1/10 n/30 means 1% discount would be given if payment is made in 10 days;otherwise the total payment has to be made in 30 days.
Hence payment has to be made by March 31(A).
A sale on March 21 has terms of 1/10 n/30. What date must payment be made...
Griffin Ltd made a sale of $800 to a customer on terms of 2.5/10, n/30 on 1 July. The account was paid on 8 July. Griffin Ltd would make which of the following postings to the ledger on 8 July? Select one: A. DR Discount expense $20 B. DR Accounts receivable $800 C. CR Discount revenue $20 D. CR Discount expense $20.
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. C. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25,000 and Sales Discounts for $500. 6. On July 22, Peter sold...
An invoice for $2,665.00 has terms 1/10, n/60. The amount credited on a payment made within the discount period was $1,545.00. What was the amount of the payment? (Round your answer to 2 decimal places.) Payment
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 the total amount each customer must pay based on the following invoice terms and payment dates. Invoice Date. Invoice Amount Credit terms. January 1. $74,500. 2/10,net 30 March. 15. $8,750. 1/15,net 30 July 1. $52,000. 12 percent APR Payment Date January 10 April 2 December 31 the total amount each customer must pay ceramente Date A d Terme 210, met nero AM 152.000 model to preparan ng sch Calculate toals and Total wed
On July 1,Foster Corp. made a sale of $445,000 to Willette, Inc. on account. Terms of the sale were 3/10, n/30. Willette makes payment on July 29. Foster uses most-likely-amount method and assumes that the customer will take the discount when accounting for sales discounts. Ignore cost of goods sold and the reduction of inventory. What net sale does Foster report?
Sanders Company purchased goods with the following terms and details: Sales price, $6,000 Terms, 4/10, n/30 Date of sale, April 1 Date of payment, April 11 Returns and allowances (before payment), $900 Shipping, FOB Destination, $195, prepaid by seller Required: Compute the amount that Sanders Company has to pay to the seller for the goods.
A business offers credit terms of 2/15, n/30. These terms indicate that: A. the total amount of the invoice must be paid within 15 days of the invoice date B. the buyer can take a 2% discount if the bill is paid within 30 days of the invoice date C. a discount of 2% can be taken if the invoice is paid within 15 days of the invoice date D. no discount is offered for early payment
1. An invoice, with payment terms of 2/10, 1/30, was issued on April 28 for AED 250.00. If the payment was made on May 12, the amount of payment will be (Round your answer to the nearest dirham.) AED Forever Jewelers uses the gross method and a perpetual inventory system. On April 2. Forever sold merchandise with a cost of AED 1,700 for AED 5,600 to a customer on account with terms of 2/15, 1/30. Which of the following would...
Damon Company sold merchandise to a customer on credit for $10,000 with credit terms of 1/10, n/30. The invoice was dated April 14. Which one of the following statements is true? a. The customer can take a $1,000 discount if the invoice is paid by May 13 b. The customer should pay $9,500 if the invoice is paid by April 24 c. The customer must pay $10,000 if paid after April 24 d. The customer must pay a $100 penalty if...