6) Complete the table. (Lesson 4) Terms Last Date Last Date Date Paid Net Price to Take Discount Invoice Cash to Pay Invoice Discount Cash Price Date 14-Aug. 4/15, n/30 30-Aug. $924.60
Q: You are to enter the following items in the daybooks and show the transfers to the general ledger.…
A: Sales Daybook Date Particulars Amount ($) 3 July 2019 E Rigby 510 3 July 2019 E Phillips 246…
Q: On January 15, Nifty Company sells merchandise on account to Martinez Associates for $5,000 with…
A: COncept - The term 3/10, n/30 Indicates that, If the payment is made within 10days then the…
Q: The answer below is wrong - the teacher underline partial payment!!!! Please rework problem -…
A: Accounts Payable - Accounts Payable is the amount owed by a business to its suppliers. This is…
Q: Rolfes Company purchased merchandise on account from Springhill Company for $6,300, terms 1/10o,…
A: Payment due=Purchase-Purchase return=$6,300-$1,600=$4,700
Q: 2) Complete the table. (Lesson 5) Invoice Terms Last Date to Take Discount Last Date Date Net Price…
A: Trade discount is the discount offered by a seller to the buyer upon the fulfilment of certain…
Q: hat is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller…
A:
Q: A merchandiser receives payment in full after the expiration of the discount period on a P3,000…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: A. Read and analyze the adjusted trial balance of AVETOR Hardware for the year ending 31 December…
A: Financial statement has 3 components, they are Statement of Comprehensive Income Statement of…
Q: On July 9, Bonita Company sells goods on credit to Sandhill Company for $4500, terms 2/10, n/60.…
A: Sales Discounts = Sales value x discount rate = $4500 x 2% = $90
Q: 2) Complete the table. (Lesson 5) Invoice Terms Last Date Last Date Date Paid Net Price Cash Cash…
A: Term 5/10 EOM Denotes that 5% cash discount can be availed if payment made within 10 days, else…
Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…
A: Payment terms with 4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…
Q: Terms Last Date to Take Discount Last Date Date Paid Net Price to Pay Invoice Cash Price Invoice…
A: 3/10 , n/30 Implies 3% cash discount if payment made within 10 days, else payment can be made within…
Q: Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry…
A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…
Q: An invoice of RO500 with the terms 2/10, n/30 ROG is dated on June 10. The goods are received on…
A: 2/10,n/30 means 2% cash discount can be availed if payment is paid within 10 days of invoice. n/30…
Q: The following purchases were made by Bay Leaf Trading: Item Purchase Date Amount Date Paid Credit…
A:
Q: Assuming the customer settled his account within the discount period, Sales - 10,000, Sales return -…
A: Sales discount is the amount of allowance or deduction that is provided to customers for their…
Q: A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3.…
A: Term 2/10, net/30 means that if the payment of the credit sale is made within ten days, then a 2%…
Q: Question 3 Below is the additional information which was left out by the accounts clerk. The…
A: Statement of Comprehensive Income Changes in net equity except those resulting from investments by…
Q: Allister's payables ledger control account has a balance at 1 October 20X8 of $34,500 credit. During…
A: We have the following information: Opening Balance: $34,500 Credit Purchases: $78,400 Cash…
Q: After the amount due on a sale of $29,200, terms 1/10, n/eom, is received from a customer within the…
A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…
Q: (a) What is the last day for taking the cash discount? (b) What is the amount due if the invoice is…
A: Credit term refers to a payment term mentioned in the invoice which stated the timing and payment of…
Q: A sales invoice included the following information: merchandise price, $8,000; terms 2/10, n/eom.…
A: Formula to calculate cash received by the seller:Cash received by seller = Merchandise price -…
Q: After the amount due on a sale of $26,500, terms 2/10, n/eom, is received from a customer within the…
A: Sales return is the return of merchandize by the buyer due to various reasons such as defect,…
Q: Which one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR…
A: Ans. In case of credit purchases, the purchase is debited and the accounts payable or the due amount…
Q: Barans Company purchased merchandise on account from Springhill Company for $12,800, terms 2/10,…
A: Amount due after merchandise return = $12,800 - $3,200 = $9,600
Q: On March 5, Zulu Company Sold $20,000 of Merchandise to a customer on Credit with Terms of 3/10,…
A: The journal entry for the above transaction is recorded below :
Q: Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with…
A: Merchandising is the process to bringing goods for the selling purpose into market.
Q: On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540.…
A: Cash sales refers to those sales that are made in cash , or by credit cards or by a cheque. When a…
Q: 2) Complete the table. (Lesson 5) Invoice Date Terms Last Date to Take Discount Last Date to Pay…
A: Eom is an invoice term which stands for end of month. Each invoice has terms to specify the date of…
Q: The following information has been presented to you for 2018 by Wonder Projects Limited:…
A: Cash Budget is the important budget in business which helps in estimating cash to be received, cash…
Q: 7. Complete the table. (Lesson 4) Terms Last Date Last Date to Pay Invoice Net Price Complement Cash…
A: The term of the credit given in the question is: 4/10, n/30. It means that a customer can avail a…
Q: Piedmont Company purchased merchandise on account from a supplier for $30000, terms 1/10, n/30.…
A: Given, Purchases = $30,000 Purchase returns = $8,000 Cash discount = 1%
Q: What is the total cash discount if an invoice dated March 3
A: Purchase date = March 31 Payment date = April 20 No. of days between March 31 to April 20 = 20
Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…
A: (1) Calculate the amount of refund owed to the customer.
Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…
A: a.
Q: 6. Complete the table. (Lesson 4) Terms Last Date to Take Date Paid Net Price Invoice Cash Discount…
A: Net Price = Cash price - Cash discount Also , ( Given discount is 2% ) Net price = Cash price * (…
Q: Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10,…
A: Invoice was drawn on April 17 for RM 580 Cash discount = 3% for payment within 10 days Net Price…
Q: 1) The invoice date is August 1. The terms are 5/10 EOM. What is the cash discount being offered?…
A: 5/10 EOM means 5% cash discount if paid within 10 days after the END OF MONTH End of month=31st…
Q: . Sales on account, with 2/10, n/30 cash discount terms. (a) Merchandise is sold on account for…
A: Ledger (T - Account) The purpose of preparing the ledger account is to know the balance which are…
Q: 52. On July 9, 2021, Entity A collects its sales on account from a customer in the amount of P48,750…
A: Total sales = amount received / (1 - discount rate) = 48750 / (1 - 0.025) = P50,000
Q: Barans Company purchased merchandise on account from Springhill Company for $13,900, terms 2/10,…
A: A. Calculate the amount of cash required for the payment.
Q: Complete the following: (Use Table 7.1) Invoice May 15 Date goods are received June 05 Terms 3/10,…
A: The company also makes sales on account to its customers and sometimes it also provides cash…
Q: merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays…
A: In the given question, Springhill Company purchased goods worth $ 12,100 and returned goods worth $…
Q: A company makes a credit sale of $1,000 on June 13 according to the payment terms 5/10, n/30. On…
A: Payment terms of 5/10, n/30 states that if the payment is made within 10 days then the buyer is…
Q: With credit terms of 2/10, n/30, the discount rate for paying after 11th days should be_______. The…
A: Discount Period - Discount period is defined as 2/10, n/30 that shows if the payment made with in 10…
Q: The followiing information was extracted from the Books of for the year ended 30 Contra entries June…
A: The Sales Ledger Control Account is a summary account that verifies the Sales Ledger's mathematical…
Q: ry 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600 for the goods…
A: In the given situation, Mega-mart company is granting an allowance to max traders for RO 2,600 as…
Q: Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount…
A: Invoice Date = June 18 Terms = 1/10, n/30 The corresponding number to June 18 in Table 7-1 is 169.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 11) Complete the table. Terms Last Date Last Date to Pay Invoice Invoice Date Date Paid Net Price Cash Discount Cash Price to Take Discount 7-Oct. | 4/10, n/30 14-Oct. $6,715.807. Complete the table. (Lesson 4) |Terms Net Price Complement of cash-discount Invoice Last Date Last Date Date Cash Price to Take Discount to Pay Invoice Date Paid rate Oct 10 4/10, n/30 Oct 20 $248.769) Complete the table. Terms Last Date Last Date Date Paid Net Price to Pay Invoice Invoice Date Cash Discount Cash Price to Take Discount 3-Sept. 5/15, n/30 23-Sept. $348.64
- 6. Complete the table. (Lesson 4) Last Date Last Date Date Paid Net Price to Take Discount Invoice Date Terms Cash Discount Cash Price to Pay Invoice May 16 | 2/10, n/30 May 24 $1,296.7512. Solve for the amount of discount and amount due. Invoice amt: $ 314.88 Invoice date: Sept 17 Terms: 4/ 11 EOM Goods rec'd: Sept 20 Date paid: Oct 910) Complete the table. Invoice Date Terms Last Date Last Date to Pay Invoice Date Paid Net Price Complement of Cash Price to Take Discount cash-discount rate 22-Nov. 7/10, n/30 1-Dec. $4,178.45
- 2) Complete the table. (Lesson 5) Invoice Terms Last Date Last Date Date Net Price Cash Cash Price Date to Take to Pay Invoice Paid Discount Discount March 11 5/10 EOM Jan. 2 S59812) Complete the table. Invoice Date Terms Last Date to Take Discount Date Paid Net Price Cash Discount Last Date Cash Price to Pay Invoice 11-Dec. 5/15, n/30 30-Dec. $614.8510:40 2) Complete the table. (Lesson 5) Invoice Date Last Date Last Date Date to Pay Invoice Terms Net Price Cash Cash Price to Take Discount Paid Discount March I1 S/10 EOM April 2nds598
- Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3Complete the following: (Do not round intermediate calculations. Round your final answers to the nearest cent.) Amount of Actual partial payment made Date of partial payment Balance outstanding Amount payment to be credited Terms Invoice date of invoice 645 3/10, n/60 7/19 %$4 445 7/28 200.00 %24 %24 %24The shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entry