Business, 06.11.2019 03:31, LanBon02

Concord industries purchased $9,100 of merchandise on february 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,900 (gross price before trade or cash discount) on february 4. the invoice was paid on february 13.assuming that cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.

Answers: 2

Show answers

Similar questions

Business, 09.07.2019 02:30, brethan

July 1 purchased merchandise from boden company for $6,700 under credit terms of 2/15, n/30, fob shipping point, invoice dated july 1. 2 sold merchandise to creek co. for $950 under credit terms of 2/10, n/60, fob shipping point, invoice dated july 2. the merchandise had cost $558. 3 paid $120 cash for freight charges on the purchase of july 1. 8 sold merchandise that had cost $2,000 for $2,400 cash. 9 purchased merchandise from leight co. for $2,900 under credit terms of 2/15, n/60, fob destination, invoice dated july 9. 11 received a $300.00 credit memorandum from leight co. for the return of part of the merchandise purchased on july 9. 12 received the balance due from creek co. for the invoice dated july 2, net of the discount 16 paid the balance due to boden company within the discount period 19 sold merchandise that cost $900.00 to art co. for $1,350.00 under credit terms of 2/15, n/60, fob shipping point, invoice dated july 19 21 issued a $225.00 credit memorandum to art co. for an allowance on goods sold on july 19 24 paid leight co. the balance due after deducting the discount. 30 received the balance due from art co. for the invoice dated july 19, net of discount 31 sold merchandise that cost $5,300.00 to creek co. for $6,900.00 under credit terms of 2/10, n/60, fob shipping point, invoice dated july 31. prepare journal entries to record the following merchandising transactions of blink company, which applies the perpetual inventory system. (round your answers to 2 decimal places.)

Answers: 3

continue

Business, 29.10.2019 00:31, dootdootkazoot

Purchased merchandise on account from moonlight co., list price $85,000, trade discount 25%, terms fob destination, 2/10, n/30. 4 sold merchandise for cash, $37,680. the cost of the goods sold was $22,600. 5 purchased merchandise on account from papoose creek co., $47,500, terms fob shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6 returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on november 3 from moonlight co. 8 sold merchandise on account to quinn co., $15,600 with terms n/15. the cost of the goods sold was $9,400.

Answers: 1

continue

Business, 30.10.2019 04:31, texaslady36

Bushard company (buyer) and schmidt, inc. (seller) engaged in the following transactions during february 2019: bushard companydate transactions2019 feb. 10 purchased merchandise for $7,000 from schmidt, inc., invoice 1980, terms 1/10, n/30.13 received credit memorandum 230 from schmidt, inc., for damaged merchandise totaling $400 that was returned; the goods were purchased on invoice 1980, dated february 10.19 paid amount due to schmidt, inc., for invoice 1980 of february 10, less the return of february 13 and less the cash discount, check 2010.schmidt, inc.date transactions2019 feb. 10 sold merchandise for $7,000 on account to bushard company, invoice 1980, terms 1/10, n/30. the cost of merchandise sold was $4,000.13 issued credit memorandum 230 to bushard company for damaged merchandise totaling $400 that was returned; the goods were purchased on invoice 1980, dated february 10. the cost of the returned goods was $320.19 received payment from bushard company for invoice 1980 of february 10, less the return of february 13 and less the cash discount, check 2010.both companies use the perpetual inventory system. journalize the transactions above in a general journal for both bushard company and schmidt, inc. (round final answers to the nearest whole dollar i must show three separate journal entry worksheets for each transaction with the bushard co. and five seprate journal entries for the schmidt co. that shows what occurred along with its corresponding debits and credits. my options to title the transaction include some of the following: accounts payable to buschard or schmidt, accounts receivable to buschard or schmidt, cash, cost of goods sold, freight in, interest expense or interest payable, merchandise inventory, purchases three journal entries for the bushard co. we have to show the following: purchased merchandise for $7,000 from schmidt, inc., invoice 1980, terms 1/10, n/30.received credit memorandum 230 from schmidt, inc., for damaged merchandise totaling $400 that was returned; the goods were purchased on invoice 1980, dated february 10.paid amount due to schmidt, inc., for invoice 1980 of february 10, less the return of february 13 and less the cash discount, check 2010. as for the five journal entries for the schmidt co. we have to show the following: sold merchandise for $7,000 on account to bushard company, invoice 1980, terms 1/10, n/30the cost of merchandise sold was $4,000.issued credit memorandum 230 to bushard company for damaged merchandise totaling $400 that was returned; the goods were purchased on invoice 1980, dated february 10.the cost of the returned goods was $320.received payment from bushard company for invoice 1980 of february 10, less the return of february 13 and less the cash discount, check 2010.)

Answers: 1

continue

Business, 27.11.2019 04:31, kaylastronaut

Bramble industries purchased $9,100 of merchandise on february 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,300 (gross price before trade or cash discount) on february 4. the invoice was paid on february 13. assuming that bramble uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. round answers to 0 decimal places, e.g. 6,578. credit account titles are automatically indented when amount is entered. do not indent manually.)dateaccount titles and explanationdebitcredit feb. 1feb. 4feb. 13 feb. 1feb. 4feb. 13 feb. 1feb. 4feb. 13show list of accountslink to textlink to video assuming that bramble uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. round answers to 0 decimal places, e.g. 6,578. credit account titles are automatically indented when amount is entered. do not indent manually.)dateaccount titles and explanationdebitcredit feb. 1feb. 4feb. 13 feb. 1feb. 4feb. 13 feb. 1feb. 4feb. 13show list of accountslink to textlink to video at what amount would the purchase on february 1 be recorded if the net method were used? (round answer to 0 decimal places, e.g. 6,578.)net price $

Answers: 3

continue

Do you know the correct answer?

Concord industries purchased $9,100 of merchandise on february 1, 2020, subject to a trade discount...

Questions in other subjects:

Chemistry, 12.04.2021 22:50

A student does four stations in a lab. Which rotational activity is a chemical change?...

Mathematics, 12.04.2021 22:50

Yh ...

History, 12.04.2021 22:50

If you have time plz help me. sorry T^T The dictionary defines revolution as “a sudden, radical, or complete change.” Can the “Information Revolution” truly be considered a revolu...

History, 12.04.2021 22:50

How do you think Japanese-American interment will be remembered and why...

History, 12.04.2021 22:50

6. When the leaders of Germany signed the Treaty in 1919, Hitler called these men the of November....

History, 12.04.2021 22:50

How did Francis Cabot Lowell begin to transform the role of women in the United States? answer is D on edge . hope it helps you guys!!...

Chemistry, 12.04.2021 22:50

A 480 kg object is moving with a speed of 18 m/s. What is its Kinetic energy? A. 7,760 JB. 77,760 JC. 777,760 J...

Biology, 12.04.2021 22:50

**NO LINKS** Biomass pyramids <3 ...

Business, 12.04.2021 22:50

Because luis’s house is near a river that has been known to overflow its banks, he is more concerned about flood insurance than his sister Maria, who lives at the top of a hill. Th...

Mathematics, 12.04.2021 22:50

I need help desperately ...

Other tasks in the category: Business More task