Alexa May, director of accounts, received a bill for $648, dated April 6, with sales terms 2/10, 1/15, n/30. A 3% penalty is charged for payment after 30 days. Find the amount due if the bill is paid on or before April 16.
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Alexa May, director of accounts, received a bill for $648, dated April 6
Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 360...
Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino. Assume 360 days in a year. For a compound transaction, if an amount box does not require an entry, leave it blank. Round final answers to the nearest cent when necessary. Apr. 18. Received a $21,600, 60-day, 10% note dated April 18 from Glenn Cross on account. 30. Received a $37,200, 60-day, 6% note dated April 30 from Rhoni Melville on account. May 18....
True Value received an invoice dated April 23, 2020. The invoice had a $5,800 balance that...
True Value received an invoice dated April 23, 2020. The invoice had a $5,800 balance that included $600 freight. Terms were 4/10, 3/30, n/60. True Value pays the invoice on May 07. What amount does True Value pay?
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, dated April 9,...
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. C. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
1. Smith Co. has received an invoice dated June 5 for 10 surfboards with a list...
1. Smith Co. has received an invoice dated June 5 for 10 surfboards with a list price of $2,500 each, and for freight of $250. The terms were: Trade items: List less 15% and 5%. Payment terms 3/10, 2/20, n/30 (June has 30 days) (a) What is the last day the invoice can be paid and how much should be paid? [2 marks]
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer...
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. When required, round...
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9,...
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Journal entry worksheet < 1 9 10 11 12 13 14 15 16 IIIII Received balance...
Journal entry worksheet < 1 9 10 11 12 13 14 15 16 IIIII Received balance due from Baird Corp. for the August 5 sale less the return on August 10. Note: Enter debits before credits. Date General Journal Debit Credit Aug 15 Cash Sales discounts Accounts receivable—Baird Record entry Clear entry View general journal Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory systen and the gross method. Hint: It will help...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
3) Journalize the following transactions in the accounts of Simmons Company: (1 1/2pts each) Mar. 1...
3)
Journalize the following transactions in the accounts of Simmons Company: (1 1/2pts each) Mar. 1 Received a $60,000, 60-day, 6% note dated March 1 from Bynum Company on account. Mar. 18 Received a $25,000, 60-day, 9% note dated March 18 from Solo Company on account. Apr. 30 The note dated March 1 from Bynum Company is dishonored, and the customer's account is charged for the note, including interest. May 17 The note dated March 18 from Solo Company is...
An invoice dated September 30 in the amount of $75,000.00 was received by Info Systems on...
An invoice dated September 30 in the amount of $75,000.00 was received by Info Systems on October 5. Cash discount on the invoice was 2/10, 1/15, N/30. On October 5 Info Systems mailed a check in the amount of $15,000.00 as a partial payment on the invoice. The outstanding balance owed after the payment was _______.
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. C. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
1. Smith Co. has received an invoice dated June 5 for 10 surfboards with a list price of $2,500 each, and for freight of $250. The terms were: Trade items: List less 15% and 5%. Payment terms 3/10, 2/20, n/30 (June has 30 days) (a) What is the last day the invoice can be paid and how much should be paid? [2 marks]
Journal entry worksheet < 1 9 10 11 12 13 14 15 16 IIIII Received balance due from Baird Corp. for the August 5 sale less the return on August 10. Note: Enter debits before credits. Date General Journal Debit Credit Aug 15 Cash Sales discounts Accounts receivable—Baird Record entry Clear entry View general journal Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory systen and the gross method. Hint: It will help...
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
3)
Journalize the following transactions in the accounts of Simmons Company: (1 1/2pts each) Mar. 1 Received a $60,000, 60-day, 6% note dated March 1 from Bynum Company on account. Mar. 18 Received a $25,000, 60-day, 9% note dated March 18 from Solo Company on account. Apr. 30 The note dated March 1 from Bynum Company is dishonored, and the customer's account is charged for the note, including interest. May 17 The note dated March 18 from Solo Company is...
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