Homework Accounting Chapter 5

In: Business and Management

Submitted By NICKHUN25031994
Words 2511
Pages 11
Assisnment PrintView

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10 points priceof purchased with an invoice taos Company merchandise resalefrom TusconCompany for Taospaidwithin the n160. merchandise costTuscon The had and termsof 2110, $14,322. $21,000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts Debit l,:J l Credit | 21,000

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(Omitthe "$" sign in your response.) Prepare record thesale. for 2(a) entries theseller that should General Journal lAccountsreceivable l:l
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Assume that the buyerborrowed enough cashto pay the balance the lastday of the discount on period an annual period. at interest of 11o/o paidit backon the lastdayof thecredit rate and Compute (Use 365 days a year. Round your how much the buyer saved by following this strategy. intermediate calculations and final answerto 2 decimalplaces.Omit the "$" sign in your response.)
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