On may 1 anders company purchased merchandise

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Web17 de dez. de 2024 · On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. - 14222315 Web9 de nov. de 2024 · Dr Merchandise Inventory 5,800 Cr Accounts Payable 5,800; Explanation: The only records that Anders Company should make on May 1 regarding …

Question QUESTION 5 On May 1, Shilling Company, Inc. sold merchandise ...

WebASK AN EXPERT. Business Accounting A company purchased $4,500 of merchandise on May 1 with terms of 2∕10, n∕30. On May 6, it returned $250 of that merchandise. On May 8, it paid the balance owed for merchandise, taking any discount it is entitled to. The cash paid on May 8 is a. $4,500. c. WebTax for P380,000. 2. On June 1, 2012, Jeanah Company sold merchandise with a list price of P5,000,000 to a. C. Debit Accounts Receivable for P5,500,000 and credit Sales for P5,000,000 and Output customer. The entity allowed trade discounts of 20% and 10%. Credit terms were 5/10, n/30. howard county dpw director

On may 1. anders company purchased merchandise in the …

WebVIDEO ANSWER: Okay, okay. We're going to look at the business that uses the perpetual inventory system. The company bought 4,000 dollars worth of stuff. 150 freight and 100 freight were paid by this company to get the goods. All of the purchases were WebStudy with Quizlet and memorize flashcards containing terms like A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 … howard county ebo directory

On May 1, Anders Company purchased merchandise in the …

WebOn March 1, KB Shop had $450,000 of inventory at cost. In the first quarter of the year, it purchased $1,590,000 of merchandise, returned $23,100, and paid freight charges of $37,600 on purchased merchandise, terms FOB shipping point. The company's gross ; A company purchased merchandise inventory at a cost of $8,500 with credit terms 2 10, … Web18 de ago. de 2024 · Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Aron.) Aug. 1 Purchased merchandise from Aron … how many inches in 25cmWebA company's gross profit (or gross margin) was $84,000 and its net sales were $350,000. Its gross margin ratio is: Debit Merchandise Inventory $9,750; credit Accounts Payable … how many inches in 2.4 meters

"Web7 de abr. de 2024 · Question On May 1, Anders Company, Inc. purchersed merchandiso in the amount of $5,800 from shiling, with credit ... Courtland Company purchased merchandise from Cox Supply Company for $3,650 FOB shipping point with credit terms 2/10/n/30. Culver Freight Company charged $350 to deliver the merchandise, which … " - On may 1 anders company purchased merchandise

On may 1 anders company purchased merchandise

P04b The Accounting Process Merchandising Business

Web13 de fev. de 2024 · Amount of merchandise purchased = $5,800. Credit terms = 2/10 and n/10. By using a perpetual system and gross method, Thus, the Journal entry will be as follows: On May 1, Merchandise inventory A/c Dr. $5,800 To accounts payable $5,800 (To record the purchase of merchandise on account at May 1) WebA company reports net sales of $600,000, cost of goods sold of $200,000, and net income of $100,000. Its gross profit equals: $400,000. Net Sales- Cost of goods sold= gross …

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WebAccounting questions and answers. TB MC Qu. 04-111 (Static) On May 1, Anderson Company purchased... 17 On May 1 Anderson Company purchased merchandise in the amount of $5800 from Shilling, with credit term of 2/10,n/30 Anderson uses the perpetual inventory system and the gross method. The journal entry that Anderson will make on … WebAccounting questions and answers. TB MC Qu. 04-111 (Static) On May 1, Anderson Company purchased... 17 On May 1 Anderson Company purchased merchandise in …

Web21 de jun. de 2024 · Correct answers: 2 question: On may 1. anders company purchased merchandise in the amount of $5,800 from shilling, with credit terms of 2/10, n/30. … WebOn May 1, Anders Company purchased merchandise in the amount of $5,800 from Shilling, with credit terms of 2/10, n/30. Anders uses the perpetual inventory system and …

WebTransportation costs were an additional $350. The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total … Web2 de abr. de 2024 · Question. QUESTION 5 On May 1, Shilling Company, Inc. sold merchandise inthe amount of $5,800 to Anders, with credit terms of 2/10, n/30.The cost of the items sold is $4,000. Shilling uses the perpetualinventory system. The journal entry or entries that Shilling willmake on May 1 is: Accounts receivable 5,800 Sales 5,800 Cost …

WebStudy with Quizlet and memorize flashcards containing terms like If a company failed to make the end-of-period adjustment to move the amount of management fees that were …

WebQuestion: 3. On May 1, Anders Company purchased merchandise in the amount of $5,800 from Shilling, with credit terms of 2/10, 1/30. Anders uses the perpetual inventory … howard county dss addressWebQuestion 1 Answer a. Cost of units available for sale for July 1,452, Purchases for July (1,042,100) Cost of inventory – July 1 410, 325. … howard county dump marriottsvilleWeb25 de set. de 2024 · Amount of merchandise purchased = $5,800. Credit terms = 2/10 and n/10. Using a perpetual system and gross method, Therefore, the Journal entry is as follows: On May 1, Merchandise inventory A/c Dr. $5,800 To accounts payable $5,800 (To record the purchase of merchandise on account at May 1) howard county elections officeWeb11 de out. de 2024 · On may 1, anders company purchased merchandise in the amount of $5,800 from shilling, with credit terms of 2/10, n/30. anders uses the perpetual inventory - 6005538 howard county dss officeWebOn May 1, Shilling Company, Inc. sold merchandise in the amount of 5,800 to Anders, with credit term of 2/10/, n/30. The cost of the items sold is 4,000. Shilling uses the perpetual inventory system. The journal entry or entries that Shilling will make on; A company sold merchandise with a cost of $221 for $350 on account. how many inches in 245mmWebAnswers: 2 on a question: On may 1. anders company purchased merchandise in the amount of $5,800 from shilling, with credit terms of 2/10, n/30. anders uses the perpetual … howard county ems billingWebHercules Company purchased a computer for $4500 on December 1. ... The steps in the accounting cycle for a merchandising company are the same as those in a service company except: a. an additional adjusting journal entry for inventory may be needed in a merchandising company. b. howard county emergency rental assistance