Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Account receivable | 8000 | ||
| Sales revenue | 8000 | ||
So answer is b)
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clear writting only final answers no explaing
1. On November 10 of the current year, Flores...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Cash 8,000 Accounts receivable 7,840 Sales discounts revenue 160 Cash 8,000 Accounts receivable 7,840 Interest revenue 160 Cash 8,160 Accounts receivable 8,000 Sales discounts forfeited 160 Cash 8,000 Accounts receivable...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 10? Accounts receivable 7,840 Sales 7,840 Accounts receivable 8,000 Sales 8,000 Accounts receivable 7,840 Sales discounts 160 Sales 8,000 Accounts receivable 8,000 Sales discounts 160 Sales 7,840
Can you please help me to solve those multiple questions. Thank you!! On November 10 of...
Can you please help me to solve those multiple questions. Thank
you!!
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30, How would Flores record the sale on November 10? A. Accounts Receivable 7,840 Sales Revenue 7,840 Accounts Receivable 8,000 Sales Revenue 8,000 C. Accounts Receivable 7,840 Cash Discounts 160 Sales Revenue 8,000 Accounts Receivable 8,000 Cash Discounts 160 Sales Revenue 7,840 Multiple Choice Option A Option B...
6) On November 10 of the current year, Blg Mills sold carpet to a customer for...
6) On November 10 of the current year, Blg Mills sold carpet to a customer for $18,000 6 with credit terms 2/10, n/30. Flores uses the net method of accounting for cash discounts. Complete the statement. Per GAAP, companies should recognise receivables at the A) Prepare the Journal entry on November 10 to record the sale B)Prepare the journal entry on December 10, to record collection from customer who did not pay on time to get the full discount. A)...
13. On November 10 of the current year, Flores Mills sold carpet to a customer for...
13. On November 10 of the current year, Flores Mills sold carpet to a customer for $7,800 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date? 14. Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego uses the gross...
Drebin Security Systems sold merchandise to a customer in exchange for a $50,000, five-year, noninterest-bearing note...
Drebin Security Systems sold merchandise to a customer in exchange for a $50,000, five-year, noninterest-bearing note when an equivalent loan would carry 10% interest. Drebin would record sales revenue on the date of sale equal to: Multiple Choice $50,000. The present value of $50,000 using a 10% interest rate. Zero. The future value of $50,000 using a 10% interest rate. Long-term interest-bearing notes receivable issued at an unrealistically low interest rate will be: Multiple Choice Accounted for on the installment...
5. On August 10, Green Company sells goods on credit to Lewis Company for $8,000, terms a. Cash b...
5. On August 10, Green Company sells goods on credit to Lewis Company for $8,000, terms a. Cash b. Cash 2/10, n/60. Green receives payment on August 31. The entry by Green on August 31 is: 8,000 8,000 Accounts Receivable 8,160 Sales Discounts Accounts Receivable 160 8,000 Cash Sales Discounts 7,840 160 c. 8,000 Accounts Receivable d. Cash 7,160 Sales Discounts Accounts Receivable 160 7,000
5. On August 10, Green Company sells goods on credit to Lewis Company for $8,000,...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
please help 7. The Inventory account is used in each of the following except the entry...
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...
please only complete question 11 i have question 10 done Return to question 10 Part 1...
please only complete question 11 i have question 10 done
Return to question 10 Part 1 of 2 Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared (L07-3) [The following information applies to the questions displayed below.) points Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2021. The units have a list price of $560 each, but Thomas was given a 25% trade discount....
Can you please help me to solve those multiple questions. Thank
you!!
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30, How would Flores record the sale on November 10? A. Accounts Receivable 7,840 Sales Revenue 7,840 Accounts Receivable 8,000 Sales Revenue 8,000 C. Accounts Receivable 7,840 Cash Discounts 160 Sales Revenue 8,000 Accounts Receivable 8,000 Cash Discounts 160 Sales Revenue 7,840 Multiple Choice Option A Option B...
6) On November 10 of the current year, Blg Mills sold carpet to a customer for $18,000 6 with credit terms 2/10, n/30. Flores uses the net method of accounting for cash discounts. Complete the statement. Per GAAP, companies should recognise receivables at the A) Prepare the Journal entry on November 10 to record the sale B)Prepare the journal entry on December 10, to record collection from customer who did not pay on time to get the full discount. A)...
5. On August 10, Green Company sells goods on credit to Lewis Company for $8,000, terms a. Cash b. Cash 2/10, n/60. Green receives payment on August 31. The entry by Green on August 31 is: 8,000 8,000 Accounts Receivable 8,160 Sales Discounts Accounts Receivable 160 8,000 Cash Sales Discounts 7,840 160 c. 8,000 Accounts Receivable d. Cash 7,160 Sales Discounts Accounts Receivable 160 7,000
5. On August 10, Green Company sells goods on credit to Lewis Company for $8,000,...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
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...
please only complete question 11 i have question 10 done
Return to question 10 Part 1 of 2 Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net method compared (L07-3) [The following information applies to the questions displayed below.) points Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2021. The units have a list price of $560 each, but Thomas was given a 25% trade discount....
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