1. A retailer received an invoice for $850dated March 23, 2009, with payment termsof 5/10 1/20 n/30E.O.M. The store made a partial payment of$400 on April 3rd, 2009.a) How much is credited to their account onthat day? ($421.05)b) If they completely paid off the balanceon April 12th, what amount was sent onthat date?($424.66)

Sometimes parties give discounts if the payment is made within the specified time. EOM means end of…

Answered: 1. A retailer received an invoice for…

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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9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
Stacy's Dress Shop received a $1,230 invoice dated July 26 with 4/10, 3/15, n/60 terms. On August 09, Stacy's sent a $260 partial payment. (If more than one discount, assume date of last discount.) a. What credit should Stacy's receive? Note: Round your answer to the nearest cent. Credit Answer is complete and correct. $ 268.04 b. What is Stacy's outstanding balance? Note: Round your answer to the nearest cent. Answer is complete but not entirely correct. $ 962.00 X Outstanding balance
On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were 4/10, n/30. On April 02, Jangles sent an $8,720 partial payment.a. What credit should Jangles receive? (Round your answer to the nearest cent.) Credit b. What is Jangles’ outstanding balance? (Round your answer to the nearest cent.) Outstanding Balance
Help me with the solution: Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The invoice is dated on May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
An invoice for furniture for $1, 210.88 with terms of 2/10, n/60 is dated October 3. A. What is the last day on which cash discount may be taken? B. If paid within discount period, how much is the cash discount? C. If the discount is missed, on what day does the credit period end?
4. On January 1st, 2018, Blue Co. made a $10,000 sale for 1,000 water bottles on account with terms: of 2/15, n/30. If the company uses the net method, which of the following will be included in the Journal entry to record customer payment for all 1,000 water bottles on January 28th, 2018? a) credit Accounts Receivable $10,000 b) credit Sales Discounts Forfelted $200 c) debit Sales Discount $200 d) debit Cash $9,800
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?
Stacy's Dress Shop received a $1,230 invoice dated July 26 with 4/10, 3/15, n/60 terms. On August 09, Stacy's sent a $260 partial payment. (If more than one discount, assume date of last discount.) a. What credit should Stacy's receive? Note: Round your answer to the nearest cent. Credit b. What is Stacy's outstanding balance? Note: Round your answer to the nearest cent. Outstanding balance
H3. A retailer purchases some merchandise with an invoice price of $19,100 and terms of sale of 5/15, n/45. What is the net amount due (in $) on the order if a partial payment of $10,800 is made on the 15th day? (Round your answer to the nearest cent.) Please show proper step by step calculation with details
Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018. a. How many days were there between the date of the invoice, and when the invoice was paid? Number of days = b. How much was the amount of the discount? Amount of discount = $ c. How much was paid? days Amount paid = $ (round to the nearest cent) (round to the nearest cent)
Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of 2/10 , n/30. The retailer paid OMR 10000 within 10 days. From the following given options, identify the journal entry recorded by the company for the first payment made by credit customer. a. Dr Cash A/C OMR 9800, Dr Sales discount A/C OMR 200 and Cr Accounts receivables A/C OMR 10000 b. Dr Cash A/C OMR 10000 and Cr Accounts receivables A/c OMR 10000 c. Dr Accounts receivables A/C OMR 10000 and Cr Cash A/C OMR 9800, Cr Sales Discount A/C OMR 200 d. None of the given options Clear my choice
Assume that Sohar pipers Cores LC sold OMR 20000 pipes to the retailer with the credit terms of 2/10 , n / 30 . The retailer paid OMR 10000 within 10 days . From the following given options , identify the journal entry recorded by the company for the first payment made by credit customer . a . Dr Cash AC OMR 10000 and Cr Accounts receivables A/C OMR 10000 b. Dr Accounts receivables A / C OMR 10000 and Cr Cash A / C OMR 9800 , C Sales Discount A / C OMR 200 • c. Dr Cash A / C OMR 9800 , Dr Sales discount A / C OMR 200 and Cr Accounts receivables . A/C OMR 10000 d. None of the given options

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