Question

Swifty’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $65000,...

Swifty’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $65000, terms 1/10, n/30. Returned $1000 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by

$63360

$64400

$63754

$63760.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
5. David’s Bridals recorded the following events involving a recent purchase of merchandise: Received goods for...
5. David’s Bridals recorded the following events involving a recent purchase of merchandise: Received goods for $180,000, terms 2/10, n/30. Returned $2,500 of the shipment for credit. Paid $600 freight on the shipment. Paid the invoice within the discount period. What was the amount of the increase in inventory as a result of the events above?
Problem 2. Details of a purchase invoice and related credit memo are summarized as follows: Invoice:...
Problem 2. Details of a purchase invoice and related credit memo are summarized as follows: Invoice: Cost of merchandise listed on purchase invoice $6,500 Prepaid freight charge added to invoice 150 Terms, FOB shipping point, 1/10, n/eom Credit memo: Cost of merchandise returned $1,500 Assume that the credit memo was received prior to payment and that the invoice is paid within the discount period. Determine the following: (a) Amount of the cash discount allowed. $___________________ Show your work: (b) Amount...
A sales invoice included the following information: merchandise price, $6,900; terms 1/10 n/eom; FOB shipping point...
A sales invoice included the following information: merchandise price, $6,900; terms 1/10 n/eom; FOB shipping point with prepaid freight of $449 added to the invoice. Assuming that a credit for merchandise returned of $1,400 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller?
1. $7,000 of merchandise inventory was ordered on September 2, 2009 2. $3,000 of this merchandise...
1. $7,000 of merchandise inventory was ordered on September 2, 2009 2. $3,000 of this merchandise was received on September 5, 2009 3. On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. 4. On September 10, 2009, $800 of the merchandise was returned to the seller. Based on the above information, what would be recorded as net purchases amount after all of...
During Year 2, the company experienced the following events: Purchased inventory that cost $5,400 on account...
During Year 2, the company experienced the following events: Purchased inventory that cost $5,400 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $490 were paid in cash. Returned $450 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. Paid the amount due on its account payable to Ross Company within the cash discount period. Sold inventory...
The general ledger of Ace company shows the following data: invoice cost of purchase 188,000, purchase...
The general ledger of Ace company shows the following data: invoice cost of purchase 188,000, purchase discount received, 10,000, purchase returns and allowances, 4,000. Merchandise inventory beg, 18,000. Total cost of merchandise purchases, 182,800, merchandise inventory end, 10,800. The cost of goods sold is 190,000. How much is the freight in?
The general ledger of Ace company shows the following data: invoice cost of purchase 188,000, purchase...
The general ledger of Ace company shows the following data: invoice cost of purchase 188,000, purchase discount received, 10,000, purchase returns and allowances, 4,000. Merchandise inventory beg, 18,000. Total cost of merchandise purchases, 182,800, merchandise inventory end, 10,800. The cost of goods sold is 190,000. How much is the freight in?
1. Determining Cost of Goods Sold For a recent year, TechMart reported sales of $39,680 million....
1. Determining Cost of Goods Sold For a recent year, TechMart reported sales of $39,680 million. Its gross profit was $9,920 million. What was the amount of TechMart's cost of goods sold? (Enter answer in millions.) $ million 2. During the current year, merchandise is sold for $106,500 cash and $562,500 on account. The cost of the goods sold is $414,800. What is the amount of the gross profit? $ 3. Using the lower of cost or market, what should...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.    Apr. 2 Purchased $5,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $370 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. 17 Sent a check to Lyon Company...
May,3 Bought merchandise on account from Huffy, $2,750, invoice D873, dated May 1; terms 1/10 N30;...
May,3 Bought merchandise on account from Huffy, $2,750, invoice D873, dated May 1; terms 1/10 N30; freight prepaid and added to the invoice, $85.50. Invoices totals $2,835.50. May, 20 Received credit memo no. 234, $335, from Huffy for merchandise returned (May 3 purchase). A. In which journal each transaction should be recorder. B. post how the entries are recorded in the journal.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT