Beth uses the net invoice method to record sales on account.  Beth made sales of $40,000 with terms 3/15, net 45.  The customer pays after 25 days.  Journalize: Date Accounts Debit Credit

Q: Following is information from Jesper Company for its first month of business. Credit Purchases Jan.…

A: Accounts Payable Subsidiary Ledger: It is the  accounting ledger that provide  transaction history…

Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August…

A: Note: 4/15, n/60: Here, 4 represents the discount rate if payment is made within 15 days. And if…

Q: For each of the transactions below, create a journal? The assignment of accounts receivable journal…

A: There are journal entries related to : 1.  Recording of Account Receivable. 2. To transfer accounts…

Q: Assume you are Jacob, Co. Prepare entries for each of the transactions below. On January 6, Jacob…

A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Q: The following information was available for Shekinahs business as at 31st December, 2018 Balances…

A: Debtors Control Ledger Account In the debtors ledger control account which provides the details of…

Q: Assume that Sohar pipers Cores LC sold OMR 20000 pipes to the retailer with the credit terms of 2/10…

A: Credit terms 2/10, n/30 means that 2% discount will be allowed to customer if payment is made within…

Q: On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500…

A: Notes payable is recognized as a negotiable instrument signed by the promisor who agreed to pay a…

Q: A credit card account had a $233 balance on March 5. A purchase of $107 was made on March 12, and a…

A: The computation of average daily balance: Hence, total billing period is 30 days, and the total…

Q: Which one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR…

A: Sales means amount of goods that are sent or sold to some other parties. It can be on cash basis or…

Q: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: he activity in the credit card account of Mara for one billing period shows the following…

A: The activity in the credit card account of Mara for one billing period shows the following…

Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August…

A: Concept Credit term 5/10, 4/15, n/60: It means that if the payment is made within 10 days from the…

Q: Alan uses the income statement approach in estimating uncollectible accounts expense, and…

A: Amount of credit sales = Total sales * (1-Cash sales%) = 900000*(1-20%) =720000

Q: Rosalie Co. uses the gross method to record sales made on credit. On June 10,2018, it made sales of…

A: A sale transaction under the gross method is recorded with the gross amount, i.e. no amount of…

Q: Following is information from Jesper Company for its first month of business. Credit Purchases Jan.…

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

Q: Prepare the following journal entries. a. customer is given an allowance of $ 425.       b. A…

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

Q: Apr. 28 Performed service on account for Beach Club, $25,000. Received a $25,000, 60-day, 12% note…

A: Interest income = face value of note x rate of interest x no. of days / 365 = $25000 x 12% x 60/365…

Q: Using the following information about Sophie's business, answer the following question Credit Month…

A: Cash payment refers to the amount paid through the recipient of the goods and the services to the…

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

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

Q: Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old,…

A: Interest revenue=Sales revenue×9%×60360=$24,000×9%×60360=$360

Q: On December 1, the Accounts Receivable account had a $22.000 debit balance. During December the…

A: Ending Account receivable = Beginning account receivable + Revenue on account - Collection from…

Q: The following information relates to Jack Company's accounts receivable for year 2: Accounts…

A: Accounts receivable is an asset for a company which can be to pay off the current liabilities or…

Q: f a customer owed your company $100 on the first day of the month, then purchased $200 of goods on…

A: The normal balance of customer's account is credit balance, And if the amount is paid by the…

Q: Adriana Graphic Design receives $2,250 from a client billed in a previous month for services…

A: Journal entries are the basic method to record financial transactions. It is further used to prepare…

Q: Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…

A: The transactions of the company will be recorded first in the company's books which is called as…

Q: Manuel Company had cash sales of $86,800 (including taxes) for the month of June. Sales are subject…

A: Solution: Amount of sales without tax = $86,800 * 100 / 108.50% = $80,000 Amount of sales tax =…

Q: My business has a net sales of  $3,492,690, of which 40% was cash ($1,397,076), 50% was on account…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: Prepare the entries for transaction below and indicate what journal it is 19 august sold…

A: Journal entries to record the transaction  Given : Cost of merchandize old = $,3600 Account…

Q: Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous…

A: given that, annual percentage rate = 12% previous monthly balance = $381.79   we know that, new…

Q: ULU Hypermarket on March 1st, 2020, sells food product on account to Al Faiha Farm for RO 5,000. The…

A: given that sales are made on Account. sales of RO5000 made on March 1st, 2020. Al Faiha returned…

Q: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: Journal is defined as the account which is a detailed account that records or post all the financial…

Q: A credit card account had a $230 balance on March 5. A purchase of $150 was made on March 12, and a…

A: Hence, total billing period is 30 days, and the total balance of unpaid amount in each day of the…

Q: On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: On June 1, Target sold 100 HP laptops to UCF for $500 each with terms of 3/15, n30. On June 11, UCF…

A: Here in the above question, T sold HP laptops on credit to UCF with terms of 3/15, n/30. It means if…

Q: A business sells $100 worth of goods to a customer, the customer pays $50 in cash immediately and…

A: We have the following information: Goods worth: $100 Customer pays $50 in cash immediately…

Q: On January 10, Molly Amise uses her Concord Corporation credit card to purchase merchandise from…

A: The entries on Concord corporation's books related to the transactions that occurred on January 10,…

Q: A credit card account had a $243 balance on March 5. A purchase of $179 was made on March 12, and a…

A: From March 5 to March 12, the balance of account is $243 for 7 days.From March 12 to March 28, the…

Q: n June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…

A: Journal entries are the foremost reporting of the business transactions in the entity's account…

Q: For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Accounts Receivable-Red, debit P10,000; Sales, credit P10,000 following entries does Black make to…

A: FOB shipping point means seller is responsible for the goods till the goods is ready to be shipped.…

Q: The following transactions occurred during February, affecting your A/R ledger account for Johnny…

A: When a customer purchases the goods on credit, he or she owes an amount to the firm. Accounts…

Q: On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May,…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Jones Co has the following transactions: 1 Payment of $400 to J Bloggs for a cash purchase 2…

A: Journal: Recording of a business transactions in a chronological order.

Q: Record the sale by Balus Company of $136,000 in accounts receivable on May 1. Balus is charged a…

A: given that, sale of accounts receivables. accounts receivable = $136000 Factoring fee = 3%

Q: Joan Jenkins had a beginning balance of $1000 on her credit card as of October 1 last month. On…

A: Computation of average daily balance:Hence, the average daily balance is $991.Answer: Option C

Q: If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card…

A: Credit card expense=Amount used×Fee percentage=$1,100×1.5%=$16.5 or $17 The credit card expense is…

Q: State the accounting entries required if a business made sales on credit of $10,000, on which it…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…