Marriott Hotels purchased ten iRobot Roomba i7+ for $945 each. It received a 15% discount for buying more than two and an additional 3% discount for immediate delivery. Terms of payment were 4/10, n/30. Marriott Hotels pays the bill within the cash discount period. How much should the check be written for? Note: Do not round intermediate calculations. Round your final answer to the nearest cent. > Answer is complete but not entirely correct. $ 7,479.90 x Amount

Marriott Hotels purchased ten iRobot Roomba i7+ for $945 each. It received a 15% discount for buying more than two and an additional 3% discount for immediate delivery. Terms of payment were 4/10, n/30. Marriott Hotels pays the bill within the cash discount period. How much should the check be written for? Note: Do not round intermediate calculations. Round your final answer to the nearest cent. > Answer is complete but not entirely correct. $ 7,479.90 x Amount

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
Marriott Hotels purchased eight iRobot Roomba i7+ for $940 each. It received a 15% discount for buying more than five and an additional 4% discount for immediate delivery. Terms of payment were 4/10, n/30. Marriott Hotels pays the bill within the cash discount period. How much should the check be written for?
Marriott Hotels purchased seven iRobot Roomba i7+ for $970 each. It received a 15% discount for buying more than three and an additional 4% discount for immediate delivery. Terms of payment were 2/10, n/30. Marriott Hotels pays the bill within the cash discount period. How much should the check be written for?
On April 25, The business sold merchandise for 55.000 TL (including 10% VAT) FOB Destination. The customer writes a check for 50.000 TL and signs a 9-month note with an annual interest rate of 6% for 5.000 TL. Which of the following journal entries would be made on April 25? a.50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT b.50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 50.000 TL credit to 600-DS; 5.000 TL credit to 391-R.VAT c.50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT d.50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 55.000 TL credit to 600-DS
Scarlet Company received an invoice for $67,000.00 that had payment terms of 2/5 n/30. If it made a partial payment of $16,500.00 during the discount period, calculate the balance of the invoice. Round to the nearest cent
A retailer received an invoice for the purchase of twenty rackets at RM140 each. He was given trade discounts of 15% and 5%. The cash discount terms on the invoice were 3/10, n/30. (a) Determine the single trade discount rate that is equivalent to the chain discounts. (b) Calculate the amount of payment if it is made one week after the date of invoice
Rosen Company receives a $9,000, 3-month, 6% promissory note from Bay Company in settlement of an open accounts receivable. What entry will Rosen Company make upon receiving the note? Group of answer choices DR Notes Receivable 9,000; CR Accounts Receivable—Bay Company 9,000 DR Notes Receivable 9,135; CR Accounts Receivable—Bay Company 9,000; CR Interest Revenue 135 DR Notes Receivable 5,000; DR Interest Receivable 135; CR Accounts Receivable—Bay Company 9,000; CR Interest Revenue 135 DR Notes Receivable 9,135 ; CR Accounts Receivable—Bay Company 9,135
On March 1, Bates Board Shop sells 267 surfboards to a local lifeguard station at a sales price of $407 per board. The cost to Bates is $250 per board. The terms of the sale are 9/15, n/30, with an invoice date of March 1. If the customer made the payment on March 10, how much cash did Bates Board Shop receive? Round to the nearest penny, two decimal places.
JAB Consulting received a promissory note of $13,500 at 7% simple interest for 15 months from one of its customers. After 6 months, Grove Isle Bank discounted the note at a discount rate of 4% Calculate the proceeds (in $) that JAB Consulting will receive from the discounted note. (Round your answer to the nearest cent.)
John has opening balances on his trade receivables of £68,000 and an allowance forreceivables of £3,400. During the year John made cash sales of £146,000 and credit sales of£354,000. He collected cash from his credit customers of £340,000.At the end of the year John identified £2,000 of bad debts to write off. In addition, he estimatedthe need to increase the allowance for receivables to £4,000.A. Calculate the net trade receivables balance to present in the Statement of financial positionat the year end B. What is the total bad and doubtful expense to be charged to the Statement of Profit or lossfor the year?
On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 30.000 TL and signs a 9-month note with an annual interest rate of 6% for 3.000 TL. Which entry is made when the business receives the payment at maturity for the note received on September 1? a.3.180 TL debit to 100-Cash and 3.180 TL credit to 121-N/R b.3.180 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 180 TL credit to 642-Interest Revenue c.3.135 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 135TL credit to 642-Interest Revenue d.3.135 TL debit to 100-Cash and 3.135 TL credit to 121-N/R