,100)> = $5,300 - $53 + $589 - ($1,100 - $11) = $5,836 - $1,089 = $4,747
CalculatorUsing a perpetual list system, the entry to document the return of merchandise purchased on account includes a
The arrangements in between buyer and also seller as to when payments for merchandise space to it is in made space called
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