Homework Answers
Sales Discounts for $24
When the customer made the payment in discount period the journal entry should be
Debit Cash. 776
Debit Sales discount. 24 (800 x 3%)
Credit Accounts receivable. 800
Add Answer to:
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30....
Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer...
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 received payment from a customer within the discount period; the payment terms of the...
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
Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30....
Goods costing $1,900 are purchased on account on July
15 with credit terms of 2/10, n/30. On July 18, the purchaser
receives a $300 credit from the supplier for damaged goods. Give
the journal entry on July 24 to record payment of the balance due
within the discount
period.
Question 11 Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, the purchaser receives a $300 credit from the supplier for...
Leno Company sells goods to the Fallon Company for $11,000. It offers credit terms of 2/10....
Leno Company sells goods to the Fallon Company for $11,000. It offers credit terms of 2/10. n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of O A. $11,000 O B. $11,220 OC. $10,780. OD. 5220
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $67,000.
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $67,000. a. Journalize Sayers' entries to record the sale. b. Journalize the receipt of payment within the discount period. c. Journalize the entry to record the receipt of payment beyond the discount period of ten days.
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry...
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash of $625 and credit Sales $625. O Debit Cash of $625 and credit Accounts Receivable $625. Debit Accounts Receivable $625 and credit Sales $625. Debit Accounts Receivable $625 and credit Cash $625. C) Debit Soles $625 and credit Accounts Receivable $625.
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost...
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $58,000. Journalize Sayers' entries to record (A) the sale, (B) the receipt of payment within the discount period, and (C) the receipt of payment beyond the discount period of ten days. Answer Check Figure: C. $76,500
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
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells...
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,409) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is...
anything helps 35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa...
anything helps
35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa the Company with credit terms of 2/10, 1/30. Samantha Company returns S300 of me that was damage la Company returns S300 of merchandise wat was damaged, along with a check to settle the account within the period. What is the amount of the check? A) $1,470 B) $1,476 C) $1,350 D) $1,464 36. Jones Outfitters sold S5,000 in merchandise to a customer on credit....
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 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
Goods costing $1,900 are purchased on account on July
15 with credit terms of 2/10, n/30. On July 18, the purchaser
receives a $300 credit from the supplier for damaged goods. Give
the journal entry on July 24 to record payment of the balance due
within the discount
period.
Question 11 Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, the purchaser receives a $300 credit from the supplier for...
Leno Company sells goods to the Fallon Company for $11,000. It offers credit terms of 2/10. n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of O A. $11,000 O B. $11,220 OC. $10,780. OD. 5220
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash of $625 and credit Sales $625. O Debit Cash of $625 and credit Accounts Receivable $625. Debit Accounts Receivable $625 and credit Sales $625. Debit Accounts Receivable $625 and credit Cash $625. C) Debit Soles $625 and credit Accounts Receivable $625.
Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,409) to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is...
anything helps
35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa the Company with credit terms of 2/10, 1/30. Samantha Company returns S300 of me that was damage la Company returns S300 of merchandise wat was damaged, along with a check to settle the account within the period. What is the amount of the check? A) $1,470 B) $1,476 C) $1,350 D) $1,464 36. Jones Outfitters sold S5,000 in merchandise to a customer on credit....
Most questions answered within 3 hours.
-
The financial statements of Apple Inc. show the following
numbers for fiscal year 2017 ($000,000):
Revenue...
asked 4 minutes ago -
Suppose that you are given the following results. Find the
correlation coefficient of the data.
sx...
asked 14 minutes ago -
The width of a tool used for semiconductor manufacturing
is assumed to be normally distributed with...
asked 16 minutes ago -
A
runaway train car that has a mass of 1,400 kg travels at a speed of...
asked 20 minutes ago -
The expected abnormal earnings of a firm that has earnings of
$40,000 with a required equity...
asked 18 minutes ago -
A spherical surface completely surrounds a collection of
charges. Find the electric flux through the surface...
asked 34 minutes ago -
Two capacitors with capacitances of 12 and 18.1 µF,
respectively, are connected in parallel. The system...
asked 20 minutes ago -
Let's say you are a small business owner that provides
business-to-business software-as-a-service to non-profit
organizations. Your...
asked 25 minutes ago -
A circuit is constructed with five resistors and a battery as
shown. The battery voltage is...
asked 33 minutes ago -
A. What is the U.S.
economic system and what do you think are the advantages and...
asked 33 minutes ago -
A student measures the following data in a calorimetry
experiment designed to determine the specific heat...
asked 48 minutes ago -
1) 2H2O(g) → 2H2 (g) + O2 (g) DH = 483.6 kJ
If 5 moles of...
asked 53 minutes ago