Question
In: Accounting
Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30.
PE 6-5A Transactions for buyer and seller
Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.
PE 6-5B Transactions for buyer and seller
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore Co. and Blue Star Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account,
$28,200, terms 2/15, n/30. The cost of the merchandise sold is
$17,500. The merchandise was paid for on March 14. Assume all
discounts are taken. Required: Journalize the entries for Sather
Co. and Boone Co. for the sale, purchase, and payment of amount
due. Refer to the appropriate company’s Chart of Accounts for exact
wording of account titles.
On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merchandise sold is $18,300. The merchandise was paid for on March 14.
Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.
Chart of Accounts-Sather Co.
CHART OF ACCOUNTS
Sather Co.
General Ledger
ASSETS
110
Cash
121...
On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merchandise sold is $18,300.
Instructions On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merchandise sold is $18,300. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company's Chart of Accounts for exact wording of account titles.
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...
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30....
Sales-related transactions Sayers Co. sold merchandise on
account to a customer for $80,000 terms 2/10, n/30. The cost of the
goods sold was $58,000.a. Journalize Sayers’
entries to record the sale, Journalize
the receipt of payment within the discount period, Journalize the
entry to record the receipt of payment beyond the discount period
of ten days.
Show me step by step how to calculate.
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $84,000 terms 2/10, n/30....
Sales-related transactions
Sayers Co. sold merchandise on account to a customer for $84,000
terms 2/10, n/30. The cost of the goods sold was $62,000.
a. Journalize Sayers’ entries to record the
sale.
b. Journalize the receipt of payment within the
discount period.
c. Journalize the entry to record the receipt
of payment beyond the discount period of ten days.
Sampson Co. sold merchandise to Batson Co. on account, $26,800, terms 2/15, net 45. The cost...
Sampson Co. sold merchandise to Batson Co. on account, $26,800,
terms 2/15, net 45. The cost of the goods sold is $20,100. The
Batson Co. paid the invoice within the discount period. Assume both
Sampson and Batson use a perpetual inventory system.
Prepare the entries that Sampson Company would record for the
information above.
a. Accounts Receivable-Batson Co.:
Sales:
b. Cost of Goods Sold: 20,100
Inventory: 20,100
c. Cash:
Accounts Receivable-Batson Co.:
Prepare the entries that Batson Company would record...
McMahon Company on July 15 sells merchandise on account to Swift Co. for $3,000, terms 2/10, n/30. On July 20
McMahon Company on July 15 sells merchandise on account to Swift Co. for $3,000, terms 2/10, n/30. On July 20, Swift Co. returns merchandise worth $1,200 to McMahon Company. On July 24, payment is received from Swift Co. for the balance due. What is the amount of cash received?
A $1,800
B $1,764
C $1,740
D $3,000
Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. 2 Sold merchandise...
Purchased merchandise on account from Black Wholesale Supply
for $8,000, terms 1/10, n/30.
2
Sold merchandise on account for $4,800, terms 2/10, n/30. The
cost of the merchandise sold was $3,600.
5
Received credit from Black Wholesale Supply for merchandise
returned $500.
9
Received collections in full, less discounts, from customers
billed on May 2.
10
Paid Black Wholesale Supply in full, less discount.
11
Purchased supplies for cash $1,170.
12
Purchased merchandise for cash $4,030.
15
Received $299 refund...
May 8- Sold merchandise on account to Rustans, P11,000, VAT included. Terms: 2/10, n/30.
May 8- Sold merchandise on account to
Rustans, P11,000, VAT included. Terms: 2/10,
n/30.
8 May 2002
Accounts Receivable
11,000
Sales
10,000
Output
Tax
1,000
(Sales made
on credit to Rustans)
18- Received a check from Rustans for the amount owed on the May
8 sale.
18
Cash
8624
Sales
Discount
160
Output
Tax
16
Accounts
Receivable
8800
(Payment
collected on May 8 within 10 days)
my question is about the transaction 18.. is it the right
journal entries??
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