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Ronch
2 months ago
15

Stylon Co., a women's clothing store, purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10,

n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $7,500, receiving a credit memo. a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank. b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank. c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank. d. Journalize Stylon's entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Business
1 answer:
Katen [3.5K]2 months ago
5 0

Answer:

Stylon Company.

General Journal

Using the Net Method

The following journal entries were executed using the net method.

Sr. No Description Debit Credit

a. Merchandise Inventory 47040

Accounts Payable 47040

Acquisition of $48,000 of merchandise from a supplier on credit, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system

b. Accounts Payable 7350

Merchandise Inventory 7350

Stylon returned merchandise totaling $7,500.

c. Accounts Payable 39690

Cash 39690

Stylon's entry to record payment made within the discount time frame of 10 days

d. Discount Lost 810

Accounts Payable 810

Accounts Payable 40500

Cash 40500

Stylon's entry for the payment registered beyond the 10-day discount period.

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Han Corp's sales last year were $425,000, and its year-end receivables were $52,500. The firm sells on terms that call for custo
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Answer:

d. 15.09

Explanation:

425,000 sales

52,500 AR

within a year consisting of 365 days

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45.09 - 30 = 15.09

on average, customers clear their payments within 45 days.

This means they are paying, on average, 15.09 days later than the given credit terms.

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6 0
3 months ago
I sell bottled water that costs me $1 to produce. I mark each bottle up by $2. What is my margin on price
Katen [3525]

Answer:

50%

Explanation:

To determine the margin on price, calculate the variance between the selling price and production cost, then divide that result by the product's price:

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3 0
1 month ago
Runnin' Wild Family Fun Center bought new go-karts for its recreation facility. The useful life is 6 years. The go-karts had a t
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Explanation:

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