On February 1, 2020, ABC Corporation sells $300,000 of merchandise on account. The payment terms are 3/10, n/30. If the customer pays onFebruary 11, ABC's journal entry on that date will:O a. Debit loss on accounts receivable for $9,000 and credit accounts receivable for $300,000.O b. Debit cash for $300,000 and credit Sales discounts for $9,000.O c. Debit cash for $291,000 and debit selling expense for $9,000.O d. Debit sales discounts for $9,000 and credit accounts receivable for $300,000.A Click Submit to complete this assessment.«< Question 28 of 28Save and Submit10:45 AMType here to search5/5/2021DELLF5F6F7F8F9F10F11F12PrtScrInsertDeleteF1F2F3F410)@#$%&)+Backspace12456789QWERTYP

Solution: Particulars Debit Credit Cash $291,000 Sales Discount ($300000*3%) $9,000…

Answered: pruary 11, ABC's journ- D a. Debit loss…

Business

Accounting

pruary 11, ABC's journ- D a. Debit loss on acco O b. Debit cash for $30 O c. Debit cash for $2 O d. Debit sales disca

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

See similar textbooks

Related questions

Q: Benson Consulting Company Trial Balance 30-Jun-21 DR CR Cash 15.000 Accounts Receivable 1.800…

A: The financial statements of the business include income statement and balance sheet.

Q: W On 01/01/X2, the balance in V Company's Supples account was $4.000. During 20K2. VJ recorded the…

A: The question is related to Journal Entries.

Q: 3. The following was the trial balance extract from ABC Trading as at 31 March 2019. Particulars…

A: Answer:

Q: Im having trouble understanding debits and credits, in what situations do I decide to debit…

A: Accounting treatment for assets, liabilities, expenses and incomes. Assets and expenses will have…

Q: From the following list, identify which items are considered original sources: A. accounts…

A: Original source of documents is the document which supports or substantiates the transactions…

Q: SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Correct the trial balance for upvote Debit Credit Balances Balances Cash Accounts Receivable.…

A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial balance to…

Q: 8. Supplies are recorded as assets when purchased. Therefore, the credit to supplies in the…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: workin g coPital The following information was taken from the balance sheet of Aglugub Cash P13 250…

A: Difference between the Total Current Assets and Total Current liabilities is called Working Capital.…

Q: Devlin Company has prepared following partially completed worksheet for the year ended December 31,…

A: Worksheet: A worksheet is a special type of working paper where the accountants organize data and…

Q: Journal entry: 1. Provide services to customers for cash, $39,100. 2. Provide services to…

A: Journal Entry is a basic but important part of Accounting.It is an Act of keeping record of…

Q: Indicate in the space provided by each item whether it would appear on the income statement (IS),…

A: The financial statements are prepared by all the companies at the end of the year to ascertain the…

Q: June 11. Paid cash for rent, $750.00. C4. 12. Sold services on account to G. Stratton, $800.00. S1.…

A: General Journal: Date Particulars Debit Credit June 11 Rent expense Account... Dr. $750…

Q: Use the following to answer questions 21 LIABILITIES & INCOME STATEMENT ASSETS STOCKHOLDERS' EQUITY…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: 2.PREPARE THE THE COMPANY FINANCIAL STATEMENT INCOME STATEMENT AND BALANCE SHEET UNADJUSTED TRIAL…

A: The financial statements consists of an income statement, balance sheet, cash flow statement and…

Q: PA18. LO 4.5 From the following Company Y adjusted trial balance, prepare simple financial…

Q: Parrish 2-9 Pg. 39 #3For the following T-Account calcuate the missing amount and show how you…

A: Find out the missing amount:

Q: PA12. LO 5.3 Use the following Adjusted Trial Balance to prepare a classified Balance Sheet:…

A: The balance sheet lists all the permanent accounts. Hence, all the temporary accounts shall be…

Q: Ex5.19 From the following accounts (not in order), prepare a post-closing trial balance for Winter…

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

Q: error in the general yournal where a S6,050 increase in ACCounts Receivable was recorded as an…

A: In a trial balance , the debit side must always equal the credit side. If the debit side does not…

Q: August 10: Paid cash for advertising, $400 Debit Cash, Credit Advertising Expense O Debit…

A: Expenses normally has debit balance. Increase in expenses should be debited and decrease in expenses…

Q: Whitaker Consulting Company has prepared a trial balance on following partially completed worksheet…

A: Worksheet is a 10 column sheet which is being prepared for to first show unadjusted general ledger…

Q: Indicate in the space provided by each item whether it would appear on the income statement (IS),…

A: Introduction: Balance sheet: All assets and liabilities are shown in Balance sheet. It tells the net…

Q: SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: P2,900 debit b. P300 debit a. P2,900 credit d. P300 credit C. account to net or net loss? ial…

A: There are two types of accounts maintained in the accounting books. One is temporary accounts, and…

Q: PA16. LO 5.4 From the following Company R adjusted trial balance, prepare the following: D. Closing…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: 9.5A The following is the trial balance of T Owen as at 31 March 2009. Draw up a set of financiat…

A: Final accounts of business means Income statement and Balance sheet of business.

