Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer with credit terms of 2/20, n/60. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:
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A: The following Free on board agreements is given to the trader as per the quantity purchased.
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A: Trade discount is a discount offered on the list price to its retailers . Trade discounts are of 2…
Q: Rolfes Company purchased merchandise on account from Springhill Company for $6,300, terms 1/10o,…
A: Payment due=Purchase-Purchase return=$6,300-$1,600=$4,700
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A: Net purchase price = List price - trade discount = ₱40,000 - ₱40,000*(1-0.30)*(1-0.20) = ₱17,600
Q: What is the net amount due (in $) on the order if the bill is paid by the 20th day?
A: Here is the answer for the above question.
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A: Journal: Recording of a business transactions in a chronological order. Entries: Workings: Total…
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A: Credit terms 2/10, n/30 means that 2% discount will be allowed to customer if payment is made within…
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A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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A: Formula: Cash discount amount = Invoice amount x Discount rate
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A:
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A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
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A: Journal Entry use to record the transactions/events occurred in a business in order to keep track of…
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A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Prepare the following journal entries. a. customer is given an allowance of $ 425. b. A…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…
A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/
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A: Cost: It is the economic value of resources incurred by a firm to manufacture a product or render a…
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A: 2.5% if paid within 10 days 1% if paid within 30 days
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A: Calculate the amount of check.
Q: On March 1, Bates Board Shop sells 351 surfboards to a local lifeguard station at a sales price of…
A: Total sales = No. of surfboards sold x sales price = 351 x $303 = $106,353
Q: On March 1, Bates Board Shop sells 280 surfboards to a local lifeguard station at a sales price of…
A: Accounts Receivables are those accounts of customers to whom business has made credit sales on…
Q: isaac co.sells merchandise on credit to sonar co. in the amount of9,600 the invoice is dated on…
A: Formula: Sales discount amount = Invoice amount x Discount rate
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: Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…
A: The transactions of the company will be recorded first in the company's books which is called as…
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A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
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A: Sales return is the return of merchandize by the buyer due to various reasons such as defect,…
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A: Credit terms includes terms and conditions related to credit transactions between the seller and…
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A: Introduction:- Backyard World buys plastic pools from a supplier Total Invoice amount of $13,500…
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A: Answer - Part 1 - Computation of the last day of the discount period - Last day of discount period…
Q: Company Crane sells $ 800 of merchandise on account to Company Blossom with credit terms of 1/15,…
A: Credit term: credit term is the conditions of credit payment set by a company an example of credit…
Q: Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them…
A: Let us prepare T-account of supplier to find out how much the company owes the supplier Date…
Q: Barans Company purchased merchandise on account from Springhill Company for $12,800, terms 2/10,…
A: Amount due after merchandise return = $12,800 - $3,200 = $9,600
Q: A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22%…
A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.
Q: er 1, Jerry's Lighting purchased merchandise with a list price of $4,100 with credit terms of 3/10,…
A: Solution: Amount of discount will be computed on the list price reduced by returns of merchandise if…
Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…
A: (1) Calculate the amount of refund owed to the customer.
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A: Journal: Journal is the primary book of accounts. Transactions are recorded on it day-to-day basis.…
Q: Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
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: Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them…
A: Initial purchase value=Units×Per unit=25×$30=$750
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: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August…
A: Note: 5/10, n/30: Here, 5 represents the discount rate if payment is made within ten days. And if…
Q: Barans Company purchased merchandise on account from Springhill Company for $13,900, terms 2/10,…
A: A. Calculate the amount of cash required for the payment.
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A: Total amount payable = (10 wood trays x $ 37.45 each)+ (35 wood planters x $ 43.75 each) + (50 wood…
Q: Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them…
A: Given: There is no need for immediate cash payment, payment will be made within 30 days from the…
Q: Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton…
A: The required journal entry is:
Q: Prepare journal entries for the following transactions from Restaurant Depot. Nov. 8 Customer Miles…
A: Sales discount = Accounts receivable x 2% = 8400 x 2% = 168
Q: On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of…
A: Credit terms 3/15, n/30 means that customer will get a discount of 3% if payment is being made in 15…
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- American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
- If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case. The customer pays with a Merill credit card. Merill charges a usage fee to the company of 5% of the total sale. What is the sales entry for this purchase?
- On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms Lamplight returns ten light fixtures (receiving a credit amount for the total purchase price per fixture of $20 each) on August 3. Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice date August 19, with no discount terms. Lamplight pays $100 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
- If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the retailer pay in cash if they received the discount?