Leno Company sells goods to the Fallon Company for $14,000. It offers credit terms of 3/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A. 13,580 B. 420 C. 14,420 D. 14,000
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Leno Company sells goods to the Fallon Company for $14,000. It offers credit terms of 3/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of:
A. 13,580
B. 420
C. 14,420
D. 14,000
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Leno Company sells goods to the Fallon Company for $15,000. . It offers credit terms of 3/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A. $14,550. B. $15,000. C. $15,450. D. $450. thanksNieman Company purchased merchandise on account from Springhill Company for $12,100, terms 2/10, n/30. Nieman returned merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Nieman Company to record the return?
- Barans Company purchased merchandise on account from Springhill Company for $12,800, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $3,200 and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar.Merchandise subject to the credit terms 2/10, n/30, FOB shipping point, is sold to a customer on account for $20,125. The seller issued a credit memorandum for $4,600 prior to payment. What is the amount of the cash discount allowable if the payment is made within 10 days of the invoice date?company A sells $1,500 of merchandise on account to company B with credit terms of 2/10, n/30. If company B remits a check taking advantage of the discount offered, what is the amount of Company B's check?? -$1,470 -$1,050 -$1,200 -$1,350
- Barans Company purchased merchandise on account from a supplier for $9,200, terms 1/10, n/30. Barans returned $1,500 of the merchandise and received full credit. A. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $________________ B. What account is debited by Barans Company to record the return? Options are: 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Merchandise Inventory 5. Purchases 6. Sales 7. Sales Returns and AllowancesBarans Company purchased merchandise on account from Springhill Company for $13,900, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,600 and received full credit. A) If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. ? B) What account is debited by Barans Company to record the return? ?Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit.a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?b. What account is debited by Hoffman Company to record the return?
- Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choiceMerchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for P15,000. The seller paid transportation costs of P1,000 and issued a credit memorandum for P5,000 prior to payment. What is the amount of the cash discount allowable? P160P150P100P140Company Crane sells $ 800 of merchandise on account to Company Blossom with credit terms of 1/15, n/30. If Company Blossom remits a check taking advantage of the discount offered, what is the amount of Company Blossom's check? O S710 O $792 O $530 O $620
