Question 8 of 9Identify the last date of the discount period and the credit period for the payment terms with R.O.G. dating in thefollowing questions.Invoice Date: April 22, 2021Payment Terms: 2/7, n/30, R.O.GDate of Goods Were Received (R.O.G.): May 10, 2021a. What is the last date of discount period?May 20, 2021May 20, 2021June 2, 2021June 2, 2021May 17, 2021May 17, 2021b. What is the last date of credit period?June 9, 2021June 9, 2021June 1. 2021June 1, 2021June 6, 2021June 6, 2021Invoice Date: August 21, 2021Payment Terms: 1.50/10, n/45, R.O.GDate of Goods Were Received (R.O.G.): August 23, 2021c. What is the last date of discount period?September 2, 2021September 2, 2021September 7, 2021September 7, 2021September 6, 2021September 6, 2021d. What is the last date of credit period?October 14, 2021October 14, 2021October 7, 2021October 7, 2021September 22, 2021September 22, 2021

2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Answered: Question 8 of 9 Identify the last date…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 2Q

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Appendix 1 Discount taken in next fiscal year Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4, account receivable of 1,500 on July 6, 20Y4, and takes a 2% sales discount. Journalize the entry to record the payment on account from Mark Bishop.
( Appendix 5A) Sales Discounts Ramsden Inc. provided consulting services with a gross price of $25,000 and terms of 2/10, n/30. Required: 1. Prepare the necessary journal entries to record the sale under the gross method. 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.
An invoice dated May 5, 2019 has terms of sale 3/15, n60 ROG for goods received onJune 15, 2019. Find the end dates of the discount period and the credit period. Be sure to include the year. Discount Period_______________________ Credit Period_________________________
Problem 12Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________.…
Problem 12 Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________ Problem 13 On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000 Total 150,000 On December 31, 2020, the correct total of Mann’s current net receivables was…
Problem # 7 What payment should be made on an invoice in the amount of $9,400 dated January 11 if the terms of sale are 2/15, 1/30, n/45 and the bill is paid on a. January 23? b. February 20?
Problem 4 MXC Company is a retailer. Its entered into a continuing agreement with SHN Financing Corporation to factor its accounts receivable to the latter. They agreed on the following:  Credit terms is 5/10, n/30  5% commission to SHN based on the gross amount of the accounts receivable  20% of the gross uncollected accounts receivable will be withheld by SHN  Returns by customers will be honored During April 2020, the following transactions took place relating to said agreement: April 14 MXC sold goods on account to NVG Company, P300,000 and accounts were immediately factored by SHN. April 16 MXC sold goods on account to MXG Company, P200,000 and accounts were immediately factored by SHN. April 18 NVG returned goods amounting to P20,000. April 20 NVG paid in full. April 25 MXC sold goods on account to AFN Company, P600,000 and accounts were immediately factored by SHN. April 26 AFN paid in full. Prepare the journal entries and compute the balance of the account Receivable from…

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