Homework Answers
Payment terms requires payment within 10 days to avail discount. Actual payment was done on 31 August which is 21 days from date of sale hence no discount will be given. The journal entry will be:
Cash. Dr. 8000
To AR. 8000
so option A is correct.
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5. On August 10, Green Company sells goods on credit to Lewis Company for $8,000, terms a. Cash b...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Cash 8,000 Accounts receivable 7,840 Sales discounts revenue 160 Cash 8,000 Accounts receivable 7,840 Interest revenue 160 Cash 8,160 Accounts receivable 8,000 Sales discounts forfeited 160 Cash 8,000 Accounts receivable...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 10? Accounts receivable 7,840 Sales 7,840 Accounts receivable 8,000 Sales 8,000 Accounts receivable 7,840 Sales discounts 160 Sales 8,000 Accounts receivable 8,000 Sales discounts 160 Sales 7,840
Holmes Company paid within the discount period for merchandise with a cost of $8,000; the payment...
Holmes Company paid within the discount period for merchandise with a cost of $8,000; the payment terms were 2/10, n/30. The journal entry to record this transaction is debit Cash $7,840; debit Merchandise Inventory $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Merchandise Inventory $160. debit Cash $7,840; debit Cost of Goods Sold $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Cost of Goods Sold $160.
Question 1 Crane Company made a purchase of merchandise on credit from Wildhorse Company on August...
Question 1 Crane Company made a purchase of merchandise on credit from Wildhorse Company on August 8, for $9400, terms 2/10, n/30. On August 17, Crane makes payment to Wildhorse. The entry on August 17 for Crane Company is: Accounts Payable Cash 9400 9400 9212 9212 Accounts Payable Cash Accounts Payable Inventory Cash 9400 9212 9400 Accounts Payable Purchase Returns and Allowances Cash 188 9212 Click if you would like to Show Work for this question: Open Show Work Question...
clear writting only final answers no explaing 1. On November 10 of the current year, Flores...
clear writting only final answers no explaing
1. On November 10 of the current year, Flores Mills sold carpet to a customer for 58,000 with credit terms 2/10, 1/30. How would Flores record the sale on November 10? 7,840 7.840 8,000 8,000 A Accounts Receivable Sales Revenue B Accounts Receivable Sales Revenue C. Accounts Receivable Cash Discounts Sales Revenue D. Accounts Receivable Cash Discounts Sales Revenue 7,840 160 8,000 8,000 160 7,840
Can you please help me to solve those multiple questions. Thank you!! On November 10 of...
Can you please help me to solve those multiple questions. Thank
you!!
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30, How would Flores record the sale on November 10? A. Accounts Receivable 7,840 Sales Revenue 7,840 Accounts Receivable 8,000 Sales Revenue 8,000 C. Accounts Receivable 7,840 Cash Discounts 160 Sales Revenue 8,000 Accounts Receivable 8,000 Cash Discounts 160 Sales Revenue 7,840 Multiple Choice Option A Option B...
12. Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with...
12. Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with credit terms 3/15, n/60. Briggs returns $1,000 of the merchandise on April 15. Briggs paid for the remainder of the goods within the discount period on April 20. What entry would Livingston make to record the receipt of payment from Briggs on April 20 if it uses the perpetual Inventory system? 6,000 Accounts Receivable 5,820 Accounts Receivable a. Cash b. Cash 6,000 5,820 c....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. Whatentry does Baker Company make upon receipt of the check? 4,400 4.400 Accounts Receivable Cash Sales Returns and Allