Sievert Co. sold merchandise to Chang Co. on account, $6,200, terms 2/15, n/30. The cost of...

Sievert Co. sold merchandise to Chang Co. on account, $6,200, terms 2/15, n/30. The cost of merchandise sold is $3,720. Assume all discounts are taken.

Journalize Sievert Co.'s entries for (a) the sale on account and (b) the collection of the amount due.

(a)



(b)

Journalize Chang Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due.

(a)

(b)

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. If required, round the answers to the nearest dollar.

	Merchandise	Freight Paid by Seller	Freight Terms		Returns and Allowances
a.	$10,000	$100		FOB shipping point, 1/10, n/30	$1,300
b.	3,600	300		FOB destination, 2/10, n/30	1,000

Expert Solution

ekkarill92 answered 2 years ago

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