Question
In: Accounting
The following transactions of M&B Merchandise Company are given: January 2, 2019 Purchased merchandise for TL...
The following transactions of M&B Merchandise Company are given: January 2, 2019 Purchased merchandise for TL 23.000 under the condition 10/6; n/30. January 4, 2019 Returned merchandise worth TL 6.000. January 6, 2019 Sold merchandise for TL 8.000 under the condition 4/7; n/30. The cost of merchandise sold was TL 5.000. If the collection of cash for the sale is done on January 9, the collected amount is:
5.620 TL
8.000 TL
7.680 TL
3.000 TL
Solutions
ekkarill92 answered 2 years agoRelated Solutions
1)The following transactions of M&B Merchandise Company are given: &nb
1)The following transactions of M&B Merchandise Company are
given:
January 2, 2019
Purchased merchandise for TL 23.000
under the condition 10/6; n/30.
January 4, 2019
Returned merchandise worth TL
6.000.
January 6, 2019
Sold merchandise for TL 8.000 under
the condition 4/7; n/30. The cost of merchandise sold was TL
5.000.
What is the value of merchandise after these transactions?
17.000 TL
15.000 TL
11.000 TL
12.000 TL
2)Company Z discovered that some merchandise purchased on
account was defective...
Super Inc. engaged in the following transactions during 2019: January 10th: Purchased $20,000 2/10, n/30 merchandise...
Super Inc. engaged in the following transactions during
2019:
January 10th: Purchased $20,000 2/10, n/30 merchandise on
credit
January 19th: Paid for the merchandise purchased on January
10th
May 1st: Borrowed $200,000 on a 9-month, 6% interest-bearing
note
May 15th: Received a $6,000 deposit from a customer for
custom-made cabinets to be manufactured and delivered next month.
The total price for the cabinets is $25,000
June 30th: Remitted quarterly installments of FICA and income
tax withholdings of $150,000 and $345,000,...
The following are selected transactions of Blanco Company. Blanco prepares financial statementsquarterly. Jan. 2 Purchased merchandise...
The following are selected transactions of Blanco Company.
Blanco prepares financial statementsquarterly.
Jan.
2
Purchased merchandise on
account from Nunez Company, $26,400, terms 3/10, n/30. (Blanco uses
the perpetual inventory system.)
Feb.
1
Issued a 9%, 2-month, $26,400
note to Nunez in payment of account.
Mar.
31
Accrued interest for 2 months
on Nunez note.
Apr.
1
Paid face value and interest
on Nunez note.
July
1
Purchased equipment from
Marson Equipment paying $10,800 in cash and signing a 10%,...
Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates:...
Gruman Company purchased a machine for $198,000 on January 2,
2019. It made the following estimates:
Service life
5 years or 10,000 hours
Production
180,000 units
Residual value
$ 18,000
In 2019, Gruman uses the machine for 2,000 hours and produces
50,000 units. In 2020, Gruman uses the machine for 1,200 hours and
produces 32,000 units. If required, round your final
answers to the nearest dollar.
Required:
Compute the depreciation for 2019 and 2020 under each of the
following methods:...
5.Thorsten Company, a trendy clothing retailer, had the following transactions in March: March 2 Purchased merchandise...
5.Thorsten Company, a trendy clothing retailer, had the
following transactions in March:
March 2 Purchased merchandise from Sabine
Company under the following terms: $1,800 invoice price, 2/15,
n/60, FOB factory. (The cost of the merchandise to Sabine Company
was $990.)
March 3 Paid UBS Shipping $125 for shipping
charges on the purchase of March 2.
March 4 Returned to Sabine Company unacceptable
merchandise that had an invoice price of $300 (and a cost to Sabine
of $165). Sabine returned the...
5.Thorsten Company, a trendy clothing retailer, had the following transactions in March: March 2 Purchased merchandise...
5.Thorsten Company, a trendy clothing retailer, had the
following transactions in March:
March 2 Purchased merchandise from Sabine
Company under the following terms: $1,800 invoice price, 2/15,
n/60, FOB factory. (The cost of the merchandise to Sabine Company
was $990.)
March 3 Paid UBS Shipping $125 for shipping
charges on the purchase of March 2.
March 4 Returned to Sabine Company unacceptable
merchandise that had an invoice price of $300 (and a cost to Sabine
of $165). Sabine returned the...
Ashley Company engaged in the following transactions in August 20x1: Aug. 4 Purchased merchandise on account...
Ashley Company engaged in the following transactions in August
20x1:
Aug. 4 Purchased merchandise on account at a cost of $ 14,000;
terms 2/10, n/30, FOB shipping Point.
Aug. 6 Paid freight of $200 on the purchase of August 4.
Aug. 10 Sold goods for $10,000; terms 2/10, n/30. The cost of
goods sold is $9,000.
Aug. 12 Returned to the vendor, $2,400 worth of the merchandise
purchased on August 4.
Aug. 14 Paid the amount due on the purchase...
Ashley Company engaged in the following transactions in August 20x1: Aug. 4 Purchased merchandise on account...
Ashley Company engaged in the following transactions in August
20x1:
Aug. 4 Purchased merchandise on account at a cost of $ 14,000;
terms 2/10, n/30, FOB shipping Point.
Aug. 6 Paid freight of $200 on the purchase of August 4.
Aug. 10 Sold goods for $10,000; terms 2/10, n/30. The cost of
goods sold is $9,000.
Aug. 12 Returned to the vendor, $2,400 worth of the merchandise
purchased on August 4.
Aug. 14 Paid the amount due on the purchase...
On January 1, 2017, company purchased a molding machine at 67.000 TL. The estimated useful life...
On January 1, 2017, company purchased a molding machine at
67.000 TL. The estimated useful life of the machine is 4 years and
the estimated salvage value is 2.000 TL. At the beginning of the
3rd year a major renovation is maintained on the machine. The cost
of the renovation is 34.000 TL. Because of the renovation estimated
useful life extended to 6 years in total and the salvage
value increased to 2.500 TL. Assume the company uses
double declining
method prepare...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $11,750 with terms 2/10,...
Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $11,750 with
terms 2/10, n/30. The cost of the merchandise sold was $7,050.
Sale
Accounts Receivable
Sales
Cost
Cost of Merchandise Sold
Merchandise Inventory
the debit/credit for acc receivable and sales is NOT $11750
b. Received payment less the discount.
c. Issued a credit memo for returned
merchandise that was sold for $11,000 terms n/30. The cost of the
merchandise returned was $6,600.
Refund
Inventory
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Compare the MOSFET, JFET , and BJT and identify the reasons these devices behave differently. What...
- How would you use SAS Enterprise Miner to create a neural network model of your example?
- Explain the use of neural networking modeling in predictive analytics.
- Current Market Mix of Netflix, as detail as possible, please.
- This is all one question, thank you so much in advance! You must evaluate a proposal...
- X Company is considering the purchase of a new processor that costs $200,000. Shipping and setup...
- There are a large number of tasks involved in information technology and programming, and many of...
ADVERTISEMENT