Company X sells $400 of merchandise on account to Company Y with credit terms of 2/10, n/30. If Company Y remits a check taking advantage of the discount offered, what is the amount of Company Y's check?   Question 19 options:   A)  $320   B)  $280   C)  $360   D)  $392

Q: Mar. Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30. 31 Issued a 30-day,…

A: 1) Journal Entry Date Particulars Debit Credit Mar 1 Inventory 372,000        Accounts…

Q: Apple Co sells merchandise on credit to Zea Co in the amount of P8,000. The invoice is dated on…

A: Cash Discount Customers are rewarded with cash savings if they pay their bills within a particular…

Q: On January 15, Nifty Company sells merchandise on account to Martinez Associates for $5,000 with…

A: COncept -  The term 3/10, n/30 Indicates that,  If the payment is made within 10days then the…

Q: II. Lemon Company allows customers to make purchases on credit. The terms of all credit sales are…

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: A merchandiser receives payment in full after the expiration of the discount period on a P3,000…

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

Q: The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the…

A: Net purchases = Purchases worth - Purchase discount = P4,000,000 - P4,000,000 x 10% = P3,600,000

Q: On July 9, Bonita Company sells goods on credit to Sandhill Company for $4500, terms 2/10, n/60.…

A: Sales Discounts = Sales value x discount rate =  $4500 x 2% = $90

Q: 1) Machinary is purchased for 196.000 TL + %10 VAT , Check is issued . Transportation and…

A: Journal entries : 1. Machinery is purchased Cost of machinery = 196000 TL Vat = 10% Transportation…

Q: 3. Frederick, a wholesaler, has the following information relating to the year ended 31 March 2020:…

A: Allowance for the receivable’s loss is made by every entity. Because there is no 100% surety that…

Q: B. The cash accounts of Ria on December 31,2021 has balance of P151,000 and it consist of the…

A: The cash which is a current asset also includes those treated as a cash equivalent in its balance.…

Q: Valley Company purchases merchandise on account for $6,236 from Corn Company with credit terms of…

A: The cash discount is allowed to buyer, if payment is made within discount period.  The FOB shipping…

Q: Buehler Company on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On…

A: Answer- The latest payment date to qualify for discount policy of (2/10, n/30 implies that if Chaz…

Q: Mindful Corporation sells merchandise on account for $5,000 to Absent Corporation with credit terms…

A: Formula: Cash discount amount = Net sales x Discount rate

Q: Ball Company sells merchandise on account for $1,500 to Edds Company with credit terms of 2/10,…

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

Q: What is the entry on Kiner's books to record the payment of the invoice within the discount period?

A: In the normal course of business, Business Entities allow credit to their customers on some terms…

Q: Bramble Company sells merchandise on account for $4800 to Cullumber Company with credit terms of…

A: Sales Revenue = $4,800 Credit Terms = 1/10, n/30 Sales Returns = $1,100 Therefore, Amount Due =…

Q: Collected payment from customers through bank online transfer, P21,880. Collection includes refund…

A: SOLUTION-   A JOURNAL  IS THE COMPANY'S OFFICIAL BOOK IN WHICH TRANSACTIONS ARE RECORDED IN…

Q: April Transactions: Apr. Issued Check No. 429 to Standard Industries for merchandise purchased March…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: In its December 31, 2020 balance sheet, what amount should Delto report of allowance for discounts?

A: The Company generally Provides the discounts to their credit customers so that they receives the…

Q: Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Introduction:- Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a…

Q: Alpha Corporation sells $2799 of merchandise on account to Blackwell Company with credit terms of 3…

A: Payments terms of 3/10, n/30 means discount of 3% on goods is valid for 10 days from the date of…

Q: Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with…

A: Merchandising is the process to bringing goods for the selling purpose into market.

Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700.  The invoice is dated on May 1 with…

A: 1/15 means 1% discount will be there if payment is made with in 15 days and no discount after 15…

Q: Apple Co sells merchandise on credit to Zea Co in the amount of 8,000. The invoice is dated on…

A: The term 1/15, net 45 means 1% discount till 15 days of date of invoice.

Q: 9/The business has the following transactions for the month of May 2019. 9- Sold goods and received…

A: Cash Sales are those that are collected at the time of sale. If collected later, those sales would…

Q: 8. SAN JOSE Company, non vat registered subject to 3% OPT under sec 116, had the follov data in the…

A: Percentage tax due is the amount of tax which is calculated on gross receipts. It is type of sales…

Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $10,400. The invoice is dated on May 1 with…

A: Discount:  It refers to a percentage that is deducted from the normal selling price of a product.

Q: FDN Trading sold merchandise on credit to ABC Co in the amount of P64,000. The invoice is dated on…

A: The question is based on the concept of Financial Management. As per the Bartleby guidelines we are…

Q: Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10,…

A: Discount on amount collected =  account receivable collected x discount rate = 9000 x 3% = OMR 270

Q: Blossom Company sells merchandise on account for $3300 to Morton Company with credit terms of 2/7,…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: amount which will be transferred to Cash sales column of Cash receipts book

A: Cash sales column of Cash receipts book include cash receipts received from cash sales.

Q: Python Company sells merchandise on account for $5,000 to Monte Company with credit terms of 2/10,…

A: Net Amount payable = Purchases - Purchase return = $5,000 - $1,500 = $3,500

Q: Samberg Inc. had the following transactions. a. Oct. 1- Sold $11,500 of merchandise on account,…

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

Q: on May 15 ABC company sells merchandise on account to SAN Co. for $2,000, terms 2/10, n/30. On May…

A: Term Discount:- It is a discount which one party avail when it fulfills the required condition of…

Q: Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for…

A: Merchandise subject to terms 4/15, n/28, means there will be a cash discount of 4% if payment is…

Q: e transactions. (Journal Entries) December   1 Issued check for $200 for December rent   Took out a…

A: Step 1 Journal is the Part of Book Keeping.

Q: Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders…

A: The standard VAT rate of Africa is 15% for trade. Therefore, the value of VAT output to be disclosed…

Q: On January 5, The business purchases inventory of 22.000 TL including 10% VAT. The business endorses…

A: Following is the answer to given question

Q: B. The cash accounts of Ria on December 31,2021 has balance of P151,000 and it consist of the…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: 52. On July 9, 2021, Entity A collects its sales on account from a customer in the amount of P48,750…

A: Total sales = amount received / (1 - discount rate) = 48750 / (1 - 0.025) = P50,000

Q: Xanadu Company purchased merchandise on account from Springhill Company for $7,900, terms 2/10,…

A: The payment term is 2/10, n/30.   So the discount is 2% if the payment is made within the discount…

Q: Smith Co. sold $32403 of merchandise on account on April 3, 20x7 under the terms 2/15, n/45. The…

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

Q: Mould Corporation sells to wholesalers on terms of 2/15, n/30. Mould has not cash sales but 50% of…

A: Credit terms 2/15, n/30 says that if customer will pay the due amount in 15 days, then 2% discount…

Q: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for…

A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000

Q: 1) Prepare checks for the following disbursements: o Pay to Meralco for the electric bill P34,667.35…

A: Since the above question doesn't specifically mention the number of authorized signatories it is…

Q: Bramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms…

A: Discount terms 2/10 net 30 indicates that  A discount of 2% on net sales  That is total sales less…

Q: ry 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600 for the goods…

A: In the given situation, Mega-mart company is granting an allowance to max traders for RO 2,600 as…