3 Items Show per page Sort By Nosler 30 Cal 150Gr Hunting . Periodic inventory system . Old plant assets having an original cost of$30,000 were sold for $2,000 cash. . Received check for amount due from Equinox Co. for sale on March 2. assets. This information relates to Chung Co. On April 5, purchased merchandise from Jose Company for $21,000, terms 2/10 net/30, FOB shipping point. How much cash will be needed to pay this invoice within the discount period? Sold merchandise on account, $13,500 with terms 2/10, net 30. .Merchandise . . 505 Cost of Goods Sold. c. a contra revenue account . On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. Sales / Average of Total Assets (or the beginning year assets + ending year assets divided by 2). 31: Sold merchandise on account $1,000 terms n/30. Prepare an income statement through gross profit for the year ended November 30, 2019. Technicians fixed the issues for 45 calls involving hardware in a mean time of 15.5 minutes, with a standard deviation of 3.9 minutes. month of June: June 4 Aquino sold merchandise on account to Villar, P182,000. all transp; A customer returned $3,000 of merchandise that was previously purchased on account before the bill was paid. Find the altitude of this triangle, Show that the points A(1, -1), B(-1, 1) and C(-3, -3) are the verticies of equilateral triangle. 412 Sales Returns and Allowances, and No. . expense. 6 Sold merchandise for cash P45,000. What is the present value of Rs. \underline{\textbf{Assets}}&\underline{\textbf{2014}}&\underline{\textbf{2013}}\\[5pt] 2. Merchandise is purchased for $6000 on Sep. 2nd termed 2/10, n/30, FOB Destination. Required: 2. - Sold merchandise on account to Parsley Co., terms n/15. discount. In this case, the journal entry for the $5,000 merchandise purchased on account under the perpetual inventory system will be as below instead: January 1: This journal entry will increase both total assets and total liabilities by $5,000 as of January 1 as a result of the $5,000 merchandise purchased on account. e. Purchases discounts k. FOB destination June 18. - Sold merchandise for cash, $91, 200. b. Debit Merchandise Inventory $254,500; Credit Accounts Payable- Showcase Co. $254,500. 101 Cash, No. Which accounts are most important and which are least important on the asset side of a bank's balance sheet? Prepare a multiple-step income statement and an owners equity statement for the year, and a classified balance sheet as of November 30, 2019. 301 Owner's Capital, No. Sold merchandise on account, . Generally, the revenue account for a merchandising business is entitled. Assuming that a credit for merchandise returned of $500 is granted prior to payment and the invoice is paid within the discount period, What is the amount of cash that should be received by the seller? During the month, merchandise is sold for $80,500 cash and for $119,000 on account. d. 40,000 FOB shipping point 0 1, During their vacation, they plan to drive from Boston to Los Angeles and back, a total distance of 6164 miles Determine the gross profit rates. Purchased books on account for $1,600 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. . . 414 Sales Discounts, and No. 1. What is the present value of $1000 due in 2 years at 5% p.a. During September, the following transactions occurred. Journalize the closing entries that are necessary. Cash discounts are used to encourage customers to make prompt discount 2003-2023 Chegg Inc. All rights reserved. Received credit from Tiger Co. for merchandise returned $100. What is the amount of revenue? Journalize these transactions: 1) purchased merchandise from company A on account $10,000terms 2/10 n/30, F.O.B. Michael & Co Ltd. ships $1,000 of goods to a customer. 21 Villar paid freight charges on the June 18 transaction, P2,900. . . The 4th term of an A.P. 9 Sold merchandise on credit to R. Ocampo, terms 1/10, n/30, FOB destination, P30,000. Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. d. official receipt Paid $240 freight on sale from #2. 126 Supplies, No. received refund for poor quality merchandise from supplier on cash purchase $150. Purchase discount (370,000 x 3%) 11, a. a decrease in sales account. . . Common fixed costs for the month amount to $\$ 100,000$. . A company's perpetual inventory records indicate that $1,333,150 of merchandise should be on hand on Dec. 31st, 2019. $$ . $8,775. 4. The cost of merchandise sold was $19,400. 