question 13 Merchandise with a list price of $4,200 and costing $2,300 is sold on account,...

question 13

Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the following terms: FOB destination, 2/10, n/30. The seller prepays the freight costs of $85 (debit Delivery Expense for the freight costs). Prior to payment for the goods, the seller issues a credit memo for $750 to the customer for merchandise costing $425 that is returned. Payment is received within the discount period. The company uses a perpetual inventory system.

Record the foregoing transactions of the seller in the sequence indicated below.

a.	Sold the merchandise, recognizing the sale and cost of goods sold.
b.	Paid the freight charges.
c.	Issued the credit memo.
d.	Received payment from the customer.

If an amount box does not require an entry, leave it blank.

a	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6
	fill in the blank 8	fill in the blank 9
	fill in the blank 11	fill in the blank 12
b	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18
c	fill in the blank 20	fill in the blank 21
	fill in the blank 23	fill in the blank 24
	fill in the blank 26	fill in the blank 27
	fill in the blank 29	fill in the blank 30
d	fill in the blank 32	fill in the blank 33
	fill in the blank 35	fill in the blank 36

Expert Solution

ekkarill92 answered 2 years ago

Bascomb Company purchased $420,000 in merchandise on account during the month of April, and merchandise costing $350,000 was sold on account for $425,000

Provide the solution that is required, making sure to demonstrate how you obtained the answer. 4) Bascomb Company purchased $420,000 in merchandise on account during the month of April, and merchandise costing $350,000 was sold on account for $425,000. Required: 1. Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system. 2. Prepare journal entries to record the purchases and sales assuming Bascomb uses a periodic inventory system. 5) Meteor Co. purchased merchandise on March 4, 2018, at a...

c. February 7-sold merchandise on account for $800, and the cost of this merchandise sold was...

c. February 7-sold merchandise on account for $800, and the cost of this merchandise sold was $560. Account Name Increase or Decrease Amount Explanation: d. February 10-returned $500 on defective merchandise (list price) of the purchases dated February 3. Account Name Increase or Decrease Amount Explanation: e. February 11-paid the amount due of the purchased realized. Account Name Increase or Decrease Amount Explanation: f. February 12-accepted defective products returned that were sold by $150 on February 7, and the cost...

On December 1, Macy Company sold merchandise with a selling price of $9,000 on account to...

On December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, n/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $700. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used? A) Debit Cash for $7,968 and credit Accounts Receivable for $7,968. B) Debit Sales Revenue for $7,968, debit Sales Discounts...

On June 1, 2020, Pitt Corp sold merchandise with a list price of P50,000 to Bull...

On June 1, 2020, Pitt Corp sold merchandise with a list price of P50,000 to Bull on account. Pitt allowed trade discounts of 30%, 20%, and 10%. Credit terms were 2/15, n/40 and the sale was made FOB destination. Bull paid P2,000 of delivery costs. On June 12, 2020, how much did Pitt receive from Bull as full payment?

Question 1: On July 1, Maged Co. sold merchandise on account to Hani Co. for $30,000...

Question 1: On July 1, Maged Co. sold merchandise on account to Hani Co. for $30,000 terms 2/10, n/30. On July 5, Hani returns merchandise worth $5000 to Maged Co. On July 10, Maged Co. receives payment from Hani Co. for the balance due. On Sept, 5, Maged Co. sold merchandise on account to Samy for $20,000 terms 2/10, n/30. On Sept. 20 Samy paid the amount due to Maged Co. Maged Co. writes off Salem Co. $4000 balance as...

A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price...

A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in...

0.... The account in which returns of merchandise sold are recorded ........... 1.... The...

0.... The account in which returns of merchandise sold are recorded ........... 1.... The principal ledger that contains all of the balance sheet and income statement accounts is called the ............................................................ 2.... Each subsidiary ledger is represented by a summarizing account in the general ledger called a(n) ................................................................. 3.... The accounts in the accounts payable ledger have a normal balance of (debit or credit) ....................................................................................... 4.... The bill that the seller sends to the buyer...

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

Journalize the following merchandise transactions: A. Sold merchandise on account, $13,100 with terms 2/10, net 30....

Journalize the following merchandise transactions: A. Sold merchandise on account, $13,100 with terms 2/10, net 30. The cost of the merchandise sold was $7,000. B. Received payment less the discount. C. Purchased merchandise on account from a supplier for $5,600, terms 2/10, net 30. D. Returned $1,150 of the merchandise and received full credit. E. Paid for the merchandise within the discount period.

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10,...

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10, n/30. The cost of the merchandise sold was $47,200. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable fill in the blank b408b3fa8fce01a_2 78,600 fill in the blank b408b3fa8fce01a_3 Sales fill in the blank b408b3fa8fce01a_5 fill in the blank b408b3fa8fce01a_6 78,600 Cost Cost of Merchandise Sold fill in the blank b408b3fa8fce01a_8 47,200 fill in the blank b408b3fa8fce01a_9 Merchandise...

Question