Journalize the following merchandise transactions: a. Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost
Question:
Journalize the following merchandise transactions:
a. Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500.
b. Received payment less the discount?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
a Accounts Receivable 72500 72...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
Journalize the following merchandise transactions: a. Sold merchandise on account, $41,000 with terms 1/10, n/30. The cost of the merchandise sold was $22,500. b. Received payment less the discount.
-
Journalize the following merchandise transactions: a. Sold merchandise on account, $16,000 with terms 2/10, n/30. The cost of the merchandise sold was $9,600. b. Received payment less the discount.
-
Journalize the following merchandise transactions: a. Sold merchandise on account, $29,000 with terms 2/10, n/30. The cost of the merchandise sold was $21,750. b. Received payment less the discount.
-
Compare to traditional organizational development approaches. To get back on track and find a way to function more smoothly, should this taskforce use an Appreciative Inquiry approach or a more...
-
Tretter alleged that his exposure over the years to asbestos products manufactured by Philip Carey Manufacturing Corporation caused him to contract asbestosis. Tretter brought an action against Rapid...
-
Geographers use remote-sensing data from satellite pictures to identify urban land cover as either grassland, commercial, or residential. In Geographical Analysis (Oct. 2006), researchers from...
-
Plaintiffs purchased stock warrants (rights to purchase) for blocks of Osborne Computer Corp., the manufacturer of the first mass-market portable personal computer. Because of inability to produce a...
-
At July 31, Ramirez Company has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $1,620 and a bank service charge $20. Determine the adjusted...
-
Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials...
-
6. 7. 8. The lengths of various links of a mechanism, as shown in Fig. 6.32, are: OA = 0.3 m ; AB= 1 m; CD=0.8 m; and A C= CB. Determine, for the given configuration, the velocity of the slider D if...
-
Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 2-30, 2016, are as follows: June 2. Issued Invoice No. 717 to Yee Co., $1,430. 3....
-
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid...
-
If hikers and others were required to pay a fee to use the Appalachian Trail, would the use of this common resource be more efficient? Would it be even more efficient if the most popular spots such...
-
David and Doris Kelley were divorced on February 3, 2018, The divorce decree required David to make the following payments: a. Transfer full title to their jointly owned family home to Doris. Fair...
-
A taxpayer has a cellular telephone, used 45 percent for business and 55 percent for personal use. Is the MACRS depreciation method allowable?
-
Abby, a cash basis taxpayer, is paid an annual salary of $250,000 plus a percentage of net profits. The additional compensation for 2019 was $50,000. This sum is payable to her on February 9, 2020...
-
What is the difference between the tax tables and the tax rate schedules?
-
Abby is a single taxpayer with $250,000 of modified adjusted gross income which includes $80,000 of net investment income. Abby owes 3.8 percent Net Investment Income Tax on what amount of her income?
-
How can you account for the fact that normal rain is slightly acidic?
-
What steps must a business take to implement a program of social responsibility?
-
Indicate whether the following accounts generally will have (a) Debit entries only, (b) Credit entries only, or (c) Both debit and credit entries. (1) Cash. (2) Accounts Receivable. (3) Owners...
-
What are the advantages of using a journal in the recording process?
-
(a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or credit?
-
What impact do leadership styles and behaviors have on team-building outcomes, and how can leaders adapt their approach to leadership to accommodate diverse team compositions, work contexts, and...
-
= On 1/1/X4, Phillip invested $1,100,000 in Sleeper's ordinary shares (35% owned). Sleeper reported: Assets $3,500,000 Liabilities 600,000 The book value of Sleeper's net assets approximated market...
-
You are performing research on the development of optomechanical systems. In one of your experiments, a uniform circular disk of mass m = 24.8 g and radius r = 39.0 cm hangs vertically from a fixed,...
Study smarter with the SolutionInn App