When is the last day the buyer can get the cash discount? If the buyer decides to pay for the shipment on June 30. What is the net amount to be paid?
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- Belts are shipped to the buyer on June 4 at a cost of $5500.00. The terms on invoice are 3/10, n/60.
- When is the last day the buyer can get the cash discount?
- If the buyer decides to pay for the shipment on June 30. What is the net amount to be paid?
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- On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
- Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.Blake Department Store sells television sets with one-year warranties that cover repair and replacement of television parts. In the month of June, Blake sells forty television sets with a per unit cost of $500. If Blake estimates warranty fulfillment at 10% of sales, what would be the warranty liability reported in June? A. $1,000 B. $2,000 C. $500 D. $20,000Quick Depot buys tools from a supplier with an invoice amount of $19,700. The terms of the sale are 15/15, n/30. What is the net amount due on the order if the bill is paid by the 15th day?
- Kindness Company regularly buys sweaters and is allowed a trade discount of 20% and 10%. The entity made a purchase on March 20 and received an invoice with a list price of P900,000, a freight charge of P50,000, and payment terms of net 30 days. What is the cost of the purchase?Riverbed Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $630,700 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,700. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Riverbed for the full sales price. (a)Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on January 28, 2020. Assume that Riverbed Company records the January 2, 2020, transaction using the net method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Choose date Jan 2 or Jan 28…buying and sellingWhat is the total cash discount if an invoice dated March 31 for P 15,000 with a payment terms of 3/20; 1/30; n/60 is paid in full on April 20?
- Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $610,000 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,000. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Jupiter for the full sales price. Instructions a. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 2020, and the payment on January 28, 2020. Assume that Jupiter Company records the January 2, 2020, transaction using the net method. b. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 2020, and the payment on January 28, 2020. Assume that Jupiter Company records the January 2, 2020, transaction using the gross method.How much will the Christopher Corporation have to pay for the merchandise if it pays on September 3? Purchase terms of 2/10, n/30 mean the Christopher Corporation will be allowed a 2% purchase discount if the merchandise is paid for within 10 days. If the bill is paid on September 3, which is not within 10 days of the purchase, full $50,000 will have to be paid.Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with terms 5/20, n/45 for: 10 wood trays at $ 37.45 each; 35 wood planters at $ 43.75 each;50 wood bowls at $ 37.25 each. a)What is the amount due if the invoice is paid in full on September 6? Round to the nearest 100th. b)If only a partial payment is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $ 1500? Round to the nearest 100th.
