Inventory that cost $ 500 is sold for $ 700, with terms of 2/10, n/30. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable assuming that it occurs during the discount period and that a perpetual inventory system is used.
Answer to relevant QuestionsNord Store’s perpetual accounting system indicated ending inventory of $ 20,000, cost of goods sold of $ 100,000, and net sales of $ 150,000. A year-end inventory count determined that goods costing $ 15,000 were actually ...If net sales are $ 300,000, cost of goods available for sale is $ 280,000, and gross profit percentage is 35%, what is the amount of ending inventory? Merchandise costing $ 2,000 is sold for $ 3,000 on terms 2/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Using the information in E6-14, prepare journal entries to record the transactions, assuming Ever-green Company uses a perpetual inventory system. Info E6-14 15 Sold merchandise to Claudio’s Chair Company at a selling ...Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $ 25. It had the following purchase and sales transactions during the year: Jan. 14 Sold 25 units at unit sales price of $ 45 on ...
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