An invoice for $120,700 dated May 26, 2014 for a shipment of furniture has payment terms 1.5/15, E.O.M. What payment will settle the invoice if it is paid on the following dates. a. June 8? Round to the nearest cent b. June 15? Round to the nearest cent c. June 23? Round to the nearest cent ->
Q: Apple Co sells merchandise on credit to Zea Co in the amount of P8,000. The invoice is dated on…
A: Cash Discount Customers are rewarded with cash savings if they pay their bills within a particular…
Q: Kaden Co. sells merchandise on credit to Jase Co. for $9,600. The invoice is dated July 15 with…
A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.
Q: Gigabyte traders has the following transactions for the month of August 2018: Aug 7- Goods returned…
A: Amount transfer to Purchases return daybook for the month of September 2018 = Goods returned to Max…
Q: Please answer asap. answer both 1 and 2 . The Appomatix Company sells fertilizer and pesticides to…
A: It will be recorded in the following way.
Q: ABC Company reccived an invoice with an amount of P60.000 representing the merchandise purchased is…
A: Purchase discount=Purchase value×Discount %=60000×2%=1200
Q: Assume that Sohar pipers Cores LC sold OMR 20000 pipes to the retailer with the credit terms of 2/10…
A: Credit terms 2/10, n/30 means that 2% discount will be allowed to customer if payment is made within…
Q: The balance in Galaxy Co.'s accounts payable account at December 31, 2015 was $700,000 before any…
A: Determine the amount of accounts payable during December 31, 2015.
Q: Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the…
A: SOLUTION- ACCOUNTS PAYABLE ARE AMOUNT DUE TO VENDORS OR SUPPLIERS FOR GOODS OR SERVICES THAT HAVE…
Q: Sunglow Company received an invoice for $232,250 dated November 8, 2017 with payment terms 3/5,…
A: Creditors- The term creditors refers to the persons or firms from whom goods have been purchased or…
Q: A small business receives an invoice for $1675 on January 5, 2022 and the payment terms are 5/14,…
A: Payment terms 5/14, 2/21, n/60 means that 5% discount will be allowed if payment is being made in 14…
Q: Gingerbread Corp received an advance cash payment from a customer for 40 gingerbread kits at $10 per…
A: Revenue unearned is a liability. Advance cash payment received is a unearned revenue. Increase in…
Q: Joseph Corporation a mobile phone wholesaler sells mobile phones to PhoneTech Ltd, a mobile phone…
A: Journal entry is record of Transaction in Accounting records In Case of Net Method to record…
Q: Trading company Andin in September 2020, recorded the following transactions: Date Information…
A: Special Journal There is much difference in the General journal entry and the special journal entry.…
Q: Joyce's Company received an invoice for $211,250 dated November 4, 2011 with payment terms 7/3,…
A: Invoice amount is $211,250 dated November 4, 2011 payment terms 7/3, 2/20, n/45 which means if…
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: 1. A retailer received an invoice for $850 dated March 23, 2009, with payment terms of 5/10 1/20…
A: Sometimes parties give discounts if the payment is made within the specified time. EOM means end of…
Q: 11 Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…
A: Total Accounts receivable from the retailer = OMR 20000 credit term for discount = 2% discount…
Q: Calculate the amount of discount paid. Ordinary EOM ROG
A: Discount is the amount of money which a buyer gets from the purchases which has been made by him or…
Q: Goods totaling P100,000 were purchased February 2 with terms of 2/10, n/30. Returns of P20,000 were…
A: Formula: Net purchases = Purchases - Purchases returns
Q: need part a and b only Three invoices for the amounts of $36,000, $26,000, and $41,900 were…
A: Mark up on cost = (Mark up/cost price )×100
Q: Kaden Co. sells merchandise on credit to Jase Co. for $9,600. The invoice is dated July 15 with…
A: Given information is: Kaden Co. sells merchandise on credit to Jase Co. for $9,600. The invoice is…
Q: Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The company's stock of goods (not subject to VAT) on 1 November was 50 pieces at a price of 26.5…
A: In FIFO method, the goods received first are dispatched first.
Q: Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…
A: The transactions of the company will be recorded first in the company's books which is called as…
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: I need to know how to input these questions into a general journal and general ledger. The beginning…
A: In general journal, regular day-to-day transactions are posted whereas from the general journal…
Q: • Goods shipped f.o.b. destination on December 20, 2020 from a vendor to Dial were received January…
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…
Q: An invoice for 600 for October 4 And have sales term of 2/10 ROG the merchandise arrive October 6…
A: Sales term 2/10 means if payment is made before 10 days 2% discount will be received.
Q: following are transaction for Bargain Traders for the month of June 2020. Date 2020…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: A cellular company purchased $27,800 in cell phones on June 25. The terms of sale were 4/20, 3/30,…
A: Freight charge is the amount paid for the transportation of goods from one place to another. These…
Q: Asap 2012 MARCH A retailer received an invoice of RM4,500 dated 6 July 2010 with trade discount…
A: Trade discount is the amount of discount which is being given to all the customers on list price of…
Q: Maplewood Supply received a $5,310 invoice dated April 15, 2015. The $5,310 included $310 freight.…
A: Inventory - An Inventory denotes the current asset of the company that is controlled and managed by…
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: 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: Determine the amount paid to settle the following invoice. Invoice amount = $4,602.00 Payment terms…
A: Invoice- An invoice is a time-stamped business certificate that itemizes and records a transaction…
Q: On June 1 Home Company sold goods to a foreign customer at a price of 15,000 FCU (FCU is "foreign…
A: Foreign Currency Translation - Under Foreign currency translation, there are items to be disclosed…
Q: Invoice amount of $28,700 on June 25 Partial Payment made on July 20th of 6,000 Return goods of…
A: The Term 4/20 means if payment is made within a period of 20 days then a 4% discount is given to the…
Q: 1,400,000
A: Accountants payable means amount payable by firm to vendor. Accountant payable consider only Credit…
Q: Sunglow Company received an invoice for $187,500 dated November 8, 2017 with payment terms 3/5,…
A: Computation of the amount that require to sellle the invoice are as folows:Date: 12 November…
Q: b) An invoice for RO 65,000 and dated February 20th with the terms 7/13, EOM is received. The bill…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The invoice of a Toy company amounts to 800 OMR was dated February 7, and offered terms 2/10, n/30…
A: Introduction: ROG: ROG Stands for Receipt of Goods. From the date of receipt of goods , due date to…
Q: How much is the remaining balance on due date? Invoice Date: 11/5/14 Date of goods’ arrival: 11/8/14…
A: Step 1 FOB destination is a term "Free on Board Destination’’ which means that the buyer takes…
Q: 10/The business has the following transactions for the month of September 2018. Sep-5 - Goods…
A: The sales return day is the special ledger prepared to make the record of sales return for the time…
Q: When is the last day the buyer can get the cash discount? If the buyer decides to pay for the…
A: 1. The Buyer can discount till 10 days from billing date. Billing Date = June 4 Last day the buyer…
Q: c) An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are…
A: Bill payable: It can be defined as a document that presents the amount owed by an individual or an…
Q: Review the following transactions. A. On April 7, Tolbert Enterprises contracts with a supplier to…
A: In the given case, purchases from the supplier on credit = 330*14= $4620 . The payment terms is…
Q: PROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under…
A: Sales terms refer to the amount for which the goods are sold or services are rendered. the sales may…
Step by step
Solved in 2 steps
- What amount must be remitted if invoices dated June 28 for $815, July7 for $780 and July 14 for $895, all terms 2/10 E.O.M., are paid together on August 7? Round to the nearest cent SAVE PROG 9°C hpWhat amount must be remitted if invoices dated June 28 for $815, July 7 for $780 and July 14 for $895, all terms 2/10 EO.M., are paid together on August 7? Round to the nearest cent -> SAVE P 3°C hpK An invoice is dated June 18 with terms 3/10-50 ex. Find the final discount date and the net payment date. The net payment date is 20 days after the final discount date. The final discount date is The net payment date is June July ▼ ▼ CHE
- How much is the remaining balance on due date?Invoice Date: 11/5/14Date of goods’ arrival: 11/8/14List Price: P368,900Shipping fee: P3,240 (separate invoice)Terms of Payment: FOB Destination 8% Trade discount6/10,3/20, n/30Partial Payments: P90,000 on Nov 8, 2014P130,000 on Nov 14, 2014P40,000 on Nov 21, 2014P50,000 on Nov 25, 2014A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 4? $3465 • $3800 • $3500 Ⓒ $3762Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
- the company received an invoice for $230,250 dated November 9, 2017 with payment terms 5/5, 1/20, n/45 for a truck-load of goods. Calculate the amount required to settle the invoice on the following dates: a. November 13, 2017 Round to the nearest cent b. December 24, 2017 Round to the nearest cent Round to two decimal placenur suIund ue I Imu u COlmll atIuI s priče for paints with a total list price of $434. Round to the nearest cent. 250. 85 3. An invoice, dated May 8, for $549.38 has terms of 3/15, 2/20, 1/30, n/45. If you make a payment on June 3, what amount should you pay? Round to the nearest cent. 4. The list price of Road Thunder Speakers is $120. If the manufacturer offers trade discounts of 30/10 and terms of 3/15, n/30, find the net cost of the speakers assuming all discounts are taken. Round to the nearest cent. 5. An invoice is received from Westminster Office Machines for $492.90 with terms of 6/15, dated March 1. (Assume partial payments are accepted and granted cash discounts if paid within the discount périod.) If a partial payment of $155 is made on March 13, find the balance due on the invoice. Round to the nearest cent. Omachin cost 2,990 discount 30 /12/5 -299PROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under credit. terms of 10%, 15%, 3/10 2/15 1/20 n/30. 1. How much should be debited to Accounts receivable on January 1, 2022, under the net method? 2. Assuming the customer settled its account on January 11, 2022, what amount should be recognized as sales discount under the gross method? 3. Assuming the customer settled its account on January 16, 2022, what amount should be recognized as sales discount forfeited under the allowance method? 4. Assuming the customer settled its account on January 21, 2022, what amount should be recognized as sales discount forfeited under the net method? 5. Assuming the customer settled its account on January 31, 2022, what amount should be recognized as sales discount under the allowance method?
- BUS 038 : Business Computatns4. You buy goods on an invoice dated October 28, with terms of 2/20, n/45. What is the last day of the discount period?An invoice of OMR 15000 with the terms 6/10, 3/15, n/30 is dated on June 15. The goods are received on June 23. The bill is paid on July 5. Calculate the amount of discount paid. Ordinary EOM ROGCalculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $122.60