A trader received an invoice of RO 5400 on September 9th, with the terms 5/10 EOM. What amount will he pay if he pays the bill on October 2nd
Q: Sarah discounted a bill of exchange amounting to OMR 12,000 having a term of 6 months. She…
A: Bank discount = Face value of bill of exchange x discount rate x no. of months/12 = OMR 12,000 x…
Q: 3. Triton Company received an invoice for $842 dated March 9 with terms 5/10, 2/20, n/60. (a) If the…
A: Invoice refers to a duly stamped commercial document which itemizes and also records the transaction…
Q: On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend…
A: For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…
Q: 2. A credit sale of P750 is made on June 13, term 2/10, net/30. A return of P50 is granted on June…
A: The credit sale is the selling of goods & services without receiving the consideration of…
Q: c) Rita received an invoice dated 29 Mac 2021 with the amount of RM5,826 including transportation…
A: The companies gives discount to the customers based on the different criteria like volume , early…
Q: On July 9, Mifflin Company receives an $8,600, 90-day, 12% note from customer Payton Summers as…
A: Journal entry represents the entry where the financial transactions are recorded.
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: Mr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials)…
A: The purchase of raw material on credit signifies that the payment of the purchase so made will be…
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: Luggage World buys briefcases with an invoice date of June 27. The terms of sale are 2/10 EOM. What…
A: The Number of days that a customer is allowed to wait before paying an invoice is known as the…
Q: term is 30 days. b. A sale invoice from Papier Paper Company dated December 15, 2024 for P5,465. The…
A: Statement of Financial Position The balance sheet is often known as a statement of financial…
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: n April 12, Hong co. agrees to accept a 60 day 10% 6,000 note from indigo co. to extend the due date…
A: As accounts payable are decreasing, So we need to debit the accounts payable and notes payable are…
Q: A small business receives an invoice for $1675 on January 5, 2022 and the payment terms are 5/14,…
A: Payment terms 5/14, 2/21, n/60 means that 5% discount will be allowed if payment is being made in 14…
Q: On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses…
A: On June 19, Business purchases inventory Cost of purchase of inventory = 220000 TL Including 10% VAT…
Q: Scarlet Company received an invoice for $65,000.00 that had payment terms of 1/5 n/30. If it made a…
A: This question require us to calculate the amount credited and balance of invoice after partial…
Q: A furniture company received a bill of payment of 1,143,253,000, which is due in 30 days. If paid…
A: Simple interest is interest derived from the principal/ original amount contributed to a savings…
Q: A 60-day, 5% note for $7,200, dated April 15 is received from a customer on account. The face value…
A: A note payable is 5% it represent that annual rate of interest And it is of for a 60 day period
Q: Sara received an invoice for RO 3000 dated October 20 with terms 2/10, EOM. The last day of credit…
A:
Q: On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The…
A: Notes payable are the asset of the firm where a borrower gives a written promise to lender to pay…
Q: Twinky Trading sells an item for RM 3500 less 20% and 15%. Find the net price. 2.b) A retailer…
A: Here, Details of 2.a) is as follows: Sale Price of Item is RM3500 Discount is 20% and 15% Details of…
Q: On 10th January 2006, Martin Kinuthia, a sole trader received his monthly statement for December…
A: The Bank Reconciliation Statement is a list of banking and economic operations that relates the bank…
Q: ) An invoice for RO 4,200 and dated June 10 with the terms 3/10 EOM is received. The bill is paid on…
A: first we have to know the terms in the invoice 3/10 means 3% discount if payment made in 10 days…
Q: The invoice date for a bill is July 22 with the terms 4/10 EOM. The discount date and due date are:…
A: EOM dating: The discount date is calculated from the end of the month instead of the date of the…
Q: On June 22, The business sold merchandise for 11.000 TL (including 10% VAT) FOB Destination. The…
A: Notes: Notes can be defined as a promise made by the borrower to the lender for making the payment…
Q: On April 12, The business purchases inventory of 176.000 TL including 10% VAT. The business writes a…
A: Value Added Tax is an indirect tax on selling the goods and buying the goods, it is finally charged…
Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…
A:
Q: Bob receives an invoice for $1,400.00. The terms of the invoice are 5/14 net 60. If he doesn't pay…
A: Formula for cost of credit=(Discount%/(1-Discount %) x (360/(Full allowed payment days - Discount…
Q: On October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The…
A: The selling of assets is recorded by debiting to notes receivable and crediting the machinery…
Q: An invoice for $120,700 dated May 26, 2014 for a shipment of furniture has payment terms 1.5/15,…
A: 1/10 net 30 means 1% discount will be there if payment is made with in 10 days and no discount after…
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: On 10h January 2006, Martin Kinuthia, a sole trader received his monthly statement for December…
A: Bank Reconciliation Statement (BRS) is a summary of Banking and business activities that compares…
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: Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04,…
A: In the given question, A-one Supplies has offered a trade discount of 5% and 2%: It implies that…
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: JANE MARSHALL – LEDGER ACCOUNTS AND TRIAL BALANCE Jane Marshall has set up trading on 5 June…
A: Accounting is the detailed process of maintaining books of accounts. It includes several steps like…
Q: 37, Best Company uses accrual accounting and closes its books every December 31. On April 1, 2022,…
A: Interest receivable from April 1, 2022 to December's 31, 2022 = issue price of note × interest rate…
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: The credit terms offered to a customer by a business firm are 2/10, n/30, which means that the…
A: Credit term refers to a payment term mentioned in the invoice which stated the timing and payment of…
Q: An invoice, with payment terms of 5/10, n/30, was issued on April 28 for $240. If the payment was…
A: An invoice is a document issued at the time of credit purchase to specify the date and method of…
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: Simon got an invoice dated on May 2nd with an amount of $2,150.00 and the terms are 4/15, n/30 ROG.…
A: 4/15, n/30 means if the invoice is paid within 15 days a discount of 4% will be given otherwise full…
Q: A man received an invoice for washing machine for $455 dated April 17, with a sales term of 2/10…
A: Sales on terms like 2/10 EOM means that if payment is made within 10 days of transaction of…
Q: When is the last day the buyer can get the cash discount? If the buyer decides to pay for the…
A: 1. The Buyer can discount till 10 days from billing date. Billing Date = June 4 Last day the buyer…
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: A contract has been ratified with closing set för March 20. This year's water bill, paid in arrears,…
A: 15. Paid in arrears refers to the payment made after a service has been provided.
