A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a retur of $200 is granted on July 18. What amount is receved as payment in full on uly 247

Q: An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are received…

A: Given: 7/18 means if you pay the bill within 18 days you will get a discount for 7% N/30 means if…

Q: Scarlet Company received an invoice for $67,000.00 that had payment terms of 2/5 n/30. If it made a…

A: Many companies provide their customers with trade credit which is the ability to receive the goods…

Q: An invoice is dated may 22 with terms 4/18 EOM, Assuming the net date is 20 days after discount…

A: EOM meand end of the month.

Q: Nates Payable A business issued a 90-day, 6% nole for $67,000 bo a creditor on account, [llustrate…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted…

A: 2/10 net 30 mean 2percent discount will be there if payment is made with in 10 days and no discount…

Q: A credit sale of $2800 is made on July 15, terms 4/10, net/30, on which a return of $200 is granted…

A: Net Receivables = Credit sales made - Sales return = $2800 - $200 = $2600

Q: Apex Company accepted from a customer P1,000,000 face amount, 6 month, 8% note dated April 1, 2021…

A: Maturity value of note = Face value of note + interest = P1000000 + 1000000*8%*6/12 = P1040000

Q: Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30.…

A: Note payable refers to a negotiable instrument. It represents the claim amount due to the acceptor.…

Q: On oct 18, an invoice dated October 18 for £4250 less 15% , 17% terms 5/10, n/30 was received by…

A: The term 5/10, n/30 means that if payment is made within a period of 10 days then a 5% discount is…

Q: A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16.…

A: Net Sales  = Sales - sales return = $750 - $50 = $700

Q: A company received a Note Receivable from a customer for a sale. The 9 percent, 9-month note was…

A: Value of notes receivable $1,50,000 Rate of Interest 9% Period (May 31 to December 31) 7 months…

Q: A credit sale of $3.,500 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted…

A: Formula: Net sales = Sales - sales returns and allowances

Q: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 7% note…

A: Interest = Amount of notes receivables * Rate of interest * number of days / 360 Number of days from…

Q: FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: On September 30, Year 1, Royal Flush Pluming, Inc., issued a $10,000, 6%, 5-month note. For the year…

A: Interest Expense:   An interest expense is the expense which is incurred by a company, business or…

Q: On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a…

A:

Q: A bill for P1024 was due on July 1. Purchases of P315 were made on July 7, and P410 was charged on…

A: A finance charge is a cost of borrowing money, including interest and other fees. It can be a…

Q: Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year…

A: Journal- It refers to the primary books of account under which entries/transactions are recorded in…

Q: X Company sold equipment on January 1, 2021 valued at $300,000 in exchange for a Note Receivable of…

A: Discount on Note receivable = Face value of notes receivable - Equipment value = $330000 - $300000 =…

Q: Scarlet Company received an invoice for $70,000.00 that had payment terms of 1/5 n/30. If it made a…

A: Lets understand the basics. Seller for attracting early payment, gives the discount term to buyer of…

Q: What amount must be remitted if invoices dated June 28 for $815, July 7 for $780 and July 14 for…

A: Here in this question, we are required to calculate discount. It is based on the concept of EOM…

Q: A company grants a payment extension to its customer by converting that $15,000 accounts payable to…

A: Interest on 45 days note for 30 days  115000*12%*30/360=$150

Q: How much will be the amount to be paid on July 15 of the same year in payment an invoice dated June…

A: Formula: Payable amount = Invoice amount - Discount amount

Q: A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…

A: Formula: Net sales = Sales - sales returns and allowances

Q: A credit sale of $1800 is made on July 15, terms 4/10, net/30, on which a return of $100 is granted…

A: Note: 4/10, n/30: Here, 4 represent the discount rate if payment is made within ten days. And if…

Q: Payment dates On March 25, the following invoices were issued for a $500 purchase on credit.…

A: The invoice is created for the amount due to the supplier for the credit purchase made during the…

Q: Harper Company lends Hewell Company $36,000 on March 1, accepting a four-month, 4% interest note.…

A: Interest accrued on March 31 = Amount lends x rate of interest x No. of months /12 months…

Q: A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…

A: Formula used: Net sales = Sales - Sales returns. Deduction of sales returns from sales value derives…

Q: Make the corresponding journal entries to report short-term liabilities. Make the journal entries.…

A: (Note: Entry on 6 May is seems to be repeated by mistake, I am assuming on 6 May payment is made for…

Q: A company receives rent for subletting part of its office block. Rent, receivable quarterly in…

A: We have the following information for rent received quarterly in advance: From October 20X1 to…

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Introduction Accrued Interest expense of note payable: Interest expense accrues every day from the…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.)   Year 1 Dec.   16…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Make the journal entries. Make the adjusting entries for each expense accrued at the end of the…

A: Financial transactions are recorded in the form of a journal entries.

Q: A 60-day, 5% note for $7,800, dated April 15, is received from a customer on account. The face value…

A: Definition: Receivables: Receivables refer to an amount to be received in future. General…

Q: A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: An invoice with an amount of OMR 8,500 dated March 20th, and terms of payment on ordinary dating…

A: The Numerical has covered the concept of the Credit Period. The Credit Period is that period where…

Q: On November 1, Senorita Blankets sold goods for P12,000 and accepted a six-month non-interest…

A: Present value of Notes = non-interest-bearing note x Present value factor at (5%, 1 period) = P12000…

Q: A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…

A: Here terms 2/10, n/30 means 2% discount will be given if payment is made within 10 days.  And final…

Q: Entity A provides bookkeeping services to Entity B for a monthly retainer fee (fixed monthly fee) of…

A: Advance receipt of fees is unearned revenue at the time of receipt it needs to be adjusted at the…

Q: c) An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are…

A: Bill payable: It can be defined as a document that presents the amount owed by an individual or an…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted…

A: 1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…

Q: On September 15, Jas Motor Service Center issued a 90-day, 18% note amounting to P10,000 for a loan…

A: The entries are passed in the books of Jas Motors Service Centre Date Particulars Debit Credit…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.