find the net payment where indicated, and the credit toward account, and the amount still due. round to the nearest cent where necessary.
invoice is $765, date of invoice February 24, date of payment March 10, credit terms 2/10, n/30 PROX., net payment $392
Date of invoice | 24/02 |
Total bill invoice | $765 |
Date of payment | 10/ 03 |
Discount applicable | 2% (See note) |
Net payment | $392 |
Value of payment without discount | (1+2%)×392= $400 |
Credit toward account | $8 |
Amount due | 765-400= $365 |
Due date of remaining amount | 30th of following month or 30/03 |
Therefore the remaining amount of $365 has to paid by 30th March.
Note: Here according to credit terms 2/10,n/30 PROX it means if payment is made specifically on the 10th day of next month then 2% optional discount will be given on the amount that is paid. Further PROX here means the following or next month. The undiscounted amount will be due on 30th of the following month.
find the net payment where indicated, and the credit toward account, and the amount still due....
The amount due on the invoice is ____ 7.4.10 Skill Builder 5 Question Help Find the amount of the discount and the amount due. Terms Invoice Amount $11,309 Invoice Date 4/6 Date Invoice Pd 5/1 Amount Discount Amount Due 2/10 prox The discount to the customer is $ -
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
Save Question 8 (3 points) Find the net amount due on the following invoice. Pa discount date. Invoice amount without shipping: $3.961.50 Terms: 2/10, n/30 Trade discount rate: 10% Shipping Charges: $66.10 Question 8 options:
Explain what the credit terms of 2/10,1/30 mean. (Check all that apply.) The full payment is due within 10 days. The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. The buyer can take a discount of 10% if the invoice is paid with 30 days of the invoice date. The full payment is due within a 30-day credit period. X-Mart purchased $300 of merchandise on account. Demonstrate the journal...
Exercise 8-03 Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) (b) On January 6, Brumbaugh Co. sells merchandise on account to Pryor Inc. for $7,000, terms 2/10, 1/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Brumbaugh's books to record the sale and related collection. (Omit cost of goods sold entries.) On...
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...
How do you compute net income for a merchandiser O Cost of goods sold other expenses. O Net sales - cost of goods sold other expenses. O Revenues - expenses. O Net sales - cost of goods sold. Explain what the credit terms of 2/10,n/30 mean. (Check all that apply.) The full payment is due within 10 days. The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. The buyer...
Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On January 6, Cheyenne Co. sells merchandise on account to Pryor Inc. for $9,700, terms 4/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Cheyenne's books to record the sale and related collection. (Omit cost of goods sold entries.) On January 10, Andrew...
PART A: SHORT ANSWERS NO PARTIAL CREDIT (30%, 5 Points each) 1. An invoice of AED 600 for merchandise purchased is showing 2/15, 1/30 as terms of credit. If the invoice is paid on or before the fifteenth day after the invoice date, the amount to be paid is AED 2. Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for AED 16,000. The terms were 4/10,n/30. On February 2, it returned damaged...
can someome do these and show the work plz and thank you! Find the amount due on each ivoice if it is paid on the date indicated. Thero is a 10% late fee. Show all of your work. 3 each (9) 28. $902.88 29. $1,080 30. $88.69 of Amount Sales Terms Date Paid 5/10, n/30 uly 17 n/60 Nov. 18 Invoice June 15 Oct. 5 Dec. 12 late $820.80 $1,080 10/20, 0.50 2/10, 1/20, n/30 Dec. 20 $90.50 Find the...