Question

Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the dis
0 0
Add a comment Improve this question Transcribed image text
Answer #1

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 a comment
Know the answer?
Add Answer to:
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT