The shaded sections below contain solutions to help you get a QUICK START on the various types of exercises. Find the discount date and net payment date for each of the following. (The net payment date is 20 days after the final discount date. See Examples 1, 3, and 5.) Date Goods Final Imvoice Net Date Terms Received Discount Date Payment Date 1. Feb. 8 3/10 EOM Mar. 10 Mar. 30 2. July 6 2/10 EOM 3. July 14 2/15 ROG Sept. 3 4. Jan. 15 3/15 ROG Feb. 5 Nov. 22 1/10-20 x Apr. 12 3/15-50 ex,

The shaded sections below contain solutions to help you get a QUICK START on the various types of exercises. Find the discount date and net payment date for each of the following. (The net payment date is 20 days after the final discount date. See Examples 1, 3, and 5.) Date Goods Final Imvoice Net Date Terms Received Discount Date Payment Date 1. Feb. 8 3/10 EOM Mar. 10 Mar. 30 2. July 6 2/10 EOM 3. July 14 2/15 ROG Sept. 3 4. Jan. 15 3/15 ROG Feb. 5 Nov. 22 1/10-20 x Apr. 12 3/15-50 ex,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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This question is for business math. Complete the following (If more than one discount, assume date of last discount) (Assuming February will have 28 days.) Invoice: Terms: Last day of discount period: August 10th 2/10, 1/30, n/60 Final day bill is due: I need the last day of discount period and the final day the bill is due but I dont know how to figure it out. Please explain this to me. I also dont know where the n/60 comes from, can you explain that when you explain how to do the problem?
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $10.00 October 25 Purchase $124.60 average daily balance = $?
Then, prepare the journal entry assuming the payment is made within 10 days (the discount period).
[A] Instructions: Compute the VAT Payable (refer to the photo) for the third quarter. (Show solution)
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $122.60
PLEASE SHOW ALL WORK You purchase goods on an invoice dated February 5 of a leap year, with terms of 5/10-90X. Calculate the last day of the discount period. The discount period ends 100 days (10 + 90 = 100) after the date of the invoice. February 5 is day 36.
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The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $154.97, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $35.00 March 17 tools $38.57 what is the average daily balance? what is the finance charge?
Complete the table: Invoice Terms Last day of discount period Final day bill is due(end of credit period) March 7 1/10, n/30 March 17 April 6 October 17 3/10 EOM Nov. 10 Nov. 30 August 28 2/10 EOM Oct 10 Oct 31 November 12 2/10, 1/30, n/60 Dec 12 Jan 11 I need help figuring out the easiest way to get to the last day of discount periods and the final day the bill is due on these problems. The answers are in the boxes I just need tips on getting to these answers.
Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10, n/30 if the bill was paid April 26. Draw the “timeline” stated the initial date, the due date, and the day receives cash discount.
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