The double entry to record a settlement or cash discount granted by a supplier is: a....
The double entry to record a settlement or cash discount granted by a supplier is:
a. Debit payables, credit discount allowed
b. Debit payables, credit discount received
c. debit discount received, credit payables
d. Debit discounts allowed, credit payables.
Homework Answers
The correct option is b. Debit payables, credit discount received
Reason - The correct double entry for discount granted by a supplier.is to debit payables (reducing what is owed) and credit discount received.
Add Answer to:
The double entry to record a settlement or cash discount granted
by a supplier is:
a....
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.
Question 9 (1 point) The entry to record the payment of a purchase invoice when a...
Question 9 (1 point) The entry to record the payment of a purchase invoice when a cash discount is taken includes a debit to Accounts Payable, a credit to Purchase Discounts and a credit to Cash Oa debit to Accounts Payable, a debit to Purchase Discounts and a credit to Cash a debit to Accounts Payable and a credit to Cash O a debit to Purchases, a credit to Purchase Discounts and a credit to Cash
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...
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.
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
11. A trade discount is: A term used by a purchaser to describe a cash discount...
11. A trade discount is: A term used by a purchaser to describe a cash discount given to customers for prompt payment. B. A reduction in price below the list price. A term used by a seller to describe a cash discount granted to customers for prompt payment. D. A reduction in price for prompt payment. E. Also called a rebate. 12. A company uses the perpetual inventory system and recorded the following entry: 2,500 50 Accounts Payable...... .................. Merchandise...
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?...
The entry to record the expenses paid for with petty cash is: Select one: O a....
The entry to record the expenses paid for with petty cash is: Select one: O a. debit cash, credit petty cash b. debit expenses, credit petty cash C. debit expenses, credit cash d. debit petty cash, credit expenses be here to search ні е
a)Record the cash sales of $500,000. b)Record the cost of goods sold of $224,350. c)Record the...
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
The entry to record the return of goods to a creditor would include a: debit to...
The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. d. credit to sales. 10. An example of a current liability would be a. accounts payable b. Jalaries payable c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: a. cash payments journal. general jourral. sales journal. cash receipts...
Question 9 (1 point) The entry to record the payment of a purchase invoice when a cash discount is taken includes a debit to Accounts Payable, a credit to Purchase Discounts and a credit to Cash Oa debit to Accounts Payable, a debit to Purchase Discounts and a credit to Cash a debit to Accounts Payable and a credit to Cash O a debit to Purchases, a credit to Purchase Discounts and a credit to Cash
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...
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.
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
11. A trade discount is: A term used by a purchaser to describe a cash discount given to customers for prompt payment. B. A reduction in price below the list price. A term used by a seller to describe a cash discount granted to customers for prompt payment. D. A reduction in price for prompt payment. E. Also called a rebate. 12. A company uses the perpetual inventory system and recorded the following entry: 2,500 50 Accounts Payable...... .................. Merchandise...
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?...
The entry to record the expenses paid for with petty cash is: Select one: O a. debit cash, credit petty cash b. debit expenses, credit petty cash C. debit expenses, credit cash d. debit petty cash, credit expenses be here to search ні е
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. d. credit to sales. 10. An example of a current liability would be a. accounts payable b. Jalaries payable c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: a. cash payments journal. general jourral. sales journal. cash receipts...
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