Vaughn Company sells merchandise on account for $5300 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company returns $700 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Vaughn Company make upon receipt of the check? O O O O Cash Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable Cash Sales Returns and Allowances Sales Discounts Accounts Receivable Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 4554 746 4600 4554 700 46 5247 53 5300 4600 5300 700 4600

Vaughn Company sells merchandise on account for $5300 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company returns $700 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Vaughn Company make upon receipt of the check? O O O O Cash Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable Cash Sales Returns and Allowances Sales Discounts Accounts Receivable Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 4554 746 4600 4554 700 46 5247 53 5300 4600 5300 700 4600

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15MC: A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize...

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Similar questions

A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods sold
Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
Pharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of 2/15, n/30. Riverbed Company returns $150 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?
Oriole Company sells merchandise on account for $7800 to Sunland Company with credit terms of 2/13, n/30. Sunland Company returns $1200 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? $6468 $7668 $7644 $6600
Pharoah Company sells merchandise on account for $3600 to Morton Company with credit terms of 2/14, n/30. Morton Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Pharoah Company make upon receipt of the check? Cash    2940 Sales Returns and Allowances 600 Sales Discounts 60           Accounts Receivable    3600 Cash    2940 Sales Returns and Allowances 660           Accounts Receivable    3600 Cash 3000           Accounts Receivable    3000 Cash    3528 Sales Discounts 72           Sales Returns and Allowances 600           Accounts Receivable    3000
Help me with the solution: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700.  The invoice is dated on May 1 with terms of 1/15, net 45.  What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
Help me with the problem: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700.  The invoice is dated on May 1 with terms of 1/15, net 45.  What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
Mindful Corporation sells merchandise on account for $5,000 to Absent Corporation with credit terms of 2/10, n/30. Absent returns $750 of merchandise that was damaged, along with a cheque to settle the account within the discount period. What is the amount of the cheque? a) 4,900 b) 4,250 c) 5,000 d) 4,165
Ball Company sells merchandise on account for $1,500 to Edds Company with credit terms of 2/10, n/30. Edds Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? Question 9 options: A) $1,470 B) $1,476 C) $1,176 D) $1,200
Nieman Company purchased merchandise on account from Springhill Company for $12,100, terms 2/10, n/30. Nieman returned merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Nieman Company to record the return?