Answered: What if the invoice date is 12/27, but…

What if the invoice date is 12/27, but the invoice is about next year's sevices, should we record the acount payable at 12/31 for this invoice?

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter10: Financial Statements And Reports

Section: Chapter Questions

Problem 9Q

See similar textbooks

Related questions

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: What amount must be remitted if invoices dated June 28 for $815, July 7 for $780 and July 14 for…

A: solution : given Invoice dated Amount June 28 $815 July 7 $780 July 14 $895…

Q: An invoice dated June 27 for P20, 850 carried a cash discount of 5/30. If this invoice is paid on…

A: Given:Invoice date=27 juneAmount=P20850Cash discount=5/30Invoice paid date=July 25Computation of…

Q: On October 1, 2021, Pastina signed a $50,400 note that requires interest to paid annually on…

A: Journal Entry is record of a transaction in accounting records. Signing of Note is a liability for…

Q: pose that on January 1 you have a balance of $6200 on alculate your monthly payments. /hen the card…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

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: The amount of interest expense recognized in March, rounded to the nearest dollar, would be: 1)…

A: Formula

Q: On December 31, 2022, the lender on a $5,400, 120-day, 12% note dated November 5, 2022, will…

A: The interest receivable is the amount of revenue which is earned but not received yet. It is…

Q: If a company has an invoice that is pending collection, and in order to advance its payment, it…

A: Trade credit is a term which is used to purchase the goods on credit. To ensure the timely payment…

Q: On September 1, Kennedy Company loaned $112,000, at 9% annual interest, to a customer. Interest and…

A: The question is based on the concept of Financial Accounting.

Q: On oct 18, an invoice dated October 18 for £4250 less 15% , 17% terms 5/10, n/30 was received by…

A: The term 5/10, n/30 means that if payment is made within a period of 10 days then a 5% discount is…

Q: On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the…

A: Answer are as follows

Q: A small business receives an invoice for $1675 on January 5, 2022 and the payment terms are 5/14,…

A: Payment terms 5/14, 2/21, n/60 means that 5% discount will be allowed if payment is being made in 14…

Q: An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July…

A: Discounts are offered by the seller to collect payment from the buyer in fewer days.

Q: 3. An invoice, dated May 8, for $549.38 has terms of 3/15, 2/20, 1/30, n/45. If you make a payment…

A: Average due date is the date on which if payment is made then interest paid and received will be…

Q: American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on…

A: The annual percentage rate(APR) is the interest rate (nominal rate) determined by the credit card…

Q: If the merchandiser pays within 10 days of the invoice date how much will they actually pay?

A: The terms of payment are 2/10, n/30 which means that if the payment for invoice is paid within 10…

Q: Can you explain why the notes payable amount $250,000 that is due at December 31st, 2021 is not…

A: Introduction: While preparing classified balance sheet, all accounts are presented under classified…

Q: How do you find the amount of payment to be credited and the balance outstanding when you know the…

A: GivenInvoice Value = $600Invoice Date = 7/5Conditions for Payment = 4/10 and n/60This condition…

Q: A man borrowed from a bank with a promissory note that he signed in the amount of P25000 for a…

A: The following information has been provided in the question: Amount of promissory note = P25000…

Q: On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a…

A: Matching Principle is the principle of accounting which states that all the costs relating to the…

Q: How much is the amount attributable to the principal portion of the note on the payment made on…

A: Principal portion means the amount of instalment that is not attributable to the interest portion.

Q: 1. How much is the total amount of uncollectible accounts receivable? 2. How much is the total…

A: Account receivable (AR) means the debtors/customers of the company whom they sold goods on credit.…

Q: You received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1…

A: Cash discounts: Traders provide a certain discounts to their customers when the invoice payment is…

Q: American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on…

A: When the benefits of compounding over time are taken into account, an effective annual interest rate…

Q: For what amount should Clark's Accounts Payable be credited on May 8?