Step by step
Solved in 2 steps
- A buyer received an invoice for P 60,000, inclusive of 12% VAT dated October 2. If the terms are 2/10, n/45 and the buyer paid the invoice within the discount period, what amount will the seller receive?On 10th January 2006, Martin Kinuthia, a sole trader received his monthly statement for December 2005. The statement showed the following: Date 2005 Particulars Debit Sh. Credit Sh. Balance Sh. Dec 1 5 5 5 8 10 13 14 20 20 21 21 24 27 28 29 29 31 Balance Cheque No.417864 (Electricity) Dividend Local cheque deposit (Solomon Otieno) Cheque No. 417866 (Jemima Nyambura) Cheque No. 417867 (Young traders) Miscellaneous credit (Kevin Kagai) Standing Order Cheque No. 417865 (Janet Aoko) Local cheque deposit (Donald Korir) Cheque No. 417868 (David Okoth) Cheque No. 417870 (Rent) Bank charges Local cheque deposit (J. Nduta) Direct debit Cheque No. 417873 (Daniel Wambua) Local cheque deposit (Joseph Ondieki) Cheque No. 417871 (Moses Siringi) 24,300 17,400 1,700 3,200 30,700 9,500 16,100 1,800 8,800 1,200 2,500 2,600 21,200 18,500 11,800 4,700 27,900 186,200 161,900 164,500 185,700 168,300 166,600 185,100 181,900 151,200…An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are received on May 15th. The bill is paid on June 1st. Calculate the amount paid.
- The trader of Children City purchased goods from the trader of Muscat City OMR 22500. Which of the following is the Credit term for the invoice 1/10, n/30? a. 1 day b. 30 days c. 20 days d. 10 daysAn invoice of RO500 with the terms 2/10, n/30 ROG is dated on June 10. The goods are received on June 18. The bill is paid on June 25. Calculate the amount of discount paid.You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What is the outstanding balance on the January 25th invoice after the January 27th payment?
- following are transaction for Bargain Traders for the month of June 2020. Date 2020 Transactions Jan. 1 Started business with Shs.40,000 in the bank. “ 2 Paid furniture by cheque Shs.16,600. “ 4 Cash sales Shs.22,250. “ 5 Paid rent by cash Shs.11400. “ 6 Karim paid us by cheque Shs.10,880. “ 8 Cash sales paid direct into the bank,sh.8000 “ 10 Kibe paid us in cash Shs.3,000. “ 12 Paid wages in cash Shs.12,750. “ 14 Titus lent us Shs.25,000 paying by cheque. “ 15 Withdrew Shs.22,000 from the bank for personal use. “ 20 Bought stationery paying by cash Shs.6,000. “ 22 We paid Funga by cheque Shs.10,660. “ 28 Cash drawings Shs.10,000. “ 30 Daudi paid us by cheque Shs.2,070. “ 31 Cash sales Shs.6,600 Required: a) Prepare journal entries b) Prepare all relevant Ledgers c) Write the two-column cash bookYou received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. A. What is the outstanding balance on the January 25th invoice after the January 27th payment? B. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?On November 15, a merchant purchased merchandise that he settled with 35% in cash, a payment for $35,050, which corresponds to 40% on March 3 and another for the rest on April 22. Considering charges of 16.8% annually, determine: a) The value of the merchandise on the day of purchaseb) The amount paid on April 22c) Interest or charges for not paying in cash
- On May 18, an invoice dated May 17 for $4000 less 20% and 15%, terms 5/10 E.O.M. was received by Aldo Distributors. (a) What is the last day of the discount period? (b) What is the amount due if the invoice is paid within the discount period?On April 25, The business sold merchandise for 55.000 TL (including 10% VAT) FOB Destination. The customer writes a check for 50.000 TL and signs a 9-month note with an annual interest rate of 6% for 5.000 TL. Which of the following journal entries would be made on April 25? a.50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT b.50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 50.000 TL credit to 600-DS; 5.000 TL credit to 391-R.VAT c.50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT d.50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 55.000 TL credit to 600-DSA man received an invoice dated March 9, with term 3/10, n/30 amounting to $510. He paid the bill on March 12. How much was the cash discount?