Question
In: Accounting
On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to...
On July 18, 2021, Philly Furniture Factory sold 20 reclining
rockers to Dave's Discount Furniture for $8,000, subject to terms
2/10, n/30. Philly uses the net method of accounting for sales
discounts.
Required:
1. Prepare the journal entry to record the sale.
2. Prepare the journal entry to record receipt of the payment,
assuming the correct amount was received on July 26, 2021.
3. Prepare the journal entry to record receipt of the payment
assuming the correct amount was received on August 15, 2021.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,500 tires to the...
Harwell Company manufactures automobile tires. On July 15, 2021,
the company sold 1,500 tires to the Nixon Car Company for $60 each.
The terms of the sale were 3/20, n/30. Harwell uses the gross
method of accounting for cash discounts.
Required:
1. Prepare the journal entries to record the
sale on July 15 (ignore cost of goods) and collection on July 23,
2021.
2. Prepare the journal entries to record the sale
on July 15 (ignore cost of goods) and...
On July 2, 2021, Blossom Company sold to Sue Black merchandise having a sales price of...
On July 2, 2021, Blossom Company sold to Sue Black merchandise
having a sales price of $9,600 (cost $5,760) with terms of 2/10.
n/30. f.o.b. shipping point. Blossom estimates that merchandise
with a sales value of $810 will be returned. An invoice totaling
$100, terms n/30, was received by Black on July 6 from Pacific
Delivery Service for the freight cost. Upon receipt of the goods,
on July 3, Black notified Blossom that $350 of merchandise
contained flaws. The same...
On July 2, 2021, Concord Company sold to Sue Black merchandise having a sales price of...
On July 2, 2021, Concord Company sold to Sue Black merchandise
having a sales price of $10,800 (cost $6,480) with terms of 2/10.
n/30. f.o.b. shipping point. Concord estimates that merchandise
with a sales value of $630 will be returned. An invoice totaling
$110, terms n/30, was received by Black on July 6 from Pacific
Delivery Service for the freight cost. Upon receipt of the goods,
on July 3, Black notified Concord that $350 of merchandise
contained flaws. The same...
Assume that 3-month Treasury bills totaling $18 billion were sold in $10,000 denominations at a discount...
Assume that 3-month Treasury bills totaling $18 billion were
sold in $10,000 denominations at a discount rate of 4.600%. In
addition, the Treasury Department sold 6-month bills totaling $16
billion at a discount rate of 4.545%. a. What is the discount
amount for 3-month bills? (Do not round intermediate calculations.
Round your final answer to the nearest cent.) b. What is the
discount amount for 6-month bills? (Do not round intermediate
calculations. Round your final answer to the nearest cent.)...
Impact of a Discount Berol Corporation sold 20-year bonds on January 1, 2017. The face value...
Impact of a Discount
Berol Corporation sold 20-year bonds on January 1, 2017. The
face value of the bonds was $100,000, and they carry a 9% stated
rate of interest, which is paid on December 31 of every year. Berol
received $95,350 in return for the issuance of the bonds when the
market rate was 10%. Any premium or discount is amortized using the
effective interest method.
1. How does this entry affect the accounting equation? If a
financial statement...
Problem 20-3(LO 4) Determining and minimizing estate tax. Spencer Cook died on July 18 of the...
Problem 20-3(LO 4) Determining and minimizing estate tax.
Spencer Cook died on July 18 of the current year, leaving a gross
estate of $8,600,000. Claims to be settled against that estate
included funeral, administrative, and medical expenses of $180,000
and other debts of$210,000. Spencer’s wife Sara has a considerable
estate of her own, and she and Spencer have each agreed to leave
$500,000 of their personal estate to charity. One year after
Spencer’s death,Sara passed away. Allowable expenses against Sara’s...
Subject ID education memory 1 16 112 2 18 117 3 14 96 4 20 114...
Subject ID
education
memory
1
16
112
2
18
117
3
14
96
4
20
114
5
16
106
6
14
80
7
14
89
8
12
94
9
18
113
10
13
111
11
17
112
12
18
84
13
12
108
14
16
95
15
12
117
16
14
83
17
8
106
18
12
100
19
21
120
20
15
103
e. Explain the direction and strength of the relationship based
on the r. (2 points total:...
Subject ID education memory 1 16 112 2 18 117 3 14 96 4 20 114...
Subject ID
education
memory
1
16
112
2
18
117
3
14
96
4
20
114
5
16
106
6
14
80
7
14
89
8
12
94
9
18
113
10
13
111
11
17
112
12
18
84
13
12
108
14
16
95
15
12
117
16
14
83
17
8
106
18
12
100
19
21
120
20
15
103
e. Explain the direction and strength of the relationship based
on the r. (2 points total:...
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