Business, 02.03.2020 21:16 mat1413

(a) On March 2, Sage Hill Company sold $891,900 of merchandise to Oriole Company on account, terms 3/10, n/30. The cost of the merchandise sold was $527,400. (b) On March 6, Oriole Company return $114,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $64,100. (c) On March 12, Sage Hill Company received the balance due from Oriole Company.

Answers: 1

Show answers

Answers

Answer from: tfaulk2884

See explanation section.

Explanation:

Sage Hill Company

Journal entries

Requirement A.

March 2 Account receivable - Oriole Company debit $891,900

Sales revenue credit $891,900

Note: Assume that the company used gross method under a perpetual inventory system, during the sales, the company did not deduct the discount.

Cost of good sold Debit $527,400

Merchandise inventory Credit $527,400

Note: Under the perpetual inventory system, a seller has to record cost of good sold journal.

Requirement B & C.

March 6 Sales Returns and Allowances Debit $114,400

Account Receivable Credit $114,400

Note: As the company did not calculate the cost of return goods, we did not give the cost of merchandise journal.

March 12 Cash Debit $891,900

Sales Discounts Debit $26,757

Account Receivable Credit $891,900

Note: Calculation: (891,900-(891,900 × 3%) = (891,900 - 26,757) = $865,143.

As the company received the amount with in the discount period, the customer got the discount from the seller.

Answer from: Quest

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

Answer from: Quest

The correct answer would be d if you are on edgenuity.

Another question on Business

Business, 22.06.2019 11:50

After graduation, you plan to work for dynamo corporation for 12 years and then start your own business. you expect to save and deposit $7,500 a year for the first 6 years (t = 1 through t = 6) and $15,000 annually for the following 6 years (t = 7 through t = 12). the first deposit will be made a year from today. in addition, your grandfather just gave you a $32,500 graduation gift which you will deposit immediately (t = 0). if the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?

Answers: 1

Answer

Business, 22.06.2019 14:50

Prepare beneish corporation's income statement and statement of stockholders' equity for year-end december 31, and its balance sheet as of december 31. there were no stock issuances or repurchases during the year. (do not use negative signs with your answers unless otherwise noted.)

Answers: 2

Answer

Business, 22.06.2019 20:50

Many potential buyers value high-quality used cars at the full-information market price of € p1 and lemons at € p2. a limited number of potential sellers value high-quality cars at € v1 ≤ p1 and lemons at € v2 ≤ p2. everyone is risk neutral. the share of lemons among all the used cars that might be potentially sold is € θ . suppose that the buyers incur a transaction cost of $200 to purchase a car. this transaction cost is the value of their time to find a car. what is the equilibrium? is it possible that no cars are sold

Answers: 2

Answer

Business, 22.06.2019 21:10

Kinc. has provided the following data for the month of may: inventories: beginning ending work in process $ 17,000 $ 12,000 finished goods $ 46,000 $ 50,000 additional information: direct materials $ 57,000 direct labor cost $ 87,000 manufacturing overhead cost incurred $ 63,000 manufacturing overhead cost applied to work in process $ 61,000 any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. the adjusted cost of goods sold that appears on the income statement for may is:

Answers: 3

Answer

You know the right answer?

(a) On March 2, Sage Hill Company sold $891,900 of merchandise to Oriole Company on account, terms 3...

Questions