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Merchandise subject to terms 2/10, n/30, FOB shipping point, is offered on account come a customer because that $14,900. What is the amount of sales discount allowable?
Cumberland Co. Sell $2,000 the inventory to Hancock Co. Because that cash. Cumberland paid $1,250 because that the merchandise. Under a perpetual perform system, which of the adhering to journal entry(ies) would certainly be recorded?
debit Cash, $2,000; credit transaction Sales, $2,000; and also debit expense of products Sold, $1,250; credit transaction Inventory, $1,250
When compare a retail company to a business business, the financial explain that changes the many is the
Using a perpetual list system, the entry to record the return native a client of merchandise sold on account has a
Which the the adhering to accounts will not be uncovered in the expense of products Sold ar of the earnings statement for a agency using the periodic inventory method?
A firm using the regular inventory system has actually inventory costing $210 ~ above hand in ~ the start of a period. Throughout the period, goods costing $635 is purchased. In ~ year-end, perform costing $160 is ~ above hand. The price of items sold for the year is
685 price of items sold = beginning inventory + inventory purchased - ending inventory = $210 + $635 - $160 = $685
A sales invoice had the complying with information: was price, $5,300; state 1/10, n/eom; FOB shipping point with prepaid freight that $589 added to the invoice. Assuming the a credit for merchandise went back of $1,100 is granted before payment and also that the invoice is paid within the discount period, what is the quantity of cash that must be got by the seller?
Cash got = Sales - Sales discount + Prepaid freight - price of merchandise went back = $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 inventory system, the entry to record the return of merchandise to buy on account includes a
The arrangements in between buyer and also seller regarding when payments for merchandise are to it is in made space called
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