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.
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- The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $22551. A buyer received an invoice for P6.000 dated June 10. If the terms åré 2/10, n/30 and the buyer paid the invoice within the discount period, what amount will the seller receive? c. P4,800 а. Р6,000 b. P5,880. d. P 120 2. The purchases discount account is a contra account to a. accounts payable. b. purchases. C. sales. d. sales discount. 3. When a seller of merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a a. credit memorandum. b. debit memorandum. c. official receipt. d. sales invoice. 4. When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting a. accounts payable. b. accounts receivable. C. sales. d. transportation in. 5. The account that appears in the chart of accounts for a merchandising entity but not for.a service entity is a. accounts receivable. b. accumulated depreciation. c. advertising…9. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a a. debit to Sales Discounts for $300 b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.
- 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?In 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 periodWhich one of the following journal entry is Correct on 20th February 2020? a. Debit Cash OMR 150 Credit Sales return and allowances OMR 150 b. Debit Accounts receivable OMR 150 Credit Cash OMR 150 c. Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150 d. Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150
- The entry to record the receipt of payment within the discount period on a sale of $4000 with terms of 2/10, n/30 will include a credit to O Accounts Receivable for $4000. O Sales Discounts for $80. O Cash for $3920. O Sales Revenue for $4000.Which one of the following journal entry is Correct on 20th February 2020? a. Debit Accounts receivable OMR 150 Credit Cash OMR 150 b. Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150 c. Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150 d. Debit Cash OMR 150 Credit Sales return and allowances OMR 150 Which one of the following journal entry is Correct on 10th January 2020? a. Debit Accounts payable OMR 9,000 Credit Cash OMR 9,000 b. Debit Cash OMR 11,400 Debit Discount OMR 600 Credit Accounts payable OMR 12,000 c. Debit Accounts payable OMR 9,000 Credit Cash OMR 8,550 Credit Discount OMR 450 d. Debit Cash OMR 8,550 Debit Discount OMR 450 Credit Accounts payable OMR 9,000 Which one of the following journal entry is Correct on 15th February 2020? a. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 b. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000 c. Debit Accounts receivables OMR 15,000…The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 1/10, n/30 will include a credit to Cash for $1485. Accounts Receivable for $1500. ● Sales Revenue for $1500. ● Sales Discounts for $15.
- 10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 1429)The entry to record the receipt of payment within the discount period on a sale of $2,000 with terms of 3/15, n/45 will include a A)credit to Accounts Receivable for $2,000. B)credit to Sales Discounts for $60. C)debit to Sales Revenue for $1,940. D)credit to Sales Revenue for $2,000.7. 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