In June 2022, Gold Tempo Retailers sold refundable merchandise coupons. Gold Tempo received P10 for each coupon redeemable from July 1 to December 31, 2022 for merchandise with a retail price of P11. At June 30, 2022, how should Gold Tempo report these coupon transactions? A. Unearned revenues at the merchandise’s retail price B. Unearned revenues at the amount of cash received C. Revenues at the merchandise’s retail price D. Revenues at the amount of cash received

In June 2022, Gold Tempo Retailers sold refundable merchandise coupons. Gold Tempo received P10 for each coupon redeemable from July 1 to December 31, 2022 for merchandise with a retail price of P11. At June 30, 2022, how should Gold Tempo report these coupon transactions? A. Unearned revenues at the merchandise’s retail price B. Unearned revenues at the amount of cash received C. Revenues at the merchandise’s retail price D. Revenues at the amount of cash received

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.
During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the purchases? • How much is the invoice price? • Who is the seller?
ABC has the following transactions during 2020:1. On March 1, 2020, ABC sold merchandise on account to Customer 1 for €7,750. ABCoffers a cash-discount of 2% if payment is made within 20 days of the sale. Otherwisethe full amount, net of returns and allowances, is due in 30 days.2. On March 10, 2020, Customer 1 returned merchandise worth €1,550 to ABC.1. 3.On March 15, 2020, Customer 1 paid for the merchandise.3. On April 1, 2020, ABC loaned €10,000 to XZ with a 1-year, 10% note.4. On November 1, 2020, received a €4,000, 6-month, 5% note in exchange for Customer’s2 outstanding accounts receivable.5. On December 16, 2020, sold merchandise to Customer 3, receiving a €4,500, 3-months,8% note.6. On December 31, 2020, the interest revenue accrued is recognized on all notesreceivable. a. Record the collection of note receivable as their mature in 2021.
During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the accounts payable? • How much is the discount if paid in full within the discount period? • How much is the accounts receivable?
During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. • How much is the sale? • How much is cash paid if within the discount period? • Who is the buyer?
On February 1, 2020, ABC Corporation sells $300,000 of merchandise on account. The payment terms are 3/10, n/30. If the customer pays on February 11, ABC's journal entry on that date will: O a. Debit loss on accounts receivable for $9,000 and credit accounts receivable for $300,000. O b. Debit cash for $300,000 and credit Sales discounts for $9,000. O c. Debit cash for $291,000 and debit selling expense for $9,000. O d. Debit sales discounts for $9,000 and credit accounts receivable for $300,000. A Click Submit to complete this assessment. «< Question 28 of 28 Save and Submit 10:45 AM Type here to search 5/5/2021 DELL F5 F6 F7 F8 F9 F10 F11 F12 PrtScr Insert Delete F1 F2 F3 F4 10) @ # $ % & ) + Backspace 1 2 4 5 6 7 8 9 Q W E R T Y P
On November 2, 2022, Swifty Company has cash sales of $6050 from merchandise having a cost of $3600. The entries to record the day's cash sales will include: a $6050 debit to Accounts Receivable. • a $3600 credit to Cost of Goods Sold. a $3600 credit to Inventory. ● a $6050 credit to Cash.
PROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under credit. terms of 10%, 15%, 3/10 2/15 1/20 n/30. 1. How much should be debited to Accounts receivable on January 1, 2022, under the net method? 2. Assuming the customer settled its account on January 11, 2022, what amount should be recognized as sales discount under the gross method? 3. Assuming the customer settled its account on January 16, 2022, what amount should be recognized as sales discount forfeited under the allowance method? 4. Assuming the customer settled its account on January 21, 2022, what amount should be recognized as sales discount forfeited under the net method? 5. Assuming the customer settled its account on January 31, 2022, what amount should be recognized as sales discount under the allowance method?
Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?
Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
GRAPEFRUIT Co. Uses the NET method to record sales made on credit. On June 10, 2023, it made sales of ₱100,00 with terms 2/10, n/30 to FIG Farms, Inc. On June 19, 2023, GRAPEFRUIT received payment for 1/2 the amount due from FIG Farms. GRAPEFRUIT’s fiscal year end is on June 30, 2023. What amount will be reported in the statement of financial position for the accounts receivable from FIG Farms, Inc? A. ₱49, 000 B. ₱50, 000 C. ₱48, 000 D. ₱51, 000