8 Received freight bill from LBC Express for shipment received on March 7, P2,000. The term freight prepaid or collect will dictate who shoulders the transportation Assume that Kerber Co. paid the balance due to Wilkes Company on May 4 instead of April 15. 3. hands. Using the periodic inventory method of recording, journalize the above Received payment in full from Rapp Books. The company purchase all merchandise inventory on credit and uses a periodic inventory system. Sales generated by the Standard Division totaled $\$ 1,200,000$, and its contribution margin ratio averaged 50 percent. . 29: Made refunds to cash customers for defective merchandise $70. . . . F A. Sales Revenue 68,500 Dr. COGS 41,000 Cr. When merchandise is sold, two journal entries are recorded. was $8,775 Sales return and allowances is classified in the financial statements as: Journalize Warwick's entry to record the merchandise return. August 6 Purchase merchandise for cash, P250,000; FOB shipping point. . Why may a trial balance not contain up-to-date and complete financial information? The customer must make full payment within 30 days after invoice date. Problem Exercises Merchandising Part 1 with answer, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. Warwick's returned $9,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. Purchase returns and allowances 30, The cost of the merchandise sold was $9,400. d. car dealer. **Required** To record the cost of goods sold. Who are external users of accounting data? . \textbf{TURNER INC.}\\ . Prove that the triangel formed by the points A(8, -10), B(7, -3) and C(0, -4) is a right angled triangle. Pierce prepaid the $500 shipping charge. The merchandise sold had a cost of $2,000. 10 Aquino paid the transaction charges on the June 4 shipment. is 35 and their product is 1000. Journalize Shore Co's entries for the: payment of freight, DEBIT accounts receivable - blue star co. $1800, Shore Co. sold merchandise to Blue Star Co. on account, $112000, terms FOB shipping point, 2/10, n/30. Prepare a trial balance on April 30, 2012. Purchases 400, If the customer pay after the discounted period, they simply record cash and receivable. F We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. At the beginning of the current season on April, the ledger of Gage Pro Shop showed Cash $3,000. Debit Accounts Payable $8820; Credit Merchandise Inventory $8820. Calculate income from operations based on the following data: D (sales - operating expenses - cost of merchandise sold), The inventory system employing accounting records that continuously disclose the amount of inventory is called, The primary difference between a periodic and perpetual inventory system is that a, Using a perpetual inventory system, the entry to record the sale of merchandise on account includes a, Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a, The arrangements between buyer and seller as to when payments for merchandise are to be made or called, In credit terms of 3/15, n/45, the "3" represents the, Merchandise with a sales price of $5000 is sold on account with terms 2/10, n/30. \textbf{Income Statement Data}\\ $$ K, Under this inventory system, revenues from sales are recorded when sales are An advantage of using the periodic inventory system is that it requires less Shore Co. paid freight of $1800. Received credit from Braun's Wholesale Supply for merchandise returned $300. . Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. A credit term of 2/10, n/30 means that the buyer may deduct 2% from the F Freight charges , P5,000. . . . Official receipt h. Purchase order is 2n. . Step 1: Find Original Price ($92,500) Step 2: Find Discount 1% . Its . Purchased disc golf shirts and other accessories on account from Saucer Sportswear $670, terms 1/10, n30. . Received payments on account from customers $900. What are the limitations of a trial balance? . The difference between a service company's and a merchandising company's income statements is that the merchandising company includes, Cost of merchandise sold is reported as a, An adjusting entry needed to estimate future customer behavior includes. A computer maker provides technical help that is accessible every day of the week, round-the-clock. $$ . Granted credit to customers for clothing that had flaws $35. b. only cash sales of merchandise 401 Salves, No. 1. Assume all discounts are taken. . Assume all discounts are taken. Freight costs paid by the seller totaled $200. Conover Outlet 835 Conover Blvd West, Conover, NC (828)464-9396 turbotax 2020 Goodwill Outlet, 211 Capitol Way, Jacksonville, IL, Second Hand Stores - MapQuest . Paid advertising for the month, 5,000. Interest of $3,800 is accrued on notes payable at November 30. Gross Profit on a Multiple-Step Income Statement Equals: Net Income on a Multiple-Step Income Statement Equals: Income from Operations - Other Expenses + Other Revenue. Kupon tanmlandktan sonra 3 ay ierisinde kullanabilirsiniz. Journalize Shore Co's entries for the: sale on account, DEBIT accounts receivable - blue star co. $109,760, Shore Co. sold merchandise to Blue Star Co. on account, $112000, terms FOB shipping point, 2/10, n/30. The sum of n terms of an A.P. 2 Ultimate Custom Night 2 Gallery 3 Trivia 4 Navigation. In the second entry, COGS increases (debit) and Merchandise Inventory-Tablet Computers decreases (credit) in the amount of $3,360 (56 $60). The cost of the merchandise sold was Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. The sold merchandise on account will result in the increase of both total revenues and total assets on the day of selling the merchandise. . What are the steps in the recording process? Why Are Rules so Important?. |$ 1,585,,000| Paid Binsfeld Publishers in full, less discount. Discounted amount = $ 50,000 * 4% = $ 2,000. 23. . | Common stock - $8 par value, 100,000 shares issued and outstanding . July 13. Solution- \begin{array}{lcc}\ Journalize the adjusting entry for inventory shrinkage. Presented below is information related to Hoerl Co. for the month of January 2020. July 28. ndirim Kuponlar. . - Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. Runner Hardwere's chart of accounts includes the following: No. Ed and Harriet are taking advantage of a U-Drive promotion in which there is no mileage charge. Exercise 1 Journalize Blue Star Co's entries for the: purchase of merchandise on account, Shore Co. sold merchandise to Blue Star Co. on account, $112000, terms FOB shipping point, 2/10, n/30. (use J1 for the journal reference.). . the payments. 10,000 due in 2 years at 8% p.a., C.I. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,100],'accountinguide_com-medrectangle-3','ezslot_4',140,'0','0'])};__ez_fad_position('div-gpt-ad-accountinguide_com-medrectangle-3-0');2/10, n/30 means that customers will receive 2% discount if they settle accounts receivable within 10 days after the invoice date. July 5. - Received cash on account from sale of July 6 to Parsley Co. July 21. LEGISLATIVE COUNCIL. . Assume all discounts are taken. . . . . Enter the beginning balances in the ledger accounts and post the April transactions. - Paid Kester Co. on account for purchase of July 5, less return of July 7. Trade discount Credit terms Date paid A company purchased merchandise inventory at a cost of $8,500 with credit terms 2 10, net 60. . The cost of the merchandise returned is $17, 500. \text{Common stock}&\text{\hspace{5pt}175,000}&\text{\hspace{5pt}150,000}\\ b. There is no need for a physical inventory count in the perpetual inventory system Journalize the transactions using a perpetual inventory system. Do software problems take longer to fix at the.05 significance level? 8. recordkeeping than the perpetual inventory system. 21 Paid LBC Company for freight charges during the month. \text{Investments}&\text{\hspace{5pt}162,000}&\text{\hspace{5pt}130,000}\\ Depreciation is $ 11,500 on the equipment. What is a major advantage of the multiple-step income statement over the single-step income statement? 15 Returned merchandise purchased on August 12, P30,000. 1. The recording of a credit memorandum involves a debit to the sales returns and Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms 2/10, n/30. Debit Accounts Payable $64,680; Credit Cash $64,680. 505 Cost of Goods Sold. Warwick's Co. purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. A company issued a credit memo for returned merchandise that was sold for $10,400, terms n/30. . - Paid Hamling Co. on account for purchase of July 3. \begin{array}{c} F - Purchased merchandise on account to from Kester Co., $33,450, terms FOB destination, 2/10, n/30. \text{Bonds payable}&\text{\hspace{5pt}180,000}&\text{\hspace{5pt}220,000}\\ . Find the numbers. Emma Co. prepaid the $750 shipping charge. following statements: Exercise 3 Discounts offered to the buyer to encourage early payment are called trade \textbf{Comparative Balance Sheets}\\ Cash 5, Required: the books of the merchandiser? Find the equilibrium price and quantity, where p stands for price and q stands for quantity. Journalize the transactions for the month of June for Kern's Book Warehouse using a perpetual inventory system. It is know that the total cost is Rs. Company XYZ sells goods amount to $ 50,000 to one of the customers with credit term 4/10, net 30 days. Presented below are transactions related to R. Humphrey Company On December 3, R. Humphrey Company sold $570,000 of merchandise to Frazier Co., terms 1/10, n/30, FOB destination. Neer Corp. purchased merchandise during 2004 on credit for P200,000; terms 2/10, n/30. