You purchase goods with a net price of $240. The invoice is dated October 7 with terms of 3/20, n/45. Determine (a) the cash discount, (b) the net amount due if paid within the discount period, (c) the last day of the discount period, and (d) the last day of the credit period.

Q: Merchandise with a sales price of $4,600 is sold on account with terms 2/10, n/30. The journal entry…

A: Journal:    It is the first step of recording financial transactions. It is used to prepare the…

Q: Based on the following information, what would be recorded as purchases discount if the invoice is…

A: Purchase discount is calculated on the net value and does not include the fright paid and purchase…

Q: A retailer purchases merchandise with a catalog list price of $34,900. The retailer receives a 24%…

A: Formula: Cash discount amount = Invoice amount x Discount rate

Q: On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30,…

A:

Q: On April 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Formula: Sales discount = Net sales x Discount rate

Q: You buy goods at a list price of $820. If you receive a trade discount of 25% and terms are “2/15,…

A: Term discount indicates that if the due amount is paid within the time specified in the term then…

Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…

A: Invoice Price = $19,700 Terms of Sale , If paid in 15 days 5% discount on the amount

Q: An invoice of RO500 with the terms 2/10, n/30 ROG is dated on June 10. The goods are received on…

A: 2/10,n/30 means 2% cash discount can be availed if payment is paid within 10 days of invoice. n/30…

Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…

A: Sales discounts  = Gross price x rate of discount

Q: A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale…

A: Discount amount = Invoice amount x discount rate = $12,800 x 5% = $640

Q: you purchase goods with a list price of $455 and a trade discount of 25%. The invoice is dated…

A: List Price = $455 Trade Discount = 25% Invoice Date= October 3 Credit Terms = 3/15, n/45

Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…

A: Formula: Sales discount = Net sales x Discount rate

Q: You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of…

A: A time period of discount which is available for the customer for reducing the cash payment by cash…

Q: On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required: Fill in the…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: You purchase goods with a net price of $240. The invoice is dated October 7 with terms of 3/20,…

A: The invoice is prepared to record the amount due and other terms related to payment including…

Q: Merchandise subject to the credit terms 2/10, n/30, FOB shipping point, is sold to a customer on…

A: Credit terms 2/10 means 2% discount will be given if payment is made with in 10 days

Q: On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Sales discounts: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: How do you find the date goods received, last day of the discount period, and end of credit period…

A: Compute the last day of the discount period, and end of credit period:Discount period:In this case,…

Q: If the Safe company sold merchandise on 2, April, for $2000 with terms of 2/10,N/30 ,and the…

A: We know that,  Prepaid insurance is a asset account and  Insurance expenses is an expense accounts.…

Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…

A: Discount on sales value: When the customer pays the amount within discount period then customer is…

Q: On March 1, ZCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Lets discus basic things. Seller for the purpose of getting early payment from the buyer, gives the…

Q: You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods…

A: Answer  - Part 1 - Computation of the last day of the discount period -  Last day of discount period…

Q: Company Crane sells $ 800 of merchandise on account to Company Blossom with credit terms of 1/15,…

A: Credit term: credit term is the conditions of credit payment set by a company an example of credit…

Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…

A: Given: Price of the invoice = $ 19,700 Partial payment = $ 10,800 Sales term = 515,n45

Q: On December  1, BCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30,…

A: The discount is given to the customers so as to receive payment from customers on the early basis.

Q: Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with…

A: Merchandising is the process to bringing goods for the selling purpose into market.

Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700.  The invoice is dated on May 1 with…

A: 1/15 means 1% discount will be there if payment is made with in 15 days and no discount after 15…

Q: The buyer received an invoice from the seller for merchandise with list price of RO 3500 and credit…

A: Amount of discount=Invoice amount×Rate of interest=RO 3500×2%=RO 70 Thus, the amount of discount…

Q: A sofa is sold for OMR 400 dated October 5th, and terms of payment on ordinary dating 3/15, n/30…

A: The invoice is prepared as a promise not that payment will be made on the written date with all…

Q: ou purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods…

A: The last day of the discount period represents the last day on which the customer has to pay the…

Q: The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June…

A: Discount date: April 29 Due Date: May 19

Q: A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30.…

A: Cost of purchase = 23000 Credit Terms = 2/10, n/30

Q: Sandra’s Store purchased merchandise from a manufacturer with an invoice price of $11,000 and credit…

A: Journal: Journal is the primary book of accounts. Transactions are recorded on it day-to-day basis.…

Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…

A: The cash discount would be calculated on the amount, after deducting the trade discount from list…

Q: A buyer receives merchandise on September 7th that is involced for $3,250. The date on the invoice…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Caterpillar purchased merchandise from Alpha Technologies as follows: Invoice date: March 12th…

A: Given that, Invoice date = 12 March  Invoice amount = $4000 Discount = 2%

Q: A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are…

A: The net cost of goods sold if payment made within discount period is 78,400 Net Cost of Goods…

Q: The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would…

A: Sale of goods on credit Accounts receivable a/c or debtors a/c debit $20,000  To sales a/c $20,000…

Q: PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 27 with terms of 3/10 EOM.…

A: The invoice is prepared to record the amount due from customers agains credit sales and it also…

Q: How do you find the date goods are received, last day of discount, and end of credit period when the…

A: Compute the date of goods received:  The invoice is dated for November 27th. Hence, the goods are…

Q: If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30,…

A: Lets understand the basics. Seller for attracting early payment, gives the discount term to the…

Q: A buyer who purchases merchandise under credit terms of 1/10, n/30 has 30 days after the invoice…

A: Given that, credit terms are =  1/10, n/30

Q: An invoice of OMR 15000 with the terms 6/10, 3/15, n/30 is dated on June 15. The goods are received…

A: Given: OMR 15000 invoice terms 6/10, 3/15, n/30 dated 15 June. June 23, such goods were received.…

Q: Merchandise costing $714 is sold for $1,234 on terms 2/10, n/30. If the buyer pays within the…

A:

Q: A retailer purchases merchandise with a catalog list price of P15,000. The retailer receives a 15%…

A: Net purchases = Purchases worth - Purchase discount = P15,000 - P15,000 x 15% = P12,750

Q: On October 1, Jerry's Lighting purchased merchandise with a list price of $8,700 with credit terms…

A: Total amount paid = Net Purchase - discount amount where, Net Purchase = list price - purchase…

Q: You purchase goods on an invoice dated February 5 of a leap year, with terms of 5/10-90X. Calculate…

A: Goods are often purchased for business purposes on credit basis. When such a purchase is made, there…

Q: if merchandise is sold on account to a customer for 1,000 terms fob shipping point 1/10, n/30, and…

A: Discount for early payment is allowed when the customer pays off an amount in a given time period as…

Q: ry 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600 for the goods…

A: In the given situation, Mega-mart company is granting an allowance to max traders for RO 2,600 as…

Q: Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount…

A: Invoice Date = June 18 Terms = 1/10, n/30   The corresponding number to June 18 in Table 7-1 is 169.