Landon jewelers uses the perpetual inventory system. on april 2, landon sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 3/15, n/30. the journal entry to record the cost of goods sold would be:
Solved
Show answers
More tips
- C Computers and Internet Keep Your Mouse Pad Clean: The Right Way to Clean It?...
- F Food and Cooking Homemade French Fries: The Ultimate Guide...
- D Dating, Love, Relationships How Long Can Love Last?...
- A Auto and Moto Mastering One-Movement Parking: All You Need to Know...
- C Computers and Internet How to Properly Order Clothing from International Online Stores...
- H Health and Medicine Headache: A Comprehensive Guide to Treatment...
- F Family and Home How to Choose the Best Diapers for Your Baby?...
- A Auto and Moto Discovering the Leader: What is the Most Expensive Car in the World?...
- F Food and Cooking How to Quickly Put your Child to Sleep?...
- C Computers and Internet How to Create a Website for Free and Easy?...
Answers on questions: Business
- B Business You manage a hardware store that sells gas-powered generators. Based on the document shown, what is the primary purpose of this law? A. To encourage people to prepare for...
- B Business 4. Which of the following statements about the relationship between interest rates and bond prices is true? I. There is an inverse relationship between bond prices and...
- B Business 44. Problem: PREPARE A STATEMENT OF CASH FLOWS (20 points) Based on the following data for Petra Co. for the year ending December 31, 2020 and the preceding year ended...
- B Business When production cannot meet consumer demand, the supply is referred to as a. broken b. fixed c. delayed d. insufficient...
- H History How is a time line like a number line...
- M Mathematics what are your thoughts about the choice of music style and genre in hamilton? Give reasons for your answer (write a paragraph with a few lines) please don’t waste my points...
- M Mathematics A rectangle length 34m x width 42m. what is the area of the rectangle...
- H History What would be your final thought on the movie last emperor...
- M Mathematics Write the inequality notation and graph on a number line. (-2 3)...
- B Biology Does any one know a good price on a crossing...
Ответ:
Dr Cash $6,790
Dr Sales discount $210
Cr Accounts Receivable $7,000
Explanation:
Cost of goods sold by Landon Jewelers is $7,000
The cost is subject to 3/15, n/30 meaning that 3% will discount will be applicable if payment is made in 15 days. Where the balance is not paid within 15 days, it must however be paid within 30 days.
Since payment was made to Landon Jewelers within the 15 days grace, 3% deduction will be applicable to the payment.
Therefore Sales discount would be ;
= $7,000 × 3%
=$210
Balance paid in cash would be;
=$7,000 - $210
=$6,790
Journal entry for cost of goods sold would be;
Dr Cash $6,790
Dr Sales discount $210
Cr Accounts Receivable $7,000
Sales discount is an expense hence debited while the whole amount is credited to accounts receivable.
Ответ:
I believe question 7 is true. Im sure that question 8 is false.
Explanation: