Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30. Oppenheimer Company returned $1,700 c the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return?
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A: The correct answer is:
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Q: Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10,…
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Q: accounting
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Q: Travis Company purchased merchandise on account from a supplier for $12,900, terms 2/10, net 30.…
A: Perpetual inventory system: It is a method of inventory management that records real time…
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A: COGS stands for Cost of goods sold which is defined as the direct cost of producing the goods sold…
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- ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3&inprogress%=false ParaphraX BLOG 31 X + Pierce Company sold mnerchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $10,800. Pierce prepaid the $215 shipping charge. Which of the following entries does Pierce make to record this sale? a. Accounts Receivable-Stanton, debit $10,584; Sales, credit $10,584, and Accounts Receivable-Stanton, debit $215; Cash, credit $215 Ob. Accounts Receivable-Stanton, debit $10,800; Sales, credit $10,800, and Delivery Expense, debit $215; Cash, credit $215 Oc. Accounts Receivable-Stanton, debit $10,800; Sales, credit $10,800 Od. Accounts Receivable-Stanton, debit $11,015; Sales, credit $11,015 Nex Previous Submit Test for C Email Instructor All work saved. 64"F へ回 目急后 99+keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress-false Up Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net B0, for $600. Pierce prepaid the $40 shipping charge. Which of the following entries does Pierce make to record this sale? O Accounts Receivable-Stanton, debit $40; Sales, credit $40 O Accounts Receivable-Stanton, debit $588; Sales, credit S588, and Accounts Receivable-Stanton, debit $40, Cash, credit S40 Accounts Receivable-Stanton, debit $640; Sales, credit $640 O Accounts Receivable-Stanton, debit $40: Sales, credit $40, and Transportation Out, debit S600, Cash, credit S600 Previous Next 6:28 PM earch 38 3/22/2021w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inp Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account, to a customer for $19,600. What is the amount of the sales discount allowable? a. $98 b. $392 c. $196 d. $490
- agenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false X eBook Purchase-Related Transactions Show Me How The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 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? Inventory Had Feedback T Check My Work a. Since buyers normally take all purchase discounts, the net purchase price is recorded at the time of purchase. If the buyer makes a return of merchandise or is granted a price allowance for an invoice with a purch of the return is recorded at the invoice price less the discount. b. Any discounts or returns are recorded directly by the buyer who…Cengage Learning keAssignment/takeAssignmentMain.do?invoker=&takeAssignment geNOWv2 | Online teachi x Institution Page a. b. Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. b. Merchandise $58,600 73,100 Check My Work Freight Paid by Seller X $1,300 600 Presentation Principals of Mark X Session Locator=&inprogress=false Freight Terms FOB destination, 1/10, n/30 FOB shipping point, 2/10, n/30 Credit for Refunds and Allowances $6,500 3,900 ES Previous ☐ 9:08 O - 0laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acer
- |Federa X M UMassD Logor X E QuickLaunch K myCourses Da: X 4 Univ of Mass Ceng cation.com Saved ework i View transaction list Journal entry worksheet arch 近g In | Federa x M UMassD Logor X EQuickLaunch -x K myCourses Da: x Univ of Mass - X * Cengage Die education.com mework i Saved View transaction list Journal entry worksheet 1 4 6 7 8 9. 10 cearch 近odule Three Assignment - ACC x * CengageNOWv2 | Online teachir x com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... O eBook Show Me How Gross Profit During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amount of the gross profit? Previous Next Check My Work 6:37 AM 45°F A D E a O 11/13/2021
- Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $7,500, terms 1/10, n/30. Oppenheimer Company returned $1,000 of the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period?$fill in the blank 1 b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return?Purchase-related transaction Shepherd Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Shepherd Company returned $1,500 of the merchandise before payment was made and received full credit. a. If Shepherd Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. Which accounts are decreased by Shepherd Company to record the return Inventory and Accounts PayablePurchase-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?