Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other they are deducting 50,000 and my question is i will deducting it or not?
Q: Transactions Journal Entry Paid rent of the space for the month amounting to P10,000 less: 5%…
A: Journal entries are recorded as a first step of accounting process in which atleast one account is…
Q: Give the correct journal entries to record the transactions of Bluebell Co. February 1 Received a…
A: Journal entries are the method of recording transactions inappropriate way. These are helpful…
Q: Kristopher Company sold $40,500 of goods to Evan Company on credit on March 1, 2022. Terms were…
A: A journal entry is a summary of a commercial transaction in the accounting system of a company.…
Q: Suppose Casey Title Company normally charges $400 for services related to selling a house. As part…
A:
Q: 16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half…
A: Under gross method, sales are recorded at Full value. Under Net method, sales are recorded at…
Q: Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon…
A: Unearned Revenue is the advances in cash or kind received by the customers for the goods to be…
Q: Merchandise returned to vendor due to damage,is $25,000 + %10 VAT. Vendor issued a Bill of Exchange…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: Ramandeep borrowed $15,000 at 8% on January 17, 2019. She repaid $5,000 on March 3, and $9,000 on…
A: In Diminishing Balance method, interest is calculated on the outstanding loan balance after…
Q: Joseph Corporation a mobile phone wholesaler sells mobile phones to PhoneTech Ltd, a mobile phone…
A: Journal entry is record of Transaction in Accounting records In Case of Net Method to record…
Q: H) A product is sold for RO 15,000 dated June 10, and terms of payment 4/10, n/30 has been received.…
A: We’ll answer the question no h), since the exact one wasn’t specified. Please submit a new question…
Q: A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3.…
A: Term 2/10, net/30 means that if the payment of the credit sale is made within ten days, then a 2%…
Q: Goods totaling P100,000 were purchased February 2 with terms of 2/10, n/30. Returns of P20,000 were…
A: Formula: Net purchases = Purchases - Purchases returns
Q: Noel's Auto Repair Shop paid P3,586.20 invoice dated November 12,2014 on December 10 of the same…
A: Given: Invoice = P3,586.20 Invoice date = November 12,2014 Paid on = December 10, 2014 Stated…
Q: LIhe tollowing intormation applies to the questions displayed below. On October 29, Lobo Co. began…
A: Answer are as follows
Q: SEP 15 Purchased merchandise with an invoice price of 35,000 and credit term 2/5, n/15 SEP 29…
A: Merchandise Inventory: Merchandise inventory is the cost of goods on hand and available for sale at…
Q: Beta company purchased merchandise worth $6,500 from Alpha company on July 1 with terms of 3/10,…
A: Given: Purchase amount = $6500 Purchase return = $250
Q: Find the outstanding balance due at the end of the credit period. Susannah purchased merchandise…
A: Sales Term of 4/15, n=45 shows that dues paid in 15 days will get 4% discount and maximum credit…
Q: 2021 Oct 31 Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You do not…
A: Interest accrued on Dec 31, 2021 = Face value of notes x rate of interest x no. of months/12 =…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P124,000 on July 06,…
A: In the given question, A-one Supplies has offered a trade discount of 15% and 10%: It implies that…
Q: Oct. 17: Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9%…
A: Payroll expense are the expenses which are deductible from the gross earnings of an employee and…
Q: on may 28, talbot of boston sold forrest of los angeles 7,700 of fine clothes. terms were 5/10 eom…
A: Concept: 5/10 EOM means the 5% discount will be given if the full amount is paid in 10 days after…
Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: Susanne purchased merchandise with a net price of $347,500 with terms of sale of 4/15, n30. He makes…
A: Formula: Outstanding balance due at the end of credit period = Total Purchase price - Cash paid
Q: On August 1, Costco Lubbock collects sells 150,000 one-year family memberships to customers for $45.…
A: Given, Number of memberships = 150,000 Selling price of one year membership = $45
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: LULU Hypermarket on March 1st, 2020, sells food product on account to Al Faiha Farm for RO 5,000.…
A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…
Q: 4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: legant Electronics sells a cellular phone on September 2 for $480. On September 6, Elegant sells…
A: Working Note; Sales tax payable (2nd Sept.)=Sale amount×Tax rate=$480×4%=$19.2
Q: Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note.…
A: Journal entries are recorded in chronological order where transactions of business has been recorded…
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 buyer receives merchandise on September 7th that is involced for $3,250. The date on the invoice…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: Collected from customers on account on september 10 sold on account key 20,000 to customers with…
A: On September 10, the collection from customers on account means the customers has to pay the…
Q: Elegant Electronics sells a cellular phone on September 2 for $460. On September 6, Elegant sells…
A: Sales tax payable on Sep. 2 Sales = Sales x sales tax rate = $460 x 5% = $23 Sales tax payable on…
Q: 1. A buyer received an invoice for P6,000 dated June 10. and the buyer paid the invoice within the…
A: Since we only answer one question, we will answer the first question. Please resubmit the other…
Q: Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company…
A: Payroll of a company consists of the wages, salaries, and employee benefits and taxes deductions.…
Q: Invoice amount of $28,700 on June 25 Partial Payment made on July 20th of 6,000 Return goods of…
A: The Term 4/20 means if payment is made within a period of 20 days then a 4% discount is given to the…
Q: Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: b) An invoice for RO 65,000 and dated February 20th with the terms 7/13, EOM is received. The bill…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900).…
A: Journal Entry:-Way of recording any transaction of a company with debit and credit side. It works on…
Q: entxies JOUnal Green Company sells goods to Thumb Inc. on account on January 1, 2017.The goods have…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Rapoo Inc. sells gift certificates. One-half of the gift certificates outstanding on January 1…
A: Unearned revenue from gift card on 1 JANUARY 1,80,000 Closing balance of unearned…
Q: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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: On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Company with…
A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…
Q: Zom Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%, What…
A: Sales taxes payable account is a current liability for the company that has been collected by the…
Collected from customer on account on june15 June 15 : sold on account 350,00 to customer
In other they are deducting 50,000 and my question is i will deducting it or not?
