A company purchased $1,500 of merchandise on credit on terms of 3/15, n/30. If the company pays
Question:
A company purchased $1,500 of merchandise on credit on terms of 3/15, n/30. If the company pays $485 in cash to this account within ten days, how much will be debited to Accounts Receivable?
A. $485; B. $500; $435; D. $470.45
13. A company uses a FIFO perpetual inventory system. In August, it carried out the following operations:
August 1, 8 units with Initial inventory at $11 per unit.
On August 2, 25 units purchased at $12 per unit.
August 15, 12 units were sold at $25 per unit.
August 18, 15 units purchased at $14 per unit.
August 20. 18 units sold at $25 per unit
August 28. 14 units sold at $26 per unit
What was the amount of inventory ending and cost of sales for the month of August?
14. A company established a petty cash fund on March 1 of the current year and experienced the following transactions during the month that affected the fund:
Mar.1 established a $300 small vault fund.
5 Paid $45 to buy rest room supplies
8 A company reimbursed an employee of $35 spent traveling to a meeting.
He paid $30 for the purchase of 16 stationery and $23 for postage.
22 Freight paid for inventory purchase, FOB shipping under perpetual inventory system.
25 Cleaning expense $45
30 Paid emergency vehicle repairs cost $63
31 Cash on hand balance $22
Required : Prepare the journal entry to repay the fund on March 31.
Expert Answer:
The company purchased 1500 of merchandise on credit with terms of 315 n30 If the company pays 485 in ... View the full answer
