Answered: A credit sale of $3,600 is made on July…

A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 2 $3.332 O $3,440 • $3,528 O $3.600

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...

See similar textbooks

Related questions

Q: Furchases $250,000 Cost of goods sold 250,000 Eeginning balance 30,000 Ending balance ?

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Ending inventory = Beginning...

Q: Crandall Distributors uses a perpetual inventory system and has the following data available for inv...

A: Solution Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). = 117...

Q: Company išsued 10,000U shares of alue of $5 and a fair value of $25 per share of preferred stock wit...

A: Stockholders are the Persons of entities whom the company issues its ownership rights in the form of...

Q: Claremore Industries uses a weighted-average process-costing system. All materials are added at the ...

A: Introduction:- Calculation of the Material cost per unit as follows:- Material cost per unit = $229,...

Q: Which is not part of de minimis benefits

A: De minimis benefits are facilities are privileges offered by employer to employees.

Q: On January 2, 2021 PAMIGAY CORP paid P380,000 cash and issued 120,000 new shares of its P5 par value...

A: 1. Cash to be presented on the consolidated statement of financial position as of the date of acquis...

Q: Other de minimis benefits 32,000 Compute the total compensation subject to regular income tax.

A: State tax is a direct tax levied by the state on revenue received from or from the state. In your st...

Q: Instructions: Identify each of the following accounts as an asset, Liability or Equity. ACCOUNTS Own...

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...

Q: 2. Alarm. Co recently reported $15.000 of sales, $5.500 of operating costs other than depreciation, ...

A: Net Income Net income refers to the earnings of the business after deducting all the losses and expe...

Q: Rank the following inventory methods in terms of their record-keeping cost. For answer choices, the...

A: LIFO stands for the last in first out, it is a method of valuing the inventory which the company is ...

Q: Lupe made a down payment che purchase price, she has monthly. Under the terms of

A: All sorts of future cash flows in respect of adding interest on present value are known as future va...

Q: QUESTION 13 The most common practice is a variation of the: O a. residual theory of dividends O b.co...

A: A dividend policy is the policy an organisation (company) uses to structure its dividend payout to s...

Q: Sylvia and Strained Ltd. made a joint election under section 85, electing a transfer price of $40,00...

A: Sylvia is the sole shareholder of Strained Ltd, a taxable Canadian corporation. Sylvia transferred...

Q: ophia derived a total compensation of P350,000. She also derived income from the sale of her persona...

A: This is a multiple-choice question in which we have to select the correct option

Q: Exercise 9-14 (Algo) Conventional retail method (LO9-3) Campbell Corporation uses the retail method ...

A: Solution Inventory is a item or good which is held by a business for sale to earn a profit.

Q: Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Inco...

A: A common size income statement is an income statement in which each line item is expressed as a perc...

Q: Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporate...

A: Solution Calculation of Total operating assets- Beginning balance Ending balance Cash 12800...

Q: In January 2014, ABC Corporation, a new corporation, issued 10,000 shares of common stock with a par...

A: some times companies repurchase its own shares to prevent the dilution of the ownership of the compa...

Q: Historical cost numbers are usually harder than market value numbers select one : True, or , Fals...

A: Historical cost: It is the cost of acquisition or say it is initial cost when customer acquire the a...

Q: Common shareholders are considered the residual owners of a corporation. The term residual means tha...

A: A common shareholder would be someone who actually owns one common stock of a corporation. Ordinary ...

Q: Suppose the projections given for price, quantity, variable costs, and fixed costs are all accurate ...

A: Solution:- Given, Project cost = $2,190,000 years of life = 8 No salvage value Sales units = 91,200 ...

Q: The maternity benefit of the female employee under RA 11210, otherwise known as the 105-day Expanded...

A: Under the Expanded Maternity Leave Law RA 11210, the SSS pays to the qualified SSS members : cash be...

Q: Cost of long-term asset = $50,000 Accumulated Depreciation = $25,000 Sales price of L-T asset = $30,...

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Campbell Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a...

A: Answer a) Sales Budget for First Quarter January February March Quarter Sales $...

Q: Given the following: Current Assets $ 18,000 Accounts Receivable $ 3,000 Current Liabilitie...

A: Current ratio = Total current assets / Total current liabilities Acid test quick ratio = Quick Asset...

Q: laremore Industries uses a weighted-average process-costing system. All materials are added at ne be...

A: Solution: Ending work in process refers to the costs which have been added to the production but the...

Q: ABC Corporation has an investment of 4,000,000 shares in XYZ Corporation. On December 31, 2021, ABC ...

A: A dividend refers to the amount that the shareholders receive from the company in which they have in...

Q: Which of the following is not an income for income tax purposes?

A: Assuming the question related to tax in Phillipines --- ...

Q: Which of the following statements about accounting information is (are) true? I. Accounting provides...

A: Accounting information is the record / structure / information of the receipt , payment , manage , r...

Q: n - Equipment (300,000) Goodwill 30,000 All items of property, plant and equipment are measured ...

A: Impairment loss refers to the sum value of money which carrying value or the cash developing unit en...

Q: 3. NASA is considering two materials for use in a space vehicle. The costs are shown beloW. Which sh...

A: Present Worth=-Intial cost-Annual cost×(P/A,i,n)+Salvage value×(P/F,i,n)

Q: Globe Company, a real estate developer, is owned by five founding shareholders. On December 1, 2019,...

A: calculation of dividend payable are as follows:

Q: Age of Receivables. (Classify them to: 0-30 days, 31-60, 61-90, and 90+ days) Afterwards, compute fo...

A: The calculation of Age of Receivables and past due ratio are shown hereunder : Past due ratio is cal...

Q: his repairs pathroom. John requests one of his clients, who owes him $5,000 for accoun services, to ...

A: Income refers to the earning derived by an individual or a business in the normal course from their ...

Q: 1: Cyrell Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2019, the re...

A: Introduction Retained earnings are the earnings that is left after dividend distribution to sharehol...

Q: Cash flows related to three mutually exclusive capital equipment projects are given in table below. ...

A: The correct answer for the above question is given in the following steps for your reference

Q: Simple Accounting – Balance Sheet. Assets Liabilities Shareholders' Equity $567,005.00 $389,055.00 O...

A: The accounting transactions effect two or more accounts of the business. The accounting equation st...

Q: Make a journal entry for both of these bonding actions. Be sure to include relevant infomation like ...

A: Bond Issued: Corporate bond issuance is one method of raising capital for a company. A bond serves t...

Q: At the end of the current year, $36,920 of fees have been earned but have not been billed to clients...

A: Accrued Fees Revenue account will be debited with $ 36,920 as it is an Asset (being fees earned and ...

Q: Given the financial data for four mutually exclusive alternatives in the table below, determine the ...

A: The rate of return from the incremental analysis will be calculated using the IRR method and then th...

Q: Undeclared dividends (in arrears) to cumulative preferred stockholders must be filed as: a. as an i...

A: The dividend is considered a part of the distributable profit distributed by the company to its stoc...

Q: Platinum Co. failed to record $72,000 credit purchase of goods that were received on the last day of...

A: Lets understand the basics. When any error is made in recording any expenses and error discovered in...

Q: survive. In addition to death, however, one could also say that self-sufficiency is boredom or ignor...

A: Trade is considered beneficial for people across the globe as they help the consumer to choose th...

Q: Question 6 What should be the initial markup percent in a department having these planned figures? N...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: prding to the tex check all of the fo nples that are types of informativ ech. ow to negotiate a bett...

A: The answer has been mentioned below.

Q: Prepare all the necessary journal entries related to the machine from 30 June 2019 to 30 June 2021.

A: For the Period ending 30th June 2019, Particulars Dr/Cr Amount($) (1) Machinery Account Dr 2005...

Q: Nevada Corporation has 68,200 shares of $25 par stock outstanding that has a current market value of...

A: Introduction: Stock split: Stock split means splitting of its face value in to parts. The market cap...

Q: 1. Compare the following alternatives on the basis of Present worth Analysis at an interest rate of ...

A: Present Worth Analysis: It is a technique of analysis in which the cash flows of a project are disco...

Q: ABC Company has 560,000 shares of common stock outstanding with a par value of $10. During the year,...

A: A stock dividend seems to be a bonus share payment made to shareholders rather than cash. When a com...

Q: On January 1, 2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpee...

A: Given:Outstanding voting stock = $ 1,125,000Common stock = $ 1,170,000Retained earnings = $ 58,500No...

Question

A credit sale of $3.600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24?
$3.332
$3,440
$3,528
O $3.600

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
Appendix 1 Discount taken in next fiscal year Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4, account receivable of 1,500 on July 6, 20Y4, and takes a 2% sales discount. Journalize the entry to record the payment on account from Mark Bishop.
Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.
A business issued a $5,000, 60-day, 12% note to the hank. The amount due at maturity is: A. $4,900 B. $5,000 C. $5,100 D. $5,600
Purchases transactions Hoffman Company purchased merchandise on account from a supplier for 65,000, terms 1/10, n/30. Hoffman returned 7,500 of the merchandise and received full credit. A. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment? B. What account is debited by Hoffman Company to record the rerurn?
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?
The debits and credits for four related entries for a sale of 15,000, terms 1/10, n/30, are presented in the following T accounts. Describe each transaction.
Ratio Analysis The following information was taken from Nash Inc.s trial balances as of December 31, 2018, and December 31, 2019. Required: 1. Calculate the net profit margin and accounts receivable turnover for 2019. ( Note: Round answers to two decimal places.) 2. How much does Nash make on each sales dollar? 3. How many days does the average receivable take to be paid (assuming all sales are on account)?
Prepare journal entries to record the following transactions. A. January 22, purchased, an asset, merchandise inventory B. on account for $2,800. C. February 10, paid creditor for part of January 22 purchase, $1,600