Simon got an invoice dated on May 2nd with an amount of $2,150.00 and the terms are 4/15, n/30 ROG. The goods were received on May 14th, and Simon paid on May 25th, so how much should he pay? a. $1,827.50 O b. $2,064.00 O c. $2,236.00 O d. $2,150.00

Simon got an invoice dated on May 2nd with an amount of $2,150.00 and the terms are 4/15, n/30 ROG. The goods were received on May 14th, and Simon paid on May 25th, so how much should he pay? a. $1,827.50 O b. $2,064.00 O c. $2,236.00 O d. $2,150.00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 11MC: Your company paid rent of $1,000 for the month with check number 1245. Which journal would the...

See similar textbooks

Related questions

Q: iven a bill, and the customer mails in a cheque for payment on December 5th. he dress shop receives…

A: Under the accrual basis of accounting, revenues and expenses are recognized in the period in which…

Q: 3. Triton Company received an invoice for $842 dated March 9 with terms 5/10, 2/20, n/60. (a) If the…

A: Invoice refers to a duly stamped commercial document which itemizes and also records the transaction…

Q: P3,000 9. Dungeon Company paid the monthly rent, P6,000. The accountant would record the following…

A: A journal entry is a record of a transaction happened in a entity in the the books of such entity…

Q: An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are received…

A: Given: 7/18 means if you pay the bill within 18 days you will get a discount for 7% N/30 means if…

Q: In June 20X1. Fred Placement Agency had the following transactions: June 1 Fred invested P60,000 in…

A: First step of double entry accounting is to record journal entries as an when transaction occur.…

Q: and agreed to pay the remaining within 25 days. v. On April 10, Pearson & Co. received $4,000 from…

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

Q: On January 1, 2021, Charlie purchased supplies for P20,000 and recorded a debit to Supplies and…

A: Supplies expense = Beginning Supplies Balance + Purchase of supplies - Ending Supplies Balance

Q: Assume you are Jacob, Co. Prepare entries for each of the transactions below. On January 6, Jacob…

A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his…

A: In unpaid balance method, the interest for credit card is computed irrespective of transactions made…

Q: An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice…

A: Discount = $75.20 * 1% = $0.75

Q: On October 1, 200A, CF sold a car costing P500,000 payable as follows: 1st year: cash 2nd year: 12%…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30.…

A: Note payable refers to a negotiable instrument. It represents the claim amount due to the acceptor.…

Q: Williams, Inc. received an invoice of $12,000 for computer hardware with terms of 4/15, n/30. They…

A: INVOICE- It is a commercial document that records a transaction between a buyer and a seller. It…

Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to prepay ? rent for December…

Q: 2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123 for her ordered plants. The…

A: 5/5,2/15 n/30 means 5% discount will be there if payment is made with in 5 days and 2% discount…

Q: On January 8th, Azam purchased a new car listed at OMR 10,000. To encourage him to pay quickly, the…

A: Discount is a selling goods or service below the price of goods. This reduction in price is offered…

Q: Sara received an invoice for RO 3000 dated October 20 with terms 2/10, EOM. The last day of credit…

Q: On April 2, Jennifer Elston uses her Target RedCard to purchase merchandise from a Target store for…

A: Answer to (A) Books of Target Store Journal Entries Date Particulars Amount (Dr) Amount (Cr)…

Q: E. The following accounts appear in the general ledger of Rey's Internet Café on December 31, 20OD:…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: f a customer owed your company $100 on the first day of the month, then purchased $200 of goods on…

A: The normal balance of customer's account is credit balance, And if the amount is paid by the…

Q: On May 2010, Olst May - Mr. Tommy started a business putting Rs 50,000 into a business bank account.…

A: A key idea underlying modern bookkeeping and accounting is double entry, which argues that each and…

Q: Presented below are two independent situations. (a) On April 2, Jennifer Elston uses her JCPenney…

A: Transaction: A business event that has a monetary effect on an entity's financial statements and is…

Q: A man received an invoice dated March 9, with term 3/10, n/30 amounting to $510. He paid the…

A: Formula to calculate cash discount:Cash discount = cash amount * Discount rate

Q: On November 10, JumpStart Co. provides $1,820 in services to clients. At the time of service, the…

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

Q: How much will be the amount to be paid on July 15 of the same year in payment an invoice dated June…

A: Formula: Payable amount = Invoice amount - Discount amount

Q: Solo traders has the following transactions for the month of February 2019: 9- Goods purchased and…

A: Cash payment book balance for the month of February 2019 = Goods purchased + Paid salaries + Payment…

Q: Requirement 1. Use the direct write-off method to jounalize Valley's write-off of the uncollectible…

A: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from…

Q: Starlight, a Kingston based production company, shipped a truck-load of lighting equipment to a…

A: Cash Discount: Invoices that are paid in full before the planned due date are entitled to a monetary…

Q: sactions for the whole month of October 2019. Michele Angelie deposited P250,000 under the name of…

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

Q: Write journal entries in the books of Chikky & Bros. 10th June Paid wages 12,000 : 11th June paid…

A: Introduction: A journal is a book containing original or primary entries. Transactions are…

Q: On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: J&J Enterprises received an invoice of ₱10,750 for office materials dated 15 Sept, with terms of…

A: The discount is received when the payment is paid within the discounted period.

Q: A business sells $100 worth of goods to a customer, the customer pays $50 in cash immediately and…

A: We have the following information: Goods worth: $100 Customer pays $50 in cash immediately…

Q: Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of…

A: Introduction:- If the customer made payment within discount period, he is eligible for sales…

Q: On April 1, Quincy Corp received an invoice for $9,800, with terms 3.25/5, 2.25/10, n/30, and credit…

A: Firstly we shall calculate the Credit allowed for the first payment of $5,000 Then we shall…

Q: For each of the following unrelated scenarios, show total expenses reported on the income statement…

A: As per the accrual base accounting system expenses are incurred when they are incurred irrespective…

Q: DCM Clocks received the following two invoices from its supplier: $25,000 on August 29, 2014 and…

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

Q: Tom owns a shoe retail business, Good Soles, which had the following balances as at 31 December…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: A man received an invoice for washing machine for $455 dated April 17, with a sales term of 2/10…

A: Sales on terms like 2/10 EOM means that if payment is made within 10 days of transaction of…

Q: Jones Co has the following transactions: 1 Payment of $400 to J Bloggs for a cash purchase 2…

A: Journal: Recording of a business transactions in a chronological order.

Q: What amount should be paid? B.How much is credited to the buyer's account? C. Is any money still…

A: Sales can be done on a cash or credit basis. When sales are on cash basis, cash will be received…

Q: c) An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are…

A: Bill payable: It can be defined as a document that presents the amount owed by an individual or an…

Q: Given the following transactions of Entrepreneur Ark, what journal entries would you make, as its…

A: Journal entry is the process of recording the business transactions in the accounting books for the…

Q: A company purchase supplies and pays OMR 1,300 in cash, the journal entry will include.

A: A journal entry is used to record the day-to-day transactions of an organization by debiting and…

Q: As a buyer for the J&J company, you receive an invoice with terms 3/10, EOM, net 60. The invoice…

A: 1. 3/10 EOM means buyer can get the cash discount of 3% if he pays the amount within 10 days from…

Question

Simon got an invoice dated on May 2nd with an amount of $2,150.00 and the terms are 4/15, n/30 ROG. The goods
were received on May 14th, and Simon paid on May 25th, so how much should he pay?
O a. $1,827.50
O b. $2,064.0O
O c. $2,236.00
O d. $2,150.00
Type here to search
24
ASUS

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 As per given question

VIEW

Step 2 Solution

VIEW

Step 3 Final Answer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 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, finance and related others by exploring similar questions and additional content below.

Similar questions

Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? 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?
An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are received on May 15th. The bill is paid on June 1st. Calculate the amount paid.
An invoice for RO 65,000 and dated February 20th with the terms 7/13, EOM is received. The bill is paid on March 2nd. Calculate the amount paid.
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?
J&J Enterprises received an invoice of ₱10,750 for office materials dated 15 Sept, with terms of 6/15. If the invoice is paid on 30 Sept, how much cash discount did they receive? How much should they pay?
A man received an invoice for washing machine for $455 dated April 17, with a sales term of 2/10 EOM. How much should he pay if he pay if he pays bill on April 28?
You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?
A trader received an invoice of RO 5400 on September 9th, with the terms 5/10 EOM. What amount will he pay if he pays the bill on October 2nd. a. RO 270 b. RO 5373 c. RO 5400 d. RO 5130
You received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. A. What is the outstanding balance on the January 25th invoice after the January 27th payment? B. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?
A man received an invoice dated March 9, with term 3/10, n/30 amounting to $510. He paid the bill on March 12. How much was the cash discount?
On November 15, a merchant purchased merchandise that he settled with 35% in cash, a payment for $35,050, which corresponds to 40% on March 3 and another for the rest on April 22. Considering charges of 16.8% annually, determine: a) The value of the merchandise on the day of purchaseb) The amount paid on April 22c) Interest or charges for not paying in cash