Goods totaling P 50,000 were purchased February 2 with terms of 2/10, n/30. Returns of P 10,000 were made on February 10. What discounts, if any can be availed of if the invoice was paid on February 12? None P 200 P 800 P 1,000

Q: The invoice of a Toy company amounts to 800 OMR was dated February 7, and offered terms 2/10, n/30…

A: Introduction: ROG: ROG stands for Receipt of Goods. Due date is to be calculated from the date of…

Q: GINKGO-NUTS Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10,…

A: Discounted term 2/10 indicates that the buyer is eligible to claim a discount of 2 % on the total…

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: (a) On July 1, Wildhorse Co. sold merchandise on account to Stacey Inc. for $25,000, terms 3/10,…

A: Credit terms of 3/10, n/30: Buyer can avail  discount of 3% if a buyer pays back within 10 days of…

Q: A home office ships merchandise to the branch at 30% above cost.  The allowance for overvaluation at…

A: Head office means from where the company mainly operate and all branches are controlled from that…

Q: A company purchased $9,800 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it…

A: The term 3 / 10 or n/ 45 indicates that the payee can avail of the discount of 3 % if he paid the…

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: A company purchased $9,500 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it…

A: Net Purchase  = Purchase - purchase return = $9500 - 475 = $9,025

Q: 2,000 es made during the period; uary 5,000 1,000 1,800 2,500 ust uired; . Using the…

A: Under LIFO method of Inventory Valuation the items purchased last will be sold at first.

Q: On May 5, FDN Trading sold merchandise for P1,900,000 lesk 10-5 on terms 20% down, and the balance…

A: Net Sales - Net Sales is calculated by following formula - Net Sales = Gross Sales - Sales Return…

Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…

A: Invoice Price = $19,700 Terms of Sale , If paid in 15 days 5% discount on the amount

Q: Larson Company on July 15 sells merchandise on account to Stuart Company for $1,000 credit terms of…

A: Cash receivable from Larson Company on July 24 = $1,000 - $400 = $600

Q: An invoice of RO500 with the terms 2/10, n/30 ROG is dated on June 10. The goods are received on…

A: 2/10,n/30 means 2% cash discount can be availed if payment is paid within 10 days of invoice. n/30…

Q: A company purchased $3,500 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned…

A: it is given that, terms 1/10 it means, if they are paid within 10 days of a 30 days payment…

Q: Please provide also the solutions. Thank you!  This Year: Accounts receivable = P135,000…

A: Given Information: Previous year: Accounts Receivable = P119,000 Inventory = P155,000 Current Year:…

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Formula: Discount amount = Invoice amount x Discount rate.

Q: The following information was able from Acer Corporation’s books:  2022  Purchases  Sales  July…

A:

Q: On January 15, Paul Trading purchased from Vanessa Merchandising goods amounting to P30, 000 on…

A: Journal entries are entries that are passed as a first step of accounting process, in which atleast…

Q: Thinkwell Enterprises Co pays the amount of $ 200,000 of merchandise owed to Al Bhaja Trading…

A: Discount on payment = amount payable x discount rate = 200000 x 3% = $6000

Q: 12. On June 1, P16,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: The following purchases were made by Bay Leaf Trading: Item Purchase Date April 1 April 5 April 8…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 1/10, n/30. Barans…

A: 1/10 net 30 means 1% discount will be there if payment is made with in 10 days and no discount after…

Q: On May 1, FDN Trading bought merchandise for P300,000 less 10 on terms 1/10 n/30. FDN Trading…

A: Note: 1/10, n/30: Here, 1 represent the discount rate if payment is made within ten days. And if…

Q: Sales-related transactionsSayers Co. sold merchandise on account to a customer for $80,000…

A: Sales discount = Sales x discount rate = $80,000 x 2% = $1,600

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: Apr. 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the…

A: A journal entry is the core and foremost record that a transaction has taken place in the business.…

Q: July Received from Henry Sy cash investment of P250,000 and merchandise worth P60,000. Sales invoice…

A: Journal entry: It is also called as book of original entry. All financial transactions happened in a…

Q: On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a…

A: Sales of goods means transfer of ownership of goods to some other person. It can be on cash or on…

Q: 2- Paid taxes and licenses amounting to P3,500 OR #0210. 3- Paid rent for the month to San Roque…

A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Journalizing sales transactions——periodic inventory system Journalize the following sales…

A: Date Account Titles and Explanation Debit Credit  Aug. 1 Accounts Receivable $6,500…

Q: n January 4, JC sells merchandise costing $2,000 for $8,000 to RM with terms of 3/12, n30.   On…

A: Solution Concept Credit term 3/12, n30 means that if the amount is paid within 12 days of the…

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Invoice Price = 22,000 Credit Terms = 1/10,n/15 1% discount will be Provided if payment has made…

Q: FDN Trading had the following selected transactions on November 5: Purchase of furniture on account,…

A: Solution: Cash account shows inflows of cash and outflows of cash. Inflows of cash are debited to…

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: Goods totaling P50,000 were purchased February 2 with terms 2/10, n/30. Returns of p10,000 were made…

A: Here the terms 2/10, n/30 means 2% cash discount will be provided if payment is made with in 10 days…

Q: Amanse Golf Club sells refreshments to it's members. Suppliers for refreshments were owed Ghc250 on…

A: Workings: Suppliers for refreshments owed on January 01 is Ghc 250 suppliers for refreshments owed…

Q: On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of…

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

Q: A company purchased $4,500 of merchandise on May 1 with terms of 2∕10, n∕30. On May 6, it returned…

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: A $1,000 sale is made on May 1 with terms 2/10, n/30.Items with a $100 selling price are returned on…

A: The terms 2/10, n/30 means two percent discount will be given if payment is received within 10 days…

Q: Kerr Co.'s accounts payable balance at December 31, 2010 was $1,500,000 before considering the…

A: Accounts Payable balance at December 31, 2010 before adjustments: $1,500,000 Goods were shipped to…

Q: A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping…

A: Merchandise Inventory Costing: In case of FOB Shipping, the buyer pays the shipping charges The…

Q: The invoice of a Toy company amounts to 800 OMR was dated February 7, and offered terms 2/10, n/30…

A: Introduction: ROG: ROG Stands for Receipt of Goods. From the date of receipt of goods , due date to…

Q: the following transactions during Year 1. Roger's fiscal year ends on December 31. an. 8 Purchased…

A: Accounting Equation- The accounting equation is an expression which states that a company's assets…

Q: A company makes a credit sale of $1,000 on June 13 according to the payment terms 5/10, n/30. On…

A: Payment terms of 5/10, n/30 states that if the payment is made within 10 days then the buyer is…

Q: Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per item.…

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

Q: Amanse Golf Club sells refreshments to its members. Suppliers for refreshments were owed GH₵ 250 on…

A: Amount due to suppliers means amount needs to be paid to the suppliers for credit purchases made.…

Q: Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals ae…

Q: A credit sale of $2,400 is made on April 25, terms 2/10, n/30, on which a return of $150 is granted…

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

Q: Ibri enterprises purchased goods on 3rd march, for RO 84,000 from Moon enterprises. Calculate the…

A: 3/EOM means a buyer who pays by the end of the month of purchase may deduct a 3% discount from the…

Q: 1.On June 1, P8,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer…

A: When goods are sold on discount with credit terms of 1/10, n/30, the discount allowed will be 1% of…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is