Journalize the following transactions for the seller, Williams Company, using the gross method to account for sales discounts.Assume a perpetual inventory system. Make sure to enter the day for each separate transaction.December 7Sold goods costing $4,800 to Evans Company on account, $8,000, terms 1/10, n/30. The goods are soldFOB shipping_point, freight prepaid by seller, $380.December 13. Evans Company returned damaged merchandise previously purchased on account, $1,600.December 18 Received the amount due from Evans Company.Note: The entry to record the shipping payment to the delivery company is not required in this problem.DateAccount TitleDebitCredit$01Aa Dropdown Options are:- Account Payable - Account Receivable - Cash - Cost of Good Sold Purchase Discounts Lost - Freight Out - Merchandise Inventory - Prepaid Rent - Rent Expense - Sales - Sales Discounts - SalesReturn and Allowances Supplies - Supplies Expense

Journal entries are a part of the accounting system which identifies, evaluates, and records the…

Journalize the following transactions for the seller, Williams Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. December 7 December 13 December 18 Evans Company returned damaged merchandise previously purchased on account, $1,600. Received the amount due from Evans Company. Note: The entry to record the shipping payment to the delivery company is not required in this problem. Sold goods costing $4,800 to Evans Company on account, $8,000, terms 1/10, n/30. The goods are sold FOB shipping_point, freight prepaid by seller, $380. Date Account Title Debit Credit 61)

Journalize the following transactions for the seller, Williams Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. December 7 December 13 December 18 Evans Company returned damaged merchandise previously purchased on account, $1,600. Received the amount due from Evans Company. Note: The entry to record the shipping payment to the delivery company is not required in this problem. Sold goods costing $4,800 to Evans Company on account, $8,000, terms 1/10, n/30. The goods are sold FOB shipping_point, freight prepaid by seller, $380. Date Account Title Debit Credit 61)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 1QY: Which of the following is true about the Sales Returns and Allowances account? a. It is used to...

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Availabe Options Are: Sales Discount Credit Period Discount Period FOB Shipping Point FOB Destination Merchandise Inventory Gross Profit Purchases Discount
this is what the drop down options looks like Accounts Payable-Foster Co. Accounts Receivable-Foster Co. Cash Cost of Merchandise Sold Merchandise Inventory Accounts Payable-Foster Co. Accounts Receivable-Foster Co. Cash Merchandise Inventory Sales Returns and Allowances
In accountinf for sales discounts, most companies use the a. Allowance method b. Gross price method c. Discounted price method d. Net price method
Which of the following is true about the Sales Returns and Allowances account? a. It is used to record the sale of merchandise. b. It is used to record the reduction of inventory. c. It is a contra account, deducted from sales. d. It is used to record discounts for prompt payment. e. None of the above.
Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
Decreases in the seller's receivable from a customer's return of merchandise or from granting the customer an allowance from the amount owed to the seller. Select one: O a. Freight Out b. Purchases Discount and Allowances c. Freight In d. Sales Discount and Allowances
1. Net purchases equal the invoice amount and?a. plus freight-in, plus discountsb. less purchase returns, plus purchase allowancec. plus freight-in, less purchase discountsd. plus discounts, less purchase returns 2. Cost of Goods Sold is classified as which type of account?a. Assetb. Liabilityc. Revenued. Expense
In a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and allowance Cr. Account receivable (b) Dr. sales Cr. Account receivable (c) Dr. Sales Cr. Merchandise inventory (d) Dr. Sales return and allowance Merchendise inventory Cr. Account receivable Cost of good solds
C. As the auditor of STUVWXYZ Partnership Ltd., you discovered the following transaction entries made in 2022 to the Cost and Expense Account control ledger. The respective contra accounts used by the accountant are indicated respectively. The company uses periodic method of recording inventories. Cost and Expense Account Purchase of raw materials P357,657 Purchase discount on purchase of raw Payment of utility bills Salaries of administrative personnel Salaries of sales personnel Commission paid to personnel Payment of machine maintenance Depreciation of building Wages of factory workers Loss incurred on sale of inventories (value of impaired inventories P70,0000 20,000 Sales discount granted to customers 27,300 materials P2,750 29,430 Gain on sale of raw materials, on account 5,000 35,785 22,570 10,530 85,200 Purchase return for defective items 22,470 77,800 15,320 Notes: 1. For debit transactions, the accountant used cash or accounts payable as the credit or contra account 2. For…
Amounts due from customers that are expected to be collected in the current operating cycle and do not charge interest are known as: Group of answer choices sales returns & allowances cost of goods sold accounts receivable notes receivable The allowance method of estimating uncollectible accounts is widely-used because it follows this principle: Group of answer choices Matching Going-concern Revenue Recognition Cost
Sales Revenue is a(n) Multiple Choice O account and asset; Sales Discounts revenue: Sales Returns and Allowances revenue; Cost of Goods Sold liability; Gross Profit is an expense account.
1. From page 5-2 of the VLN, which of the following accounts are subtracted from sales to compute Net sales? Allowance for uncollectible accounts Deferred revenue Sales discounts Sales returns and allowances Accumulated depreciation Trade discount Group of answer choices A. 1 - 6 B. 2, 3, 4, and 6 C. 3 and 4