Step by step
Solved in 2 steps
- Laminate Express extended credit to customer Amal Sunderland in the amount of $244,650 for his January 4 purchase of flooring. Terms of the sale are 2/30, n/120. The cost of the purchase to Laminate Express is $88,440. On April 5, Laminate Express determined that Amal Sunderlands account was uncollectible and wrote off the debt. On June 22, Amal Sunderland unexpectedly paid 30% of the total amount due in cash on his account. Record each Laminate Express transaction with Amal Sunderland. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Laminate Express rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, though, that in most cases the direct write-off method is not allowed.Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 8% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment.Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.
- Accounts Payable On May 18, Stanton Electronics purchased, on credit, 1,000 TV sets for $400 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on June 30. Required: Prepare the necessary journal entry (or entries) on May 18 and June 30.Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost of the purchase to Window World is $56,200. On September 4, Window World determined that Nile Jenkinss account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, however, that in most cases the direct write-off method is not allowed.Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17
- Airplanes Unlimited purchases airplane parts from a supplier on March 19 at a quantity of 4,800 parts at $12.50 per part. Terms of the purchase are 3/10, n/30. Airplanes pays one-third of the amount due in cash on March 30 but cannot pay the remaining balance due. The supplier renegotiates the terms on April 18 and allows Airplanes to convert its purchase payment into a short-term note, with an annual interest rate of 9%, payable in six months. Show the entries for the initial purchase, the partial payment, and the conversion.Collection of Amounts Previously Written Off Customer Rob Hufnagel owes Kellman Corp. $1,250. Kellman determines that the total amount is uncollectible and writes off all of Hufnagels debt. Hufnagel later pays $350 to Kellman. Required: Make the appropriate journal entries (if any) to record the receipt of $350 by Kellman.Unearned Sales Revenue Curtiss Carpet Cleaning normally charges $90 to clean one room of carpeting. During the holiday season, Curtis offers a promotion to clean the customers carpet 10 times at a discounted rate if the customer pays $600 in advance. Required: Make the journal entry to record the following transactions. 1. A customers prepayment of $600 2. Curtiss cleaning of the carpet one time
- Write-Off of Uncollectible Accounts King Enterprises had 27 customers utilizing its financial planning services in 2019. Each customer paid King $25,000 for receiving Kings assistance. King estimates that 2% of its $675,000 credit sales in 2019 will be uncollectible. During 2020, King wrote off $2,700 related to services performed in 2019. Required: 1. Prepare the journal entry to record the defaulted balance. 2. Prepare the adjusting entry to record the bad debt expense for 2019.On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.SALES JOURNAL Futi Ishanyan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1Sale No. 213 to Jeter Manufacturing Co., 1,300, plus sales tax. 3Sale No. 214 to Hassan Co., 2,600, plus sales tax. 7Sale No. 215 to Habrock, Inc., 1,700, plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 478708867.) 11Sale No. 216 to Seth Mowbray, 1,400, plus sales tax. 18Sale No. 217 to Hassan Co., 3,960, plus sales tax. 22Sale No. 218 to Jeter Manufacturing Co., 2,800, plus sales tax. 30Sale No. 219 to Seth Mowbray, 1,900, plus sales tax. Required 1. Record the transactions in the sales journal starting with page 8. Total and verify the column totals and rule the columns. 2. Post from the sales journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