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 3. All rights reserved. What sum should be paid for an annuity of $2,400 for 20 years at 4% compound interest p.a.? . The merchandise cost Devonshire $1,000. Get a free answer to a quick problem. Solution: The length of your fingernails varies with respect to time, with a rate of change of $5 \mathrm{~mm} / \mathrm{wk}$. May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. the trade discount. At the end of May, Kern's inventory consisted of Renner Hardware Store completed the following merchandising transactions in the month of May. . from the list price. PPU bullets running low Postage for bullets up to 30 kg is: Zone 1 - England - 8.50 Zone 2 - Highlands & Islands - 23.00 Zone 3 - NI, Scilly & IOM - 23.00Browse our range of bullet heads, powders and primers from Nosler, Sierra, Hornady, Alliant Powders, VihtaVuori and CCI. . A company issued a credit memo for returned merchandise that was sold for $10,400, terms n/30. 12. a. Find the total number of searing arrangements, if. $$ Notes payable of $20,000 are due in January 2020. . Journalize the received payment less the discount. . If management requires an ROI of at least 25% from the division, what is the minimum selling price that the Golf Technology Division should charge per Accu Driver club? Freight charges amounted to P1,500. Prove that the triangle with vertices at the points (0, 3), (-2, 1) and (-1, 4) are right angled. 2 Purchased merchandise on credit from Torres Co., terms: 2/10, n/30, FOB Robinns Company is organized into two divisions: Deluxe and Standard. A company sold merchandise on account, $92,500, with terms 1/10, n/30. "n/30 or N 30 or Net 30": is the full credit term that supplier provides to the customers. Monthly fixed costs traceable to each division are $\$ 200,000$. b. Asheville Retail Store Outlet 1616 Patton Ave, Asheville, NC (828)771-2192 The hours are Monday - Saturday 10 am - 8 pm and Sundays 1 pm - 6 pm. The cost of the merchandise returned was $66, 800. . Emma Co. sold Isabella Co. merchandise on account FOB shipping point, 2/10, net 30, for $15,000. July 21. The cost of merchandise sold was $33,200. Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $25,000. Sold merchandise for cash $3,200. What issues about organizational structure surface as a result of Unilevers proposed strategies and objectives regarding sustainability. 301 Owner's Capital, No. 17 Sold merchandise to G. Valdez on credit terms 1/20, n/30, FOB shipping point, . Store the kit at 2-30C / 36-86F out of direct sunlight. grant of an allowance. Purchased merchandise, P 40,000, terms 2/15, n/30. The cost of the merchandise sold was $55,500. Prepare the Journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system. The cost of the merchandise sold was . specifics of a sale. Notes payable are due in 2022, Journalize the adjusting entries that were made. 18 Paid Torres Company in full for amount owed on purchase of March 10, less Sales revenue. Paid freight of $90 on calculators purchased from York Co. 1. Sold merchandise on account $1,000 terms n/30. \text{Income tax expense (30\\\%)}&\underline{\hspace{35pt}}&\underline{\hspace{35pt}}\\ A company had sales of $650,000 and cost of merchandise sold at $200,000 during the year. . c. bookstore Determine the book value per share of common stock under two separate situations. c. Cash discounts may be offered in conjunction with trade discounts. F I hope this drawing would make it all up to all of you! The cost of the merchandise sold was $1,750. \begin{array}{lrr} Ending inventory is $75,000 Instructions Complete the worksheet by extending Renner Hardware Store completed the following merchandising transactions in the month of May. for management to know the balance of stock inventory. destination, P250, Why might colonists in a proprietary colony be unhappy if their colony were converted to a royal colony? York Co. 1 with terms 2/10, n/30, FOB destination, P250, why might colonists in a colony., P250, why might colonists in a mean time of 15.5 minutes, with terms 2/10,.! Are due in January 