Calculate (A) amount to be credited and (B) balance outstanding Invoice Amount: $3,000 Terms: 2/10, n/30 Invoice Date: July 5 Payment Amount: $600 Date Paid July 14 Find the Amount to be credited (A): Find the Balance Outstanding (B):

Calculate (A) amount to be credited and (B) balance outstanding Invoice Amount: $3,000 Terms: 2/10, n/30 Invoice Date: July 5 Payment Amount: $600 Date Paid July 14 Find the Amount to be credited (A): Find the Balance Outstanding (B):

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 9EB: Prepare journal entries to record the business transaction and related adjusting entry for the...

See similar textbooks

Related questions

Q: Breckenridge Corporation manufactures a part in a single production process in Department B. The…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Three different companies each purchased trucks on January 1, Year 1, for $76,000. Each truck was…

A: a-1 : Net income for year 1 Company A Company B Company C Cash revenue earned 65,000 65,000…

Q: P Ltd acquired 80% of S Ltd and 30% of A Ltd in June 20x7. For the year ended 31 December 20x8, S…

A: According to the given question, we are required to find the correct options from the available…

Q: Delacroix Co. had 800 units of inventory at the beginning of March 2010. Other information about…

A: Under the FIFO method of process costing, costs are transferred to next department and ultimately to…

Q: 1 Apr 02 Cash 38,000 Computer equipment 11,400 Common stock 49,400 2 Apr 03…

A: Post Closing Trial Balance :— It is the list of final balances of all ledger accounts after closing…

Q: Problem 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for…

A: Balance Sheet :— It is one of the financial statement that shows list of final balances of assets,…

Q: Problem no. 3 Delacroix Co. had 800 units of inventory at the beginning of March 2010. Other…

Q: An asset was purchased for $70,000 and originally estimated to have a useful life of 10 years with a…

A: Depreciation is a method of accounting that allocates the cost of a tangible or physical object over…

Q: EX 8-19 Determine due date and interest on notes 0 Determine the due date and the amount of interest…

A: a) due date = May 4 Interest =$90,000×6%×120/366 =$1770.5 b) due date=march 16…

Q: What ethical considerations exist in this scenario? 2. What stakeholders are harmed or benefited?…

A: 1) The company is breaching the agreement with creditors by wantedly delaying the payments to them…

Q: During 20B, Glaiza company had the following two classes of share capital issued and outstanding for…

A: Basic earnings per share is the per share value which is earned by the shareholders of the entity.…

Q: Why is the identification of favorable and unfavorable variances so important to a company? How can…

A: If a budget variance is severe, managers will speak with department personnel and supervisors to…

Q: 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: Recommended: graph each alternative with units on the x-axis and $ on the y-axis. Also, include…

A: Break even Point By comparing an asset's market price to its initial cost, one can calculate the…

Q: Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of…

Q: ccording to Cheffers and Pakaluk, ethical accou elow] for the markeplace. Pain Punishment Watchdog…

A: Cheffers and Pakaluk has given their view about accounting. Accounting should be ethical and it…

Q: If there is a provision for division of profits but not losses in the partnership agreement, it is…

A: According to Partnership Act 1932, in the absence of any agreement between partners profit and loss…

Q: BE1-4 Use the accounting equation to answer each of the following questions. (a) The liabilities of…

A: The accounting equation is a mathematical representation of financial transactions. The accounting…

Q: Minty Fresh Co. manufactures and sells chewing gums direct to malls. Last month, the company…

A: Gain on sale :— It is the difference between sale proceeds and book value of asset. It is…

Q: Dueplo Construction has agreed to build an addition for an office building for a contract price of…

A: Generally, When the revenue is recognized over time, the revenue is distributed over the years in a…

Q: Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note…

A: Promissory Notes :— It is a written document that contains promise to pay certain sum of money to…

Q: On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of…

A: Bonds are the securities which are issued by the entities in order to raise finance. These are an…

Q: 30 Paid the staff $5,000 salary for the month. Instructions a) Journalize the transactions,…

A: Journal Entry In accordance with the double-entry accounting method, journal entries are created in…

Q: Apr 02 Cash 38,000 Computer equipment 11,400 Common stock 49,400 2 Apr 03…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: A consolidation adjustment will have a tax effect if: Select one: A. It adjusts the carrying…

A: Consolidation Consolidation is the process of combining the financial resources of two or more…

Q: n 2016, Carow sold 3,000 units at $500 each. Variable expenses were $250 per unit, and fixed…

A: Break even Point - It is the level of sales wherein the company have no profit no loss. below the…

Q: Which of the following approaches to preparing an income statement includes a calculation of the…

A: Since two different questions have been asked by you but we are able to answer only 1 question as…

Q: The partnership decided to revalue the firm's properties from P 500,000 to P650,000. This will

A: The firms assets and liabilities are revalued when the book value of the assets and liabilities are…

Q: Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three…

Q: Price of Rug $1,400 Chain Discount: 18/12 Find the Net Equivalent Rate Find the Single…

A: The question is based on the concept of Financial Accounting.

