ACC 291T Wk 1 - Apply: Connect Homework (2021.7 New)

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ACC 291T Wk 1 - Apply: Connect Homework (2021.7 New)

Prentice Company had cash sales of $94,700, credit sales of $83,700, sales returns and allowances of $1,875, and sales discounts of $3,650. Prentice’s net sales for this period equal:

Multiple Choice

$178,400.

$94,700.

$176,525.

$174,750

$172,875.

On September 12, Vander Company sold merchandise in the amount of $8,200 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,200. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is:

Multiple Choice

Purchases       5,200     

Accounts receivable            5,200

Purchases       8,200     

Accounts payable        8,200

Accounts payable   5,200     

Merchandise inventory        5,200

Purchases       8,200     

Accounts receivable            8,200

Merchandise inventory   8,200     

Accounts payable        8,200

A company purchases merchandise with a catalog price of $24,500. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?

Multiple Choice

$13,894.

$15,606.

$8,894.

$15,925.

$8,575.