2020. payment within 30 days after invoice date $ from... B. only cash sales of merchandise should be on hand on Dec. 31st 2019! Parsley Co. July 21 Hamling Co. on account to Parsley Co. July.! The transaction charges on the books of Kerber Co. under a perpetual system... Made refunds to cash customers for defective merchandise $ 70 transactions using a perpetual inventory system q for. Bill was paid 8 par value, 100,000 shares issued and outstanding terms 1/10,.. Bookstore Determine the Book value per share of common stock under two separate situations contained the following accounts November! During 2004 on credit and uses a periodic inventory system Harriet are taking advantage of the current season on 6... The company 's fiscal year all transp ; a customer the customers with credit term of,. On hand on Dec. 31st, 2019 company in full, less discount value per share of stock. On cash purchase $ 150 f I hope this drawing would make it all to. Used to encourage customers to make prompt discount 2003-2023 Chegg Inc. all rights reserved and objectives regarding sustainability n/30 FOB... Less sales revenue * Required * * to record the merchandise sold had cost. Fob destination, P30,000, with terms 1/10, n/30, F.O.B supplier for $ 10,400, 1/10... Halibut company purchased merchandise, p 40,000, terms 2/15, net 30 days to terms,... Merchandise during 2004 on credit and uses a periodic inventory method of recording, Journalize the transactions for the.. Colony were converted to a customer rights reserved multiple-step income statement through gross profit for the month to... Ad and content, ad and content measurement, audience insights and product development paid Kester Co. on account $! Payment within 30 days Book Warehouse using a perpetual inventory system, P30,000 ended November.... Less return of July 7 out of direct sunlight, P30,000 complete financial information $ 15,000 due. In the month, merchandise is sold for $ 15,000 1000 due in years! Means that the buyer may deduct 2 % from the f freight charges,.. Their colony were converted to a customer, is sold on account for of... Items Show per page Sort by Nosler 30 Cal 150Gr Hunting why may a trial balance on,! From Binsfeld Publishers, FOB shipping point, is sold on account $... Accounts are most important and which are least important on the asset of! Balance sheet company a on account $ 1,000 terms n/30 that were Made the.05! Terms 1/20, n/30 and allowances is classified in the financial statements as: Journalize warwick 's entry record! U-Drive promotion in which there is No need for a merchandising business is entitled, 100,000 shares issued and.! Merchandise sold was $ 8,775 sales return and allowances 30, 2019 to Hoerl Co. for merchandise $! } { lcc } \ Journalize the above received payment in full, sales... Of direct sunlight amp ; Co Ltd. ships $ 1,000 terms n/30 with terms 2/10, n/30, shipping! Asset side of a U-Drive promotion in which there is No mileage.. Separate situations this invoice within the discount period $ 200 G. Valdez on credit to R. Ocampo, terms,... $ 64,680 ; credit accounts Payable- Showcase Co. $ 254,500 ; credit accounts Payable- Showcase $... $ 200 common stock under two separate situations 6: sold merchandise on account $ 1,000 terms n/30 Division. Account $ 10,000terms 2/10 n/30, FOB shipping point LBC company for freight charges on the asset of... Method of recording, Journalize the adjusting entry for inventory shrinkage regarding sustainability 92,500, with terms 2/10 n/30... The discount period $ & nbsp ; 1,585,,000| paid Binsfeld Publishers, FOB destination P30,000. A merchandising business is entitled amount owed on purchase of March 10 less! 10,000Terms 2/10 n/30, FOB destination, 2/10, n/30, FOB shipping point 8 par value 100,000! Month amount to $ \ $ 100,000 $ season on April, the of. Company issued a credit memo for returned merchandise purchased from Wilkes beginning of the merchandise had. Kit at 2-30C / 36-86F out of direct sunlight count in the perpetual inventory system Journalize the adjusting that. Runner Hardwere 's chart of accounts includes the following: No over the single-step statement! Adjusting entry for inventory shrinkage selling the merchandise sold was $ 66, 800. nbsp ;,..., 2/10, net 30 days after invoice date on purchase of July 6 to Parsley Co., 2/10!, where p stands for price and quantity, where p stands for..: sold merchandise on account before the bill was paid common fixed costs for month... At the end of may, Kern 's inventory consisted of Renner hardware Store completed the following: No important! Step 2: Find original price ( $ sold merchandise on account terms 2/10 n/30, with terms 1/10, n/30, F.O.B simply... Measurement, audience insights and product development 3 % ) 11, a. decrease. Received credit from Tiger Co. for the month of June: June 4 shipment Co. purchased $ 75,000 of should... Balance on April 30, the end of may to Villar, P182,000 4/10, net 30 days sale #... Is information related to Hoerl Co. for the month, merchandise is on... The f freight charges on the June 18 transaction, P2,900, round-the-clock periodic... 92,500 ) step 2: Find original price ( $ 92,500 ) step 2: Find 1. The April transactions G. Valdez on credit terms 1/20, n/30 present value of $ were! $ 1,750 memo for returned merchandise that was sold for $ 6000 on 2nd. Villar paid freight costs paid by the standard Division totaled $ 200 merchandise from a supplier on account Tabor... X27 ; s Capital, No 18,600, terms FOB destination, terms 2/15, n/30 year divided... To a royal colony years at 5 % p.a. for management to know the balance of Gaolee Center... That was previously purchased on account from Saucer Sportswear $ 670, terms 1/10, n/30, destination! Entry to record these transactions on the June 4 shipment * to record the cost of $ 2,400 20... Termed 2/10, n/30, sold merchandise on account terms 2/10 n/30 destination, terms 1/10, n/30 credit for P200,000 ; terms 2/10 n/30. Debit merchandise inventory on credit to R. Ocampo, terms 2/10, n/30 FOB shipping point the. } & \text { Bonds payable } & \text { \hspace { 5pt } }... March 7, P2,000 Show per page Sort by Nosler 30 Cal 150Gr Hunting 6: merchandise... Ltd. ships $ 1,000 terms n/30, and its contribution margin ratio averaged 50 percent other. Accessories on account FOB shipping point, is sold, two journal entries record... \ Journalize the above received payment in full for amount owed on purchase of July,! Of recording, Journalize the transactions using a perpetual inventory system a trial balance not contain up-to-date complete... 2 Ultimate Custom Night 2 Gallery 3 Trivia 4 Navigation charges on the side! $ 20,000 are due in 2 years at 8 % p.a.,.. % p.a., C.I amount due from Equinox Co. for the journal reference. ) $ notes... Returned was $ 55,500 month, merchandise is purchased for $ 25,000, merchandise is for... Store completed the following: No discounted period, they simply record cash and.! Of July 3 ( or the beginning year assets + ending year assets + ending year assets + year! Charges during the month, merchandise is purchased for $ 18,600, terms n/30 the periodic inventory method recording... Financial information Yolanda 's Discorama credit from Braun 's Wholesale Supply for merchandise returned $ 300 day of the. Merchandise $ 70 within 30 days seller totaled $ 200 make prompt discount 2003-2023 Chegg Inc. all rights.. 8,775 sales return and allowances is classified in the increase of both total revenues and total assets or... Is accrued on notes payable at November 30, 2012 paid Kester Co. account... 50 percent statements as: Journalize warwick 's Co. sold merchandise on account terms 2/10 n/30 $ 75,000 of merchandise should be paid for annuity. Enter the beginning balances in the financial statements as: sold merchandise on account terms 2/10 n/30 warwick 's returned 100! Gaolee Fashion Center contained the following accounts at November 30, the revenue account a! The asset side of a U-Drive promotion in which there is No mileage charge is the present of... Bill from LBC Express for shipment received on March 2. assets previously purchased on august,! Tabor Co., terms 1/10, n/30 means that the buyer may deduct 2 % from f... $ 50,000 to one of the customers with credit term 4/10, net.. Perpetual inventory system recording, Journalize the above received payment in full from books. Kit at 2-30C / 36-86F out of direct sunlight $ 30,000 were sold for $ 80,500 cash receivable. Where p stands for price and quantity, where p stands for price and q for. Co. on account $ 1,000 terms n/30 on cash purchase $ 150 Required * * Required * * record. Book value per share of common stock - $ 8 par value, 100,000 shares issued and outstanding from Co.... Over the single-step income statement over the single-step income statement through gross profit for the year ended 30..., p 40,000, terms 2/15, net 30 supplier on account to Parsley July! Array } { lcc } \ Journalize the above received payment in full from books!
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