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gtnhenbr [62]
2 years ago
12

Transactions for Buyer and Seller Sievert Co. sold merchandise to Vargas Co. on account, $148,600, terms FOB shipping point, 2/1

0, n/30. The cost of the merchandise sold is $89,160. Sievert Co. paid freight of $2,100. Assume that all discounts are taken. Journalize Sievert Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank.
Business
1 answer:
g100num [7]2 years ago
8 0

Answer:

Part a

Debit : Accounts Receivable - Vargas Co. $148,600

Debit : Cost of Sales $89,160

Credit : Sales Revenue $148,600

Credit : Merchandise $89,160

Part b

Debit : Freight Expenses $2,100

Credit : Cash $2,100

Part c

Debit : Cash $133,740

Debit : Discount allowed $14,860

Credit : Accounts Receivable - Vargas Co. $148,600

Explanation:

A corresponding cost of sales must be recorded each time a sale is made. The freight costs are company costs for Sievert Co. and will be expensed in the income statement.

The payment due is at 90 % after the discount of 10% given that the payment is made within the credit term of 30 days.

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Accounts receivable                      1,111

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Prepaid expenses and

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Total current assets                           $2,720

Property, Plant, and Equipment (net):

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Land and improvements                            7

Machinery, equipment, and software   504

Other noncurrent assets                       658  

Accumulated depreciation                   (509)

Property, Plant, and Equipment (net) $894

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a) Data and Calculations:

Current Assets:

Cash and cash equivalents                     $893  

Accounts receivable                      1,111

Allowance for doubtful accounts   (16)  1,095

Inventories                                                340

Prepaid expenses and

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Total current assets                           $2,720

Property, Plant, and Equipment (net):

Buildings and improvements              $ 234

Land and improvements                            7

Machinery, equipment, and software   504

Other noncurrent assets                       658  

Accumulated depreciation                   (509)

Property, Plant, and Equipment (net) $894

Other Assets:

Goodwill                                             $ 593

Other intangibles               1,123

Accumulated amortization

(other intangibles)              798          325

Other assets                                      $918

8 0
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