Chapter 5 Bus1A Homework
Assisnment PrintView
Page of 12 I
C*N,WL awar0: 4
t .
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
*****-**r*i i {"?1,oqa
(Omitthe "$" sign in your record the cashpayment. for 1(b)Prepare entries that the buyershould response.) General Journal
*-
Debit
Credit
lAccil
*;-i"*"t"il I M"'"h;;.ld
I Cash
*" lLiulil
f)?;ooDl420
f ;t58r
Debit Credit
(Omitthe "$" sign in your response.) Prepare record thesale. for 2(a) entries theseller that should General Journal lAccountsreceivable l:l
-ffi
r*Tiw6f*TTWI' f 74"'?*
ry--**ffi
{t6 f soods sotd llvr"r"n"nclr"
f*-14)2-
(Omitthe "$" sign in your 2(b)Prepare for entries that the sellershould record the cashcollection. response.) General Journal I Cash l S a l e sd i s c o u n t s LJ ***'*"*1*1 t :,1
Debit
Credit
f-ffiH8r f* 420
r?Criivabil********-**i*1,.] fAccountJ
I zUaii
Assume that the buyerborrowed enough cashto pay the balance the lastday of the discount on period an annual period. at interest of 11o/o paidit backon the lastdayof thecredit rate and Compute (Use 365 days a year. Round your how much the buyer saved by following this strategy. intermediate calculations and final answerto 2 decimalplaces.Omit the "$" sign in your response.)
Buyer'snet savings Explanation. 1.
" $:f / /o^oi)
http:II ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx
02106112
Assignment Print View
CashPayment: payable period. Paid account within discount 2% 3. Amount borrowed paywithdiscount $ 20,580 to x 11o/o Annual of interest
Page of 12 I
C*N,WL awar0: 4
t .
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
*****-**r*i i {"?1,oqa
(Omitthe "$" sign in your record the cashpayment. for 1(b)Prepare entries that the buyershould response.) General Journal
*-
Debit
Credit
lAccil
*;-i"*"t"il I M"'"h;;.ld
I Cash
*" lLiulil
f)?;ooDl420
f ;t58r
Debit Credit
(Omitthe "$" sign in your response.) Prepare record thesale. for 2(a) entries theseller that should General Journal lAccountsreceivable l:l
-ffi
r*Tiw6f*TTWI' f 74"'?*
ry--**ffi
{t6 f soods sotd llvr"r"n"nclr"
f*-14)2-
(Omitthe "$" sign in your 2(b)Prepare for entries that the sellershould record the cashcollection. response.) General Journal I Cash l S a l e sd i s c o u n t s LJ ***'*"*1*1 t :,1
Debit
Credit
f-ffiH8r f* 420
r?Criivabil********-**i*1,.] fAccountJ
I zUaii
Assume that the buyerborrowed enough cashto pay the balance the lastday of the discount on period an annual period. at interest of 11o/o paidit backon the lastdayof thecredit rate and Compute (Use 365 days a year. Round your how much the buyer saved by following this strategy. intermediate calculations and final answerto 2 decimalplaces.Omit the "$" sign in your response.)
Buyer'snet savings Explanation. 1.
" $:f / /o^oi)
http:II ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx
02106112
Assignment Print View
CashPayment: payable period. Paid account within discount 2% 3. Amount borrowed paywithdiscount $ 20,580 to x 11o/o Annual of interest