A: International trade: When a company purchase raw materials (import) or sells finished goods (export)…

Q: How do you find the amount of payment to be credited and the balance outstanding when you know the…

A: Calculate the amount to be credited. The buyer gets a discount of 4%, if the bill is paid within 10…

Q: Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1,…

A: Total interest on Note = face value of note x rate of interest x no. of years = $459,505 x 14% x 2…

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: What amount must be remitted if invoices dated June 28 for $815, July 7 for $780 and July 14 for…

A: Here in this question, we are required to calculate discount. It is based on the concept of EOM…

Q: Cardinal Company, a dealer in lawn equipment, accepted a 6 month note receivable from a customer on…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

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: mount of the receivable according to their age and percent of uncollectible based on observable data…

A: The estimated uncollectible is calculated by multiplying the percent of uncollectible into the…

Q: On Jan.1, 2016, Diana opened an account with a P50000 deposit. On Jan.1, 2017, she withdraws P25000…

A: Let 2016 be year 0. CF0 = P 50000 CF1 = - P 25000 CF3 = P 75000 r = 7.5% We need to find the future…

Q: On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and…

A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…

Q: An invoice for $6200.00, dated May 28, 3/10, 1/20, n/60, was received on May 30. What payment must…

Q: An invoice, with payment terms of 5/10, n/30, was issued on April 28 for $240. If the payment was…

A: An invoice is a document issued at the time of credit purchase to specify the date and method of…

Q: An invoice with an amount of OMR 8,500 dated March 20th, and terms of payment on ordinary dating…

A: The Numerical has covered the concept of the Credit Period. The Credit Period is that period where…

Q: On June 30, 2020, the XYZ Corporation granted a two-year, non-interest bearing P2,000,000 advance to…

A: Present Value of receivable on June 30,2020 = face value of receivable x Present value factor (12%,…

Q: g. How much is the bad debts expense for 2019? h. How much is the adjusted balance of the allowance…

Q: Should we record account payable at 12/31, if the invoice date is after 12/31, lets say 1/3, for…

A: Accounts payable: Accounts payable is an obligation of the business which is shown on the liability…

Q: Mr. Pitt has relented and agrees to provide you with the information necessary to converthis cash…

A: Given: The last payment is $12,000 The credit card charge is $6,500 The outstanding charges are…

Q: From page 8-2 of the VLN, from the practice problem, on May 31 when the company pays the bank back,…

A: In the context of the given question, we will emphasize the conservatism principles: The…

Q: how this would be recorded in a journal entry: accounts/and amount. Record the interest of $400 on…

A: Journal entries includes the recording of each monetary transaction in the books of accounts of a…

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

What if the invoice date is 12/27, but the invoice is about next year's sevices, should we record the acount payable at 12/31 for this invoice?

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

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

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

An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July 16, when is the net payment date? Please answer very soon
Should we record account payable at 12/31, if the invoice date is after 12/31, lets say 1/3, for example the utility or telephone bill for December.
What payment should be made on an invoice for $500 dated November 16, carrying terms 4/10, net 30?
hi based on the above question would item h) $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the journal entry?
A small business receives an invoice for $1675 on January 5, 2022 and the payment terms are 5/14, 2/21, n/60. If $1000 was paid on January 25, what would the amount credited be? (Round accurately to two decimal places and include a dollar sign.)
What is the cardying amount of the note receivable on december 31,2020?
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?
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 is the outstanding balance on the January 25th invoice after the January 27th payment?
Zenephia Corp. accepted a nine-month note receivable from a customer on October 1, 2022. If Zenephia has an accounting period that ends on December 31, 2022, when would it most likely recognize interest income from the note? a.on October 1, 2022 b.on July 1, 2023, only c.on December 31, 2022, and July 1, 2023 d.on December 31, 2022, only
Assuming a 360-day year, when a $12,750, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $1,403 $14,153 $13,101 $351
1. An invoice dated June 27 for P20, 850 carried a cash discount of 5/30. If this invoice is paid on July 25, how much should be the payment?
PLEASE SHOW ALL WORK An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay?