Answered: An invoice for $5313 is dated May 12…

An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July 16, when is the net payment date? Please answer very soon

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...

See similar textbooks

Related questions

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

A: solution : given Invoice dated Amount June 28 $815 July 7 $780 July 14 $895…

Q: An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice…

A: Discount = $75.20 * 1% = $0.75

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: 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: 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: 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 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: 3. An invoice, dated May 8, for $549.38 has terms of 3/15, 2/20, 1/30, n/45. If you make a payment…

A: Average due date is the date on which if payment is made then interest paid and received will be…

Q: office.com received an $8000 invoice dated April 10. Terms were 2/10, 1/15, n/60. On April 14,…

A: Note: 2/10, 1/15, n/60: Here, 2 represents the discount rate if payment is made within ten days. 1…

Q: An invoice is dated June 17 with terms 3/10-50 ex. Find the final discount date and the net payment…

A: The final date would be the date on which the amount is paid.

Q: A company borrowed 20.000 TL from the bank signing a 9%, 3-month note on September 1. Principal and…

A: >The adjusting entries are made at the end of period to provide for correct balances for various…

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

A: Solution Given Balance on October 12 5000 Purchase made on October 15 1500 Payment…

Q: 2. What journal entry would Tran record on April 1, 2018, when it receives the $500,000 payment…

A: Given transaction is: On April 1, 2018, Tran receives the $500,000 payment from Lyon.

Q: JenStar received an invoice of $7,645 dated September 10 with terms 2/10, n15. JenStar paid $2.500…

A: Data given:: Invoice amount= $7,645 Date of invoice = September 10 Terms: 2/10, n/15 Payment date…

Q: Prepare a General Journal entry for the following transaction: On December 17, On Your Mark paid…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On August 2, Jun Co. receives a $6,900, 90-day, 11.0% note from customer Ryan Albany as payment on…

Q: An invoice for $10,000 dated September 10 with terms 3/10, 12/20, n/30, EOM is recelved in the mail…

A: Invoice is a document in which complete information is contained regarding the transaction that…

Q: An invoice is dated March 22 with terms of 4/18 EOM. Assuming the net date is 20 days after the…

A: The discount date is calculated from the end of the month.

Q: On April 1, a company provides services to one of its customers for $13,000. As payment for the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

Q: The t/p bill for this month was 200, the company will pay it next month what is the journal entry…

A: The business transactions are recorded in the form of journal entries and when the transactions take…

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: 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: Journalize the following, assuming a 360-day year is used for interest calculations: Apr. 30 Issued…

A: Solution: a. Date Account title Debit Credit 30-Apr Accounts payable 1080000 Note…

Q: The company received a bill for December’s utilities on January 5. The bill was for $235. So at…

A: Adjusting entries:Adjusting entries are made at the end of each accounting period, to record the…

Q: Calco Inc. rents its store location. Rent is $950 per month, payable quarterly in advance. On July…

A: As shown below, the Prepaid Rent account should be debited by crediting the Cash account. Hence,…

Q: on november 1, 2018, Downtown Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: An invoice dated March 28 for $4,435.56 has terms 1-/15, n/45. A payment was made on April 11 which…

A: Credit terms is the time period indicating when the payment for the credit purchase will be due to…

Q: On December 31, 2019, $700of salaries has been accrued. (Salaries before accrued amount totaled…

A: Part a:

Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end…

A: Given information is: Value of note = $10000 Period = 45 days Interest rate = 6% Interest revenue on…

Q: On April 1, Quincy Corp received an invoice for $9,800, with terms 3.25/5, 2.25/10, n/30, and credit…

A: Firstly we shall calculate the Credit allowed for the first payment of $5,000 Then we shall…

Q: Compute the maturity date for the above note. multiple choice October 29 October 30 October 31…

A: Maturity date: The maturity date is the date on which a bill or instrument became payable. Journal…

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: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…

A: Introduction: Journals: 1 ) Journals are book of prime records. 2 ) All the business transactions…

Q: What is the amount of interest revenue that must be accrued on December 31st for a nine-month, 6%,…

A: Note receivable $ 2000. Interest 6% Accapted on 1st November

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: Your company paid rent of $1,000 for the month with check number 1245. Which journal would the…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

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: 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: Should we record account payable at 12/31, if the invoice date is after 12/31, lets say 1/3, for…

A: Accounts payable: Accounts payable is an obligation of the business which is shown on the liability…

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…

Question

An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July 16, when is the net payment date?

Please answer very soon

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

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

Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2. The total contract price is $3,000, payable in equal installments for the next six months on the first of each month (with the first payment due January 1). How much will be recorded as revenue during the month of April?
Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
Can the 10,000 note be repaid on May 1? Explain.
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?
An invoice for RO 65,000 and dated February 20th with the terms 7/13, EOM is received. The bill is paid on March 2nd. Calculate the amount paid.
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.
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?
What payment on January 31, 2014 will settle an invoice for $3,500 dated January 27, 2014 and payment terms 3/10 E.O.M.? Round to the nearest cent
What payment should be made on an invoice for $500 dated November 16, carrying terms 4/10, net 30?