14 Material is ordered on June 9 the merchandise is shipped

14. Material is ordered on June 9; the merchandise is shipped by the seller and the nvoice is prepared, dated, and mailed by the seller on June 10; the merchandise is received by the buyer on June 15; the entry is made in the buyer\'s accounts on June 18. The credit period begins with what date? A.June B.June 15 C.June 18 D.June 10 E.Determined by buyer. 15. The information to answer the following question. Credit 600,000 Debit Account Name Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-In Selling Expenses General and Administrative Expenses 20,000 106,000 16,000 24,000 60,000 220,000 In addition, beginning merchandise inventory was $44,000 and ending merchandise inventory was $28,000. Net cost of purchases for the period were A. $90,000 B. $154,000 C.$138,000 D.$114,000 E.$144,000

Solution

14) Option [B] June 15. The date goods were received by the buyer> 15) Option [D] Net cost of purchases = 106000-16000+24000 = 114000