Q: Post above journal entries to the ledger accounts. (Post entries in the order of journal entries…

A: The T-Accounts are prepared as per the given information.

Q: A business received cash of P3,000 in advance for services that will be provided later. The cash…

A: Adjusting journal entry (AJE) refers to the entry which the business made in the general ledger due…

Q: 3. Amounts owed to a company by its customers would be:a. Accounts Receivable.b. Accounts Payable.c.…

A: The correct option is option “a”.

Q: QS 2-10 Computing T-account balance LO C4 Determine the ending balance of each of the following…

A: A T-account is slang for a set of financial records that use double-entry bookkeeping. The term…

Q: plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770…

A: Statement of Owner's Equity - This statement contains amount invested by the owner of the business.…

Q: August 8: Paid cash for utilities, $100 O Debit Cash, Credit Utilities Expense O Debit Utilities…

A: Cash Paid: Cash (Asset) decreased Utilities expense increased

Q: QUESTION TWo The following information relates to the business of Top End Enterprise for the month…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Trial Balance Adjustments Account Debit Credit Debit Credit 6.000 eivable 11,200 6,200 ies 2.200…

A: The balance sheet shows the financial position of the company by recording all the assets,…

Q: 3 Trial Balance D. Pteño Laundry Shop Tha Balance March 31,20A Debit Credit Acceunt Tittle Acc No…

A: Post closing trial balance is prepared after adjusting closing entries from the trial balance.

Q: 9- Which of the following accounts will be closed by debiting the Income Summary? a) Depreciation…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: Dec. 31 2021 Debit Credit 20,000 13,000 Account Title Cash Equipment Accumul.Dep-Equipment Supplies…

A: The closing entries are prepared to close the temporary accounts of the business and prepare the…

Q: B. State wether the following T accounts have normal balance or not. ANSWER: 1. 2. 3. CASH ACCOUNTS…

A: T accounts are the general ledger accounts that are being prepared by the business. General ledger…

Q: A. Income ement B. Retained Earnings Statement E Batance SheeMsimpteunelassified) Adjusted Trial…

A: Income statement is one of the financial statement which shows all incomes and all expenses and at…

Q: Adjustment data on an end-of-period spreadsheetAlert Security Services Co. offers security services…

A: Adjusting entries are entries that are passed at the end of the period in order to accurately…

Q: Ween trading Worksheet As on June 30 Unadjusted trial balance Adjustments Adjusted trial balance…

A: Opening entry means the entries passed out at the start of every period where all assets are…

Q: 18. LO 4.5 From the following Company Y adjusted trial balance, prepare simple financial statements,…

A: a.

Q: 6. ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash Supplies Prepaid Insurance Equipment 5,710.00 209.00…

A: The income statement has temporary accounts such as revenues and expenses, which can not be…

Question

On February 1, 2020, ABC Corporation sells $300,000 of merchandise on account. The payment terms are 3/10, n/30. If the customer pays on
February 11, ABC's journal entry on that date will:
O a. Debit loss on accounts receivable for $9,000 and credit accounts receivable for $300,000.
O b. Debit cash for $300,000 and credit Sales discounts for $9,000.
O c. Debit cash for $291,000 and debit selling expense for $9,000.
O d. Debit sales discounts for $9,000 and credit accounts receivable for $300,000.
A Click Submit to complete this assessment.
«< Question 28 of 28
Save and Submit
10:45 AM
Type here to search
5/5/2021
DELL
F5
F6
F7
F8
F9
F10
F11
F12
PrtScr
Insert
Delete
F1
F2
F3
F4
10)
@
#
$
%
&
)
+
Backspace
1
2
4
5
6
7
8
9
Q
W
E
R
T
Y
P

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
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.
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for merchandise. The merchandise had a cost to Rain T-Shirts of $220,300. The terms of the note are 24-month maturity date on December 31, 2019 at a 4.5% annual interest rate. Larry Potts does not pay on his account and dishonors the note. Record journal entries for Rain T-Shirts for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.
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.