If vests costing $00 with terms 2/20, n/60 ROG were received by the company on April 12 with an invoice dated April 6.  When is the last day the buyer still can get the cash discount?    If the buyer decided to pay the bill on May 9, then how much would the cash discount be in dollars?

Q: A retailer received an invoice for the purchase of twenty rackets at RM140 each. He was given trade…

A: Retailers and wholesalers want to know the one single discount rate that equates to a series of…

Q: Hyabuza Japanese Restaurant received an invoice, dated February 20, 2011, for supplies they ordered…

A: Trade discount is a discount offered on the list price to its retailers . Trade discounts are of 2…

Q: In Lizzie Shoes’ experience, gift cards that have not been redeemed within 12 months are not likely…

A: Given information is: Lizzie Shoes’ experience, gift cards that have not been redeemed within 12…

Q: A store purchased canned goods at an invoice price of $2,000 and terms of 2/10, n/30.  Half of the…

A: >Discount term is a payment agreement between buyer and the seller. >The buyer and seller…

Q: Jill's dress shop purchaed merchandise worth $1,265 with an invoice date of November 27.  Jill paid…

A: Solution: As payment is made with in 15 days of invoice date, , therefore Jill will get cash…

Q: What is the average accounts payable for APP?

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: In Lizzie Shoes’ experience, gift cards that have not been redeemed within 12 months are not likely…

A: Revenue: The account which is to be credited when a company receives donated assets is the revenue…

Q: Lynne’s Furniture Store had $350,000 in receivables and factored them to Marvin’s Finance Co. on…

A: Total amount received = Accounts receivable x % paid = $350,000 x 90% = $315,000

Q: The credit terms offered to a customer by a business firm were 2/10, n/30, which means the…

A: For promoting earlier payments, sometimes sellers make credit policy like 2/10, n/30.

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: ANSWER (3 - a)   DATE PARTICULARS DEBIT ($) CREDIT ($) 17 NOV , 2021 ACCOUNTS RECEIVABLE…

Q: A buyer received an invoice for P 60,000, inclusive of 12% VAT dated October 2. If the terms are…

A: Formula: Amount paid = Total Invoice amount - Discount amount.

Q: Bob's Discount Auto Parts receives a cash discount of 2% from Auto Warehouse if it pays an invoice…

A: Cash discount - It is a discount that a seller offers to the buyer for the timely payment to the…

Q: In Lizzie Shoes’ experience, gift cards that have not been redeemed within 12 months are not likely…

A:

Q: Bob's Discount Auto Parts receives a cash discount of 2% from Auto Warehouse if it pays an invoice…

A: Accounting is the analysis and interpretation of the records. It includes not only the maintenance…

Q: On oct 18, an invoice dated October 18 for £4250 less 15% , 17% terms 5/10, n/30 was received by…

A: The term 5/10, n/30 means that if payment is made within a period of 10 days then a 5% discount is…

Q: In January 2021, Summit Department Store sells a gift card for $50 and receives cash. In February,…

A: The process of recording business transactions in the books of accounts for the first time is…

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: On January 10th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers…

A: Purchases are debited at the time of purchase. When merchandise is returned an allowance entry is…

Q: A home gods retailer offers a sales incentive program where customers receive credit towards future…

A: Credit represents the liabilities of the company. If the credit is redeemed, it would decrease the…

Q: Spring Appliances received an invoice dated June 13 with terms 4/10 EOM. for the items listed below.…

A: A. As per payment term of 4/10 EOM, so of invoice amount is paid within 10 days after end of the…

Q: Mel's Furniture received an invoice dated September 27 for 5 bedroom sets at $3,000 each. The…

A: The net payment made by the buyer to the seller is the invoice amount after reducing all the returns…

Q: Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17,…

A: Gross method is an Method where Sales are recorded in Full value including the discount amount which…

Q: In Lizzie Shoes' experience, gift cards that have not been redeemed within 12 months are not likely…

A: Accrual is an basic accounting principle where it was related with recording of revenues and various…

