Weba.$90,000, $1,000, FOB shipping point, 1/10, n/30, $15,000 b.$110,000, $1,575, FOB destination, 2/10, n/30 8,500 a. $75,250 b. $99,470 Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. WebPierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $600. Pierce prepaid the $70 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable-Stanton, debit $70; Sales, credit $70
Chapter 6 Accounting (EXAMPLES OF TRANSACTIONS)
Webaccounting. Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $620,000, and the sales mix is 40% bats and 60% gloves. The unit selling price and the unit variable cost for each product are as follows: Products. Unit Selling Price. WebANSWER (a) MERCHANDISE - RETURNS AND ALLOWANCE $4,500 - $1,200 = $3,300 THEN …. Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Returns and Allowances Freight Paid Merchandise by … bio freak pre workout
Accounting 1 - Ch. 6 Flashcards Quizlet
WebAssume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30. Cash Accounts Payable (2) 150 (3) 1,980 (1) 13,860 (4) 11,880 (4) 11,880 Inventory (1) 13,860 (3) 1,980 (2) 150 a. Describe each transaction. 1. Purchased merchandise on account net of discount. 2. Paid freight. 3. WebAccounting questions and answers. Complete the journal entries below. terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, July1 Purchased merchandise from Boden Company for $6,000 under credit FOB shipping point, invoice dated July 2. WebThe arrangements between buyer and seller as to when payments for merchandise are to be made are called credit terms net cash cash on ... Finance Test 1. 31 terms ... accounting. Salon Company originally issued 4,000 shares of $10 par value common stock for$120,000 ($30 per share). Salon subsequently purchases 400 shares of treasury stock for ... daikin inverter ac pcb warranty