The entry to record the receipt of payment within the discount period on a sale of...
The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 2/9, n/30 will include a
A credit to Sales Discounts for $30.
B credit to Accounts Receivable for $1500.
C credit to Sales Revenue for $1500.
D debit to Sales Revenue for $1470.
Homework Answers
Answer :B) Credit to Accounts Receivables for $1500
Entry on the Receipts with in the Discounting Period
Debit : Cash ( 1500-(1500*2%) = $1,470
Debit : Sales Discount (1500*2%) = $30
Credit : Accounts Receivables = $1500
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The entry to record the receipt of payment within the discount
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Holmes Company received payment from a customer within the discount period; the payment terms of the...
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od on a sale of $3,000 with terms of The entry to record the receipt of...
od on a sale of $3,000 with terms of The entry to record the receipt of payment within the discount period on a sale of $3.000 2/10, 1/30 will include a credit to A. Sales Discounts for $60. B. Cash for $2,940. C. Accounts Receivable for $3,000. D. Sales Revenue for $3,000. 6 Oakland Bookstore had 600 units on band at January 1, costing S10 cach. Purchases and sales during the month of January were as follows: Date Purchases Sales...
Which of the following shows the correct journal entry to record the sale under the gross...
Which of the following shows the correct journal entry to record the sale under the gross method if Beryl Brothers made a $15,000 sale with credit terms of 1/15, n/30? A : Debit Accounts Receivable for $14,850 and credit Sales Revenue for $14,850 B : Debit Accounts Receivable for $15,000 and credit Sales Revenue for $15,000 C : Debit Accounts Receivable for $14,850 and Sales Discounts for $150 and credit Sales Revenue for $15,000 D : Debit Accounts Receivable for...
20. The collection of a $500 account beyond the 2 percent discount period would result in...
20. The collection of a $500 account beyond the 2 percent discount period would result in a A) credit to Cash for $500. B) debit to Cash for $490. C) debit to Sales Discounts for $10. D) Creditto Accounts Receivable for $500. 21. Goods totaling $5,000 purchased February 2 on terms of 2/10, n/30 and on which returns of $1,000 were made on February 10 would be subject to which of the following discounts if paid for on February 12?...
please help 7. The Inventory account is used in each of the following except the entry...
please
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7. The Inventory account is used in each of the following except the entry to record A) goods purchased on account. B) the return of goods purchased. C) payment of freight on goods sold. D) payment within the discount period. 8. Mclntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre...
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Holmes Company paid within the discount period for merchandise with a cost of $8,000; the payment...
Holmes Company paid within the discount period for merchandise with a cost of $8,000; the payment terms were 2/10, n/30. The journal entry to record this transaction is debit Cash $7,840; debit Merchandise Inventory $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Merchandise Inventory $160. debit Cash $7,840; debit Cost of Goods Sold $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Cost of Goods Sold $160.
Which of the following statements is correct? O The entry to record the payment of an...
Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.
Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company...
Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company uses the gross method, which of the following will be included in the journal entry to record customer payment within the discount period? credit Accounts Receivable $40,000 credit Sales Discount $400 credit Sales Revenue $40,000 credit Cash $39,600
Calculate cash for section c Half of the sales on account were paid within the discount...
Calculate cash for section c
Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. At Mastery Arts, gross sales for the month included: Sales on account (2/10, n/30) Credit card sales (3% credit card fee) $120,000 $150,000 Read the requirements Journal Entry Accounts Date Debit Credit Cash 145,500 Credit Card Discount Expense 4,500 Sales Revenue 150,000 Now, record the cash payments on account received...
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
od on a sale of $3,000 with terms of The entry to record the receipt of payment within the discount period on a sale of $3.000 2/10, 1/30 will include a credit to A. Sales Discounts for $60. B. Cash for $2,940. C. Accounts Receivable for $3,000. D. Sales Revenue for $3,000. 6 Oakland Bookstore had 600 units on band at January 1, costing S10 cach. Purchases and sales during the month of January were as follows: Date Purchases Sales...
20. The collection of a $500 account beyond the 2 percent discount period would result in a A) credit to Cash for $500. B) debit to Cash for $490. C) debit to Sales Discounts for $10. D) Creditto Accounts Receivable for $500. 21. Goods totaling $5,000 purchased February 2 on terms of 2/10, n/30 and on which returns of $1,000 were made on February 10 would be subject to which of the following discounts if paid for on February 12?...
please
help
7. The Inventory account is used in each of the following except the entry to record A) goods purchased on account. B) the return of goods purchased. C) payment of freight on goods sold. D) payment within the discount period. 8. Mclntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre...
Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 110, 1/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include: Multiple Choice a debit to Accounts Receivable for $1,500 a credit to Accounts Receivable for $1485 0 a debit to Sales Discounts for $15 0 O credit to Sales Discounts for $150. 0
Holmes Company paid within the discount period for merchandise with a cost of $8,000; the payment terms were 2/10, n/30. The journal entry to record this transaction is debit Cash $7,840; debit Merchandise Inventory $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Merchandise Inventory $160. debit Cash $7,840; debit Cost of Goods Sold $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Cost of Goods Sold $160.
Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.
Calculate cash for section c
Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. At Mastery Arts, gross sales for the month included: Sales on account (2/10, n/30) Credit card sales (3% credit card fee) $120,000 $150,000 Read the requirements Journal Entry Accounts Date Debit Credit Cash 145,500 Credit Card Discount Expense 4,500 Sales Revenue 150,000 Now, record the cash payments on account received...
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