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Accounting question! please help!?
1. Merchandise is sold on account to a customer for $9,200, terms FOB shipping point, 2/10, n/30. The seller paid the transportation costs of $638. Determine the following:
a. Amount of sale
$
b. Amount debited to Accounts Receivable
$
c. Amount of the discount for early payment
$
d. Amount due within the discount period
$
2. Shafer Company's perpetual inventory records indicate that $518,900 of merchandise should be on hand on October 31, 2008. The physical inventory indicates that $500,300 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Shafer Company for the year ended October 31, 2008.
_________________ Debit $___________
__________________ Credit $___________
1 Answer
- SandyLv 71 decade agoFavorite Answer
1. Merchandise is sold on account to a customer for $9,200, terms FOB shipping point, 2/10, n/30. The seller paid the transportation costs of $638. Determine the following:
a. Amount of sale
$9,200
b. Amount debited to Accounts Receivable
$9,838
c. Amount of the discount for early payment
$184
d. Amount due within the discount period
$9,654
2. Shafer Company's perpetual inventory records indicate that $518,900 of merchandise should be on hand on October 31, 2008. The physical inventory indicates that $500,300 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Shafer Company for the year ended October 31, 2008.
COGS Debit $18,600
Merchandise inventory Credit $18,600