Q: Tasha company had the following ordinary shares outstanding during the current year: 1/1, ordinary…

A: Weighted average number of shares outstanding are the average number of shares which are outstanding…

Q: every year, a college basketball tournament is held in Janet's city. Janet is not a basketball fan,…

A: Income refers to the amount or sum of money or property which is received over the time period in…

Q: Consider the following information. 1. On September 1, 2022, a US firm contracts to buy equipment…

Q: Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The…

A: Workings :- 1) Calculation of cost per share of Tett Co. :- Total cash paid / number of shares…

Q: Sandhill Corp. uses a perpetual inventory system. The company had the following inventory…

A: Journal entry: It refers to the recording of company's financial transactions in it's primary book…

Q: Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department…

A: The question is based on the concept of cost accounting.

Q: Hurst, Inc. sold its 8% bonds with a maturity value of $9,000,000 on August 1, 2019 for $8,838,000.…

A: Journal entry refers to recording of business events or transactions that occurred in the business…

Q: In 2020, Henry and Eva paid $2,500 of qualified domestic adoption expenses. The adoption did not…

A: There are adoption credit available based on the income and they are paid in the year in which it is…

Q: 2. Identify the amount of raw materials purchases. 3. Compute the amount of direct materials used.…

A: A manufacturer produces goods in order to resell them at profit. Whereas, a merchandiser purchases…

Q: Return on net operating assets ( RNOA = NOPAT/Average NOA) is commonly used to evaluate a companies…

A: Part 1 - Specific ways to reduce the inventory 1) Company can adopt Just in Time (JIT) Method of…

Q: Requirement 2. Compute the total costs of the units (gallons) (a) completed and transferred out to…

A: Total costs includes the cost of direct materials and conversion costs. Conversion costs are cost of…

Q: Wright trades as Shop Write Services. The trial balance of the business is attached Additional…

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

Q: Summarize the impact of foreign exchange rates on the company’s financial statements.

A: Bartleby's Guide line: “Since student have asked multiple question, we will solve the first question…

Q: Should corporate lawyers who become aware that someone at the client corporation may have violated…

A: SEC stands for Securities and Exchange Commission which refers to the independent federal government…

Q: Compute how much money you need to invest each month in order to be able to have enough money at…

A: Given that, Interest rate = 6.22% Time period = 40 years U = 12 No. of months = u +28 Find: Amount…

Q: Bond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells football…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Computing Fair Value of Environmental Liability Minerals Inc. anticipates environmental costs at the…

A: Calculation of above requirement are as follows

Q: Martinez Corporation tractor on December purchased a special 31, 2020. The stipulated that purchase…

A: PRESENT VALUE Present value is the current value of a future amount of money or a series of Cash…

Q: Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense…

A: Solution Income statement is the financial statement that shows you the company's Revenue and…

Q: profitability ratios?

A: Profitability ratios are the ratios that tells about the efficiency with which the company is making…

Question

Calculate (A) amount to be credited and (B) balance outstanding

Invoice Amount: $3,000

Terms: 2/10, n/30

Invoice Date: July 5

Payment Amount: $600

Date Paid July 14

Find the Amount to be credited (A):

Find the Balance Outstanding (B):

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

Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500
Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). A. March 1, paid interest due on note, $2,500 B. December 31, interest accrued on note payable, $4,250
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
Prepare journal entries to record the following adjustments: A. revenue earned but not collected, nor recorded, $14,000 B. revenue earned that had originally been collected in advance, $8,500 C. taxes due but not yet paid, $ 2,750
On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
Prepare journal entries to record the business transaction and related adjusting entry for the following: A. March 1, paid cash for one year premium on insurance contract, $18,000 B. December 31, remaining unexpired balance of insurance, $3,000
For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent Revenue
Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. paid an expense for the current month B. prepaid an expense for future months C. made a payment to reduce accounts payable D. incurred a current-month expense, to be paid next month
Which transaction would require adjustment at December 31? a. The sale of merchandise for cash on December 30. b. Common stock was issued on November 30. c. Salaries were paid to employees on December 31 for work performed in December. d. A I-year insurance policy (which took effect immediately) was purchased on December 1.
Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?
On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services. During the period, the company completed $6,200 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, make the journal entries needed to bring the balances to correct for: A. original transaction B. December 31 adjustment
Reversing Entries Thomas Company entered into two transactions involving promissory notes and properly recorded each transaction. 1. On November 1, it purchased land at a cost of 8,000. It made a 2,000 down payment and signed a note payable agreeing to pay the 6,000 balance in 6 months plus interest at an annual rate of 10%. 2. On December 1, it accepted a 4,200, 3-month, 12% (annual interest rate) note receivable from a customer for the sale of merchandise. On December 31, Thomas made the following related adjustments: Required: 1. Assuming that Thomas uses reversing entries, prepare journal entries to record: a. the January 1, reversing entries b. the March 1, 4,326 collection of the note receivable c. the May 1, 6,300 payment of the note payable 2. Assuming instead that Thomas does not use reversing entries, prepare journal entries to record the collection of the note receivable and the payment of the note payable.