Questions from College Accounting

Q: What is the difference between a cash discount and a trade discount

What is the difference between a cash discount and a trade discount?

Q: Record the following transactions in general journal form. a.

Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, $680 plus $54.40 sales tax (invoice no. D446). b. Bauer returned $105.50 of the merchandise. Issu...

Q: Journalize the following transactions in general journal form. a.

Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, $914; terms net 30 days; FOB destination. b. Received credit memo...

Q: Post the following entry to the general ledger and the subsidiary ledger

Post the following entry to the general ledger and the subsidiary ledger.

Q: Record the following transactions in general journal form for Ford Education Outfitters

Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, I...

Q: Record the following transactions for a perpetual inventory system in general journal

Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, $1,815.24. The cost of m...

Q: Toby Company had the following sales transactions for March: Mar

Toby Company had the following sales transactions for March: Mar. 6 Sold merchandise on account to Osbourne, Inc., invoice no. 1128, $563.17. 14 Sold merchandise on account to Ortiz Company, invoice n...

Q: Williams Corporation had the following purchases for May: May 3

Williams Corporation had the following purchases for May: May 3 Bought ten lawn rakes from Owens Company, invoice no. J34Y9, $250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepai...

Q: Kelley Company has completed the following October sales and purchases journals:

Kelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable le...

Q: For the following purchases of merchandise, determine the amount of cash

For the following purchases of merchandise, determine the amount of cash to be paid: