Question 6 of 7 Brooke purchased furniture for $3,500.00 and received an invoice dated May 5, 2011 with terms 5/5 n/45. What was the amount of cash discount available for a payment made on May 10, 2011 to settle the invoice? Round to the nearest cent
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- Notes Receivable Link Communications programs voicemail systems for businesses. For a recent project, they charged $135 000. The customer secured this amount by signing a note bearing 9% interest on February 1, 2019. Required: 1. Prepare the journal entry to record the sale on February 1, 2019. 2. Determine how much interest Link will receive if the note is repaid on December 1, 2019. 3. Prepare Links journal entry to record the cash received to pay off the note and interest on December 1, 2019.( Appendix 5A) Sales Discounts Harry Gardner provides tax services for small businesses. This years tax season has proved especially lucrative for Harry; he earned $45,000 for providing his services. Harry uses terms of 1/10, n/30 in billing his customers. Required: 1. Prepare the necessary journal entries to record the sale, assuming Harry does not expect his customers to pay within the discount period. 2. Prepare the necessary journal entries to record collection of the receivable assuming the customer pays within 10 days. 3. Prepare the necessary journal entries to record collection of the receivable assuming the customer pays after 10 days.Purchases transactions Hoffman Company purchased merchandise on account from a supplier for 65,000, terms 1/10, n/30. Hoffman returned 7,500 of the merchandise and received full credit. A. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment? B. What account is debited by Hoffman Company to record the rerurn?
- Question 3 Coces, a furniture shop owner, buys a new set of cabinet worth $9,850. He receives an invoice dated 26 October 2019 with trade discounts of 8 percent, 4 percent and is offered cash discount terms 3/15, 2/30, n/60. (i) Calculate the single discount equivalent to the trade discounts given.Question 3 Coces, a furniture shop owner, buys a new set of cabinet worth $9,850. He receives an invoice dated 26 October 2019 with trade discounts of 8 percent, 4 percent and is offered cash discount terms 3/15, 2/30, n/60. (ii) Determine the total amount due if Coces pays the invoice on 17 November 2019.A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?
- BLOCK C/2018/4 Red John AG restores antique furniture and trades in antiques. Create the posting records for t1! Red John AG's account will receive € 11,305 on 05.01.t1. Thus, a customer of Red John AG settles his debt from t0 with a 5% discount. A customer returns a damaged antique to Red John AG in February t1 . The complaint will be processed immediately and the customer will receive a refund in cash. The value of the goods is € 35.70 gross. Due to numerous antique purchases at Krempel AG, Red John AG receives a bonus of € 6,464.08 VAT. This will be transferred to her in February t1. At the end of November t1, Red John AG sells a desk made of operating and office equipment. The desk is scheduled to be delivered to the buyer in January t2. Already on 02.12. t1, Red John AG receives the full purchase price of 530 € plus VAT in bar. In July t0, Red John AG acquired a machine for restoration work for € 30,000 The machine has a useful life of 7 years and is depreciated at a…37) Royal mart purchased goods on 12th March 2019 for RO 54,000 from Google mart. Calculate the Net amount to be paid, if the credit term followed as n/60. a. RO 52,920 b. RO 63,000 c. RO 54,000 d. RO 9,000Answer all the subparts 1,2,3 Bamboo Inc. is a private enterprise that sells used furniture. It sold some merchandise for $130,000 on January 1, 2020. The customer paid $30,000 in cash and issued a note for the remainder. The principal will be due in 2 years, and a 5% interest is due every December 31st. The customer’s borrowing rate is 7%. Required- 1) Assuming Bamboo Inc. chose to use the straight-line method to account for interest revenue, prepare all the journal entries related to this sale. 2) Assume now that Bamboo Inc. is a public company. Prepare all journal entries related to this sale. 3) Assume that the customer’s borrowing rate is unknown and that the merchandise cash price is $110,000 (everything else holds true). Calculate the imputed interest rate and the interest revenue to be recorded on December 31, 2020 under IFRS.
- Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned's decides to send in a $2,000 partial payment. a) By what date must the partial payment be sent to take advantage of the cash discount? b) What is the net date? c) If partial payment was sent by the discount date, what is the balance still due on the order?QUESTION 19 William's Watches sold goods to Colin's Clocks for $1,980 including GST. Colin's Clocks paid their account within the discount period and received a settlement discount of 2%. The correct entry to be recorded in William's Watches' books for receipt of the amount from Colin's Clocks is: a. DR Cash at bank $1,940.40; DR Discount allowed $39.60; DR GST Payable $3.60; CR Accounts receivable $1,983.60 b. DR Cash at bank $1,940.40; DR Discount allowed $39.60; CR Accounts receivable $1,980.00 c. DR Cash at bank $1,944.00; DR Discount allowed $36.00; CR Accounts receivable $1,980.00 d. DR Cash at bank $1,940.40; DR Discount allowed $36.00; DR GST Payable $3.60; CR Accounts receivable $1,980.00Q4) A) Journalize the following transactions in the books of AHMED for the month of March. 2020 B) Post the transactions given in Section – D to the proper ledger accounts. 2020 March. 1 Introduced cash as capital OMR 50,000. March. 5 Goods purchased on cash for OMR 10,000. March. 8 Purchased furniture on credit for OMR 10,000. March. 10 Paid OMR 2,000 as charity in COVID-19 fund. March. 15 Paid tuition fee for owner’s children from the business bank account OMR 200. March. 18 Paid electricity bill OMR 100. March. 20 Purchased goods from Rashid for OMR 8,000 and paid only 4,000 to him. March. 22 Purchased an extra machine for cash OMR 10,000 March. 25 Paid salaries OMR 500 from the bank account March. 28 Cash sales to Mohammed OMR 1,000.
