On May 2, Wildhorse sold $1,500 of merchandise to Windsor Depot with terms 2/10, n/30. On May 8, Windsor Depot returned defective goods that had a selling price of $300. On May 11, Wildhorse receives payment from Windsor Depot. . What is the amount of the cash Wildhorse received on May 11? Cash Received $ 1170 . Record the May 11 transaction for Wildhorse. (If no entry is required, select "No Entry" for the account titles and enter o for the mounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries bef redit entries.)

On May 2, Wildhorse sold $1,500 of merchandise to Windsor Depot with terms 2/10, n/30. On May 8, Windsor Depot returned defective goods that had a selling price of $300. On May 11, Wildhorse receives payment from Windsor Depot. . What is the amount of the cash Wildhorse received on May 11? Cash Received $ 1170 . Record the May 11 transaction for Wildhorse. (If no entry is required, select "No Entry" for the account titles and enter o for the mounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries bef redit entries.)

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Description: Do not give answer in image On May 2, Wildhorse sold $1,500 of merchandise to Windsor Depot with terms 2/10, n/30.On May 8, Windsor Depot returned defective goods that had a selling price of $300.On May 11, Wildhorse receives payment from Windsor Dep

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 26MC: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...

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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
A customer obtains a purchase allowance from the retailer in the amount of $220 for damaged merchandise. Which of the following represents the journal entry for this transaction if the customer has not yet remitted payment? A. B. C.
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Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764
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On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. On November 5, Al Ain Systems pays cash for the November 1 purchase. On November 7, Al Ain Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund. On November 10, Al Ain Systems pays $90 cash for transportation costs with the November 1 purchase. On November 13, Al Ain Systems sells merchandise for $1,600 on credit. The cost of the merchandise is $800. On November 16, the customer returns merchandise from the November 13 transaction. The returned items are priced at $300 and cost $130; the items were not damaged and were returned to inventory. Required: Journalize the above merchandising transactions for Al Ain Systems assuming it uses a perpetual inventory system.