Q: Within 10 days following a sale, a company receives payment of a $20,000 account receivable with…

A: Sales discount = Accounts receivable x rate of discount

Q: Boeing Truck Company received an invoice showing 12 tires at $114 each, 15 tires at $157 each, and…

A: An account payable is defined as the amount a business owed for purchases they made on credit. they…

Q: You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods…

A: Answer  - Part 1 - Computation of the last day of the discount period -  Last day of discount period…

Q: A musical group plans to sell T-shirts bearing their logo at an upcoming concert. They find a…

A: Formula: Logo charges = ( Number of T shirts ordered x Per T shirt charge ) + Set up charge

Q: 1. Amo Co. sold goods with a list price of $60,000 on Dec. 14. Because the customer is new to the…

A: Gross Price Method – Under gross price method Accounts Receivables are recorded at the gross value…

Q: Kurt Company purchased $5,000 of merchandise from Marilyn Company with terms of 2/10, n/40. What…

A: Step 1 Discount is a benefit made available to the buyer by the seller for making payment against…

Q: A plumbing supply company has a discount policy which states that, if a customer pays within 15 days…

A: Discount: Discount is the interest value included in the face value of discount note.

Q: Import Exclusives Ltd received an invoice from Dansk Specialties of Copenhagen with terms 5/20…

A:

Q: THE WAY WE WEAR FASHION STORE had the following transactions on January 1, 2020 Prepare journal…

A: Discount on payment to CathyMart = Purchase x discount rate = P300000 X 2% = P6,000

Q: . Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and…

A: Trade discounts Trade discounts are discounts given on the invoice value. Trade discounts are given…

Q: Towards the end of winter, a distributor is selling its leather jackets that were listed for $550…

A: When a seller gives more than one discount then it is called a chain or series of discounts. net…

Q: How much revenue should the vendor recognize immediately at the time of your original purchase

A: Purchase price = $3,000 Voucher value = $ 500 Probability of redemption (estimate) is 90%

Q: Can you help me with this  The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade…

A: Hi, i am solving the first three requirements of the question as per the company policies 1: Total…

Q: Spring Co. bought merchandise from All Co. with terms 2/10, n/30. Joanne Ring, the bookkeeper,…

A: Given that, Spring co. purchases the merchandise. Terms of payment = 2/10, n/30 Accountant = Mel…

Q: Bob's Discount Auto Parts receives a cash discount of 2% from Auto Warehouse if it pays an invoice…

A: Discount period is the time period when cash discount which is available for the customer to…

Q: On August 5, John's furniture makes a purchase of $3200 for chairs from a wholesaler. The purchase…

A: This question deals with the concept of discount for early payment for purchase. There is various…

Q: Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods)…

A: Journal entry for trade discount is not recorded in the books of accounts

Q: Buttons and Bows received a shipment with a list price of $2,600. The store received a trade…

A: Trade discount: A trade discount is offered on the list price of goods. It is not shown in the books…

Q: The buyer received an invoice from the seller for merchandise with list price of RO 3500 and credit…

A: Solution:- Introduction:- Findings as follows:- Buyer received an invoice from the seller for…

Q: Sellane Appliances received an invoice dated October 11 with terms 4/10 E.O.M. for the items listed…

A: (a) The term of cash discount is 4/10, end of the month. It means the cash discount is 4% if the due…

Q: Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms…

A: First We need to calculate invoice Amount then calculate Amount paid to make remaining balance to…

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A:

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: A firm bought some material with a purchase price of $1,000 and credit terms of 1/10 net 30.  The…

A: 1/10 net 30 means the trade credit offered to a customer for the sales of goods and implies if the…

Q: When is the last day the buyer can get the cash discount?    If the buyer decides to pay for the…

A: 1. The Buyer can discount till 10 days from billing date. Billing Date = June 4 Last day the buyer…

Q: As a buyer for the J&J company, you receive an invoice with terms 3/10, EOM, net 60.  The invoice…

A: 1. 3/10 EOM means buyer can get the cash discount of 3% if he pays the amount within 10 days from…