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If the term is 2/10, n/30, purchase made on July 1 should be paid until
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- If the term is 2/10, n/60, to get a discount, a purchase made on July 1 should be paid on or beforeA. July 21B. July 31C. August 11D. July 11A buyer received an invoice for P 60,000, inclusive of 12% VAT dated October 2. If the terms are 2/10, n/45 and the buyer paid the invoice within the discount period, what amount will the seller receive?The rent expense account in 2020 has debit balance of P74,400 composed of the following: (1) January 1, 2020 balance of P16,800 representing rent for January through April 2020; and (2) a debit of P57,600 representing a payment for one-year rent beginning May 1, 2020. Compute for the total rent expense at the end of the 2020.
- On 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to the income statement and the entry in the statement of financial position for the year ended 30 November 20X0?A $ 1,050 charge to income statement and prepayment of $750 in the statement of financial positionB $ 1,050 charge to income statement and accrual of $750 in the statement of financial positionC $1,800 charge to income statement and no entry in the statement of financial positionD $750 charge to income statement and prepayment of $ 1,050 in the statement of financial position Answer the question and explain why did you choose this answerIf the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid Rent of: a. $0 b. $1,200 c. $2,400 d. $3,600
- On 1 January 2020, a company received OMR 14000 cash as rent revenue for two years. Pass the adjusting entry on 31st December 2020 Select one: a. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Unearned rent revenue Income rent revenue Income 7000 7000 b. None of these c. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Unearned rent revenue Income rent revenue Income 14000 14000 d. Date Particulars Debit (OMR) Credit (OMR) 31 Dec Cash Unearned rent revenue Income 14000 14000An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July 16, when is the net payment date? Please answer very soonA credit sale of $2800 is made on July 15, terms 4/10, net/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24?
- On July 1, Orcas Lab issued a $100,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?On July 1, Orcas Lab issued a $100,000, 12%, eight-month note. Interest is payable at maturity. What is theamount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a)December 31? (b) September 30?Assume a company receives a bill for $10,000 for advertising done during the current year. If this bill is not yetrecorded at the end of the year, what will the adjustingjournal entry include?a. Debit to Advertising Expense of $10,000.b. Credit to Advertising Expense of $10,000.c. Debit to Accrued Liabilities of $10,000.d. Need more information to determine
