Purchases, discounts and returns

Part 1. Perform the following exercises of different transactions where purchases, discounts and returns are made.

1) Librera Nuevo Amanecer sold 650 books on credit at $ 20.00 each with a sales term of 2/10 n / 30. The cost of the books sold is $ 7,500. After selling the books, the customer returned 40 books because they were damaged. The customer then paid the balance owed on the fifth day after purchasing the books. Jornalizes the sale, the return and the payment made by the customer. Indicate the gross profit that Librera Nuevo Amanecer obtained from this sale.

2)Computadoras y Ms offers discounts to its customers and allows the customer to return the product if they are not satisfied. Computadoras y Ms had sales of $ 865,000 and offers the customer a payment term of 3/12 n / 30. The company received $ 10,000 in returned items. Cost of goods sold for the period after returns was $ 320,000. Calculate the net profit and the gross profit.

3) Princess Jewelry purchased inventory for $ 7,000 on credit to Wholesale Jewelry on February 2. The term of sale they offered was 3/10 n / 30. When they received the merchandise there were some broken pieces for a total value of $ 800.00, which they returned to Wholesale Jewelery. On February 8, Princesa Jewelry paid the balance owed. Jornalize the purchase, the return and the payment made.

Part 2. Make the following purchases, sales and returns entries.

Ferretera Amigos carried out the following transactions during the month of March:

Date Transaction

( MARCH)

2 $ 12,000 in inventory was purchased on credit with a term of 2/13 n / 30 and FOB shipping point.

4 Merchandise was returned for $ 400 from the purchase made on March 2 because it was defective.

6 Shipping for the purchase of inventory purchased on March 2 was paid.

11 Inventory was sold on credit to a customer for $ 5,000 with a sell term of 2/10 n / 30.

12 The amount owed for the purchase of March 2 was paid.

15 Customer was offered an allowance on the March 11 purchase.

20 The customer who made the purchase on the 11th paid in full with the corresponding discounts.