ANSWER Mar 29 Cash 4250 Accounts Receivable DIFFICULTY Easy Blooms Applying

Answer mar 29 cash 4250 accounts receivable

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ANSWER: Mar. 29 Cash 4,250 Accounts Receivable DIFFICULTY: Easy Bloom’s: Applying LEARNING OBJECTIVES: ACCT.WARD.18.06-02 – 06-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 193. Journalize the following merchandise transactions: Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the merchandise sold was $12,600. Received payment within the discount period. ANSWER: (a) Accounts Receivable 16,954 Sales Cost of Merchandise Sold 12,600 Merchandise Inventory (b) Cash 16,954 Accounts Receivable DIFFICULTY: Moderate Bloom’s: Applying LEARNING OBJECTIVES: ACCT.WARD.18.06-02 – 06-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic
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194. Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Freight Terms Returns and Allowances $4,500 $140 FOB shipping point, 2/10, net 30 $1,200 7,650 $200 FOB destination, 1/10, net 45 450 ANSWER: (a) $3,374 (b) $7,128 DIFFICULTY: Moderate Bloom’s: Applying LEARNING OBJECTIVES: ACCT.WARD.18.06-02 – 06-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 195. Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the merchandise sold is $38,500. Batson Co. paid the invoice within the discount period. Prepare the entries that both Sampson and Batson would record for the above. Assume both Sampson and Batson use a perpetual inventory system. ANSWER: Sampson Co. Journal Entries: Accounts Receivable—Batson Co. 45,080 Sales 45,080 Cost of Merchandise Sold 38,500 Merchandise Inventory 38,500 Cash 45,080 Accounts Receivable—Batson Co. 45,080 Batson Co. Journal Entries: Merchandise Inventory 45,080 Accounts Payable—Sampson Co. 45,080 Accounts Payable—Sampson Co. 45,080
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Cash 45,080 DIFFICULTY: Challenging Bloom’s: Applying LEARNING OBJECTIVES: ACCT.WARD.18.06-02 – 06-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 196. Which of the following costs would be included in merchandise inventory? Purchase price Insurance in transit FOB shipping point Freight for delivery FOB shipping point Repair due to negligence of receiving clerk Receiving department employee salary Cost of processing purchase orders ANSWER: (a), (b), and (c) DIFFICULTY: Easy Bloom’s: Understanding LEARNING OBJECTIVES: ACCT.WARD.18.06-02 – 06-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 197. On March 4, Micro Sales makes $4,850 in sales on bank credit cards that charge a 2.5% service charge and deposits the funds into Micro Sales’ bank accounts at the end of the business day. Journalize the sales and recognition of expense as a single journal entry.
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