Question
In: Accounting
Show all your work Show all your work 3. Sales discount- allocate the following transactions into...
Show all your work
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.
Solutions
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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