Answer:
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Answer:
$17,820
Explanation:
Data provided in the question:
Catalog price of the merchandise = $30,000
Trade discount received = 40%
The amount of discount received = 40% of $30,000
= 0.4 × $30,000
= $12,000
Therefore,
Cost of Merchandise = Catalog price - Discount
= $30,000 - $12,000
= $18,000
also,
credit terms = 1/10, n/30
since, the payment was made within the discount period
1% of discount will be provided
thus,
amount of discount = 1% of cost of merchandise
= 0.01 × $18,000
= $180
hence,
Net cost of the merchandise
= Cost of merchandise - Discount on credit terms
= $18,000 - $180
= $17,820
Answer:
Dr Cash $310,400
Dr Factoring expense$9,600
Cr Account receivable $320,000
Explanation:
Preparation of the journal entry to record the sale of the receivables on Morales Company's books.
Dr Cash $310,400
($320,000-$9,600)
Dr Factoring expense$9,600
($320,000*3%)
Cr Account receivable $320,000
(Being to record the sale of the receivables on Morales Company's books
Answer:
Explanation:
The journal entries are shown below:
1. Petty cash A/c Dr $264.2
To Cash A/c $264.2
(Being petty cash fund established)
2. Freight - in expense A/c Dr $75
Supplies expense A/c Dr $40
Postage expense A/c Dr $48
Loan to employees A/c Dr $32
Miscellaneous expense A/c Dr $51
Cash over and short A/c Dr $2.9
To Cash A/c Dr $248.9 ($264.2 - $15.3)
(Being disbursement of cash recorded)
3. Petty Cash A/c Dr $115
To Cash A/c $115
(Being increase in petty cash recorded)
