Question
Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $20,600. The merchandise had cost Mesa
Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $20,600. The merchandise had cost Mesa $14,049. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment afterthe discount period. 2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period.
| No | Transaction | General Journal | Debit | Credit |
|---|---|---|---|---|
| 1 | a | Merchandise inventoryselected answer correct | 20,600selected answer correct | not attempted |
| Accounts payableselected answer correct | not attempted | 20,600selected answer correct | ||
| 2 | b | Accounts payableselected answer correct | 20,600selected answer correct | not attempted |
| Merchandise inventoryselected answer correct | not attempted | 412selected answer correct | ||
| Cashselected answer correct | not attempted | 20,188selected answer correct | ||
| 3 | c | Accounts payableselected answer correct | 20,600selected answer correct | not attempted |
| Cashselected answer correct | not attempted | 20,600selected answer correct |
Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period.
| No | Transaction | General Journal | Debit | Credit |
|---|---|---|---|---|
| 1 | a-1 | Accounts receivableselected answer correct | 20,600selected answer correct | not attempted |
| Salesselected answer correct | not attempted | 20,600selected answer correct | ||
| 2 | a-2 | Cost of goods soldselected answer correct | 14,049selected answer correct | not attempted |
| Merchandise inventoryselected answer correct | not attempted | 14,049selected answer correct | ||
| 3 | b | Sales discountsselected answer correct | ? | not attempted |
| Cashselected answer correct | not attempted | ? | ||
| 4 | c | Cashselected answer correct | ? | not attempted |
| Accounts receivableselected answer correct | not attempted | ? |
Can you please help me find the values at the end where the 4 question marks are? Thanks!
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ESG And Financial Performance The Effects Of Audit Quality And National Culture In The Nigerian And Kenyan Context
Authors: Ursule Yvanna Otek Ntsama
1st Edition
3346838838, 978-3346838834
