Complete the following: Invoice Mar. 27 Date goods are received Terms 3/10 EOM Last day of discount period Final day bill is due (end of credit period)
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- Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.In the payment term 5/10, n/30, the number '10’ represents _________________. a. Length of discount period b. Length of credit period c. Cash discount d. Net amountneed help finding the net payment and credit towards account still due invoice amount= $538.42 date of invoice= April 23 Date of payment= May 14 credit terms= 3/10,1/15, n/30 E.O.M Net price= ?
- Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written offIn credit terms of 3/15, n/45, the "3" represents the Oa. number of days in the discount period Ob. number of days when the entire amount is due Oc. percent of the cash discount )d. full amount of the invoiceIn the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount is due b. Full amount of the invoice c. Percent of the cash discount d. Number of days in the discount period
- 2. The time period during which the invoice is paid is called: A. Rate of discount В. Discount period C. Credit period D. Net amount2.) Complete the following: Invoice Date goods Date Received a.) Dec 25 b.) April 18 c.) July 9 Nov. 29 d.) April 28 Last day End of Terms of discount 1/10,n30 2/10, n30 EOM 3/10,n/30 ROG 2/10, n30 EOM credit period.7. Complete the table. Invoice Terms Last Date Last Date Date Net Price Complement Cash Price Date to Take to Pay Paid of Discount Invoice cash-discount rate Аpril 18 April 6 5/15, n/30 $109.82
- Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) ss attached thanks 4y1 4The shorthand notation on an invoice 2/10, n/30 is called the _______________. Group of answer choices accounts payable debit memo credit terms purchase orderAllowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.