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can you help me answer these On January 1st, ABC sells 20 widgets to XYZ company for $10,000 (the cost to ABC was $6,000 ).
can you help me answer these
On January 1st, ABC sells 20 widgets to XYZ company for $10,000 (the cost to ABC was $6,000 ). The terms of the sale are 2/10 net 30 . FOB shipping point. What is XYZ 's entry if payment is made on January 13 th? Debit cash $10,000 and credit accounts payable $10,000 Debit accounts payable $10,000 and credit cash $10,000 Debit accounts payable $10,000 and credit cash $9,800, credit inventory $200 Debit cash $9,800 debit inventory $200 and credit accounts payable $10,000 None of the answer choices Question 3 ( 2 points) On Jan 1st, ABC sells $10,000 of widgets to ZYX company(the widgets cost ABC $7,000). ZYX company paid cash for the widgets. What is the entry for ABC on Jan 1st? Debit inventory $7,000, debit sales revenue $10,000 and credit cost of goods sold $7,000 and credit cash $10,000 Debit cost of goods sold $7,000, debit cash $10,000 and credit inventory $7,000, credit sales revenue $10,000 Debit cash $10,000 and credit inventory $10,000 Debit inventory $10,000 and credit cash $10,000 On January 1st, ABC sells 10 widgets to XYZ company for $5,000 (the cost to ABC was $3,000). The terms of the sale are 2/10 net 30 . FOB destination. What is ABCs entry if payment is made on January 7 th? Debit accounts receivable $5,000 and credit cash $5,000 Debit cash $4,900 debit sales discounts $100 and credit accounts receivable $5,000 None of the answer choices Debit accounts recelvable $5,000 and credit cash $4,900, credit sales discounts $100 Debit cash $5,000 and credit accounts receivable $5,000 Question 5 ( 2 points) On January 1st, ABC sells 20 widgets to XYZ company for $10,000 (the cost to ABC was $6,000 ). The terms of the sale are 2/10 net 30 . FOB shipping point. What is XYZs entry for freight charges of $200 ? None of the answer choices Debit cash $200 and credit dellvery expense $200 Debit cash $200 and credit inventory $200 Debit delivery expense $200 and credit cash $200 Debit inventory $200 and credit cash $200 On January 1st, ABC sells 20 widgets to XYZ company for $10,000 (the cost to ABC was $6,000 ). The terms of the sale are 2/10 net 30 . FOB destination. What is XYZ 's entry on January 1st? Debit sales revenue $10,000, debit inventory $6,000 and credit accounts recelvable $10,000 credit cost of goods $6,000 Debit inventory $10,000 and credit accounts payable $10,000 Debit cost of goods sold $6,000, debit accounts receivable $10,000, credit inventory $6,000 and credit sales revenue $10,000 Debit accounts payable $10,000 and credit inventory $10,000 None of the answer choices Question 7 ( 2 points) On January 1st, ABC sells 20 widgets to XYZ company for $10,000 (the cost to ABC was $6,000). The terms of the sale are 2/10 net 30 . FOB shipping point. What is ABC 's entry if payment is made on January 6 th? Debit cash $9,800 debit sales discounts $200 and credit accounts receivable $10,000 Debit accounts recelvable $10,000 and credit cash $10,000 Deblt cash $10,000 and credit accounts recelvable $10,000 Debit accounts receivable $10,000 and credit cash $9,800, credit sales discounts $200 ABC company purchases 10 widgets for resale on credit for $3,000. Debit cash $3,000 and credit inventory $3,000 Debit inventory $3,000 and credit accounts payable $3,000 Debit accounts payable $3,000 and credit inventory $3,000 Debit inventory $3,000 and credit cash $3,000 None of the answer choices Question 9 ( 2 points) ABC company purchases 20 widgets for resale on credit for $5,000. Debit accounts payable $5,000 and credit inventory $5,000 Debit cash $5,000 and credit inventory $5,000 Debit inventory $5,000 and credit accounts payable $5,000 Debit inventory $5,000 and credit cash $5,000 None of the answer choices Step by Step Solution
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