Question

In: Accounting

Show all your work Show all your work 3. Sales discount- allocate the following transactions into...

Show all your work

3. Sales discount- allocate the following transactions into the correct part of the
accounting equation and their correct T account
a. Brown Company sold merchandise on account to Black Company $32,456
b. Black Company returned $10,121 worth of merchandise (account was credited)
C. Brown Company received a check from Black Company less the returns with an
8% discount of 15/30

4. Purchase discount- allocate the following transactions into the correct part of the
accounting equation and their correct t account
a. On July 9, company White bought merchandise on account from Lois Cop, for
$1,500; terms 3/10, n/30; dated June 10. FOB Kansas, freight prepaid and added
to the invoice for $80. (Total $1,580).
b. On July 12, issued a check no. 200 to Lois Cop, less cash discount.

Expert Solution

3)

Assets

=

Liabilities

+

Shareholders' Equity

Cash

+

Accounts Receivable

+

Inventory

Common Stock

+

Retained Earnings

+

=

+

Revenues

-

Expenses

=

Net Income

a)

+

$32,456

+

=

+

$32,456

-

=

b)

+

($10,121)

+

=

+

-

($10,121)

=

c)

$20,548

+

($22,335)

+

=

+

-

($1,787)

=

$20,548

+

$0

+

$0

=

$0

+

$0

+

$32,456

-

($11,908)

=

$20,548

** ($32,456 - $10,121 = $22,335*8/100 = $1,787)

*** $22,335 - $1,787 = $20,548

4)

Assets

=

Liabilities

+

Shareholders' Equity

Cash

+

Accounts Receivable

+

Inventory

Accounts Payable

Common Stock

+

Retained Earnings

+

=

+

Revenues

-

Expenses

=

Net Income

a)

+

$1,580

=

$1,580

+

-

=

b)

$1,533

+

=

($1,580)

+

-

($47)

=

$1,533

+

$0

+

$1,580

=

$0

+

$0

+

$0

-

($47)

=

($47)

* ($1,580*3/100 = $47)

** ($1,580 - $47 = $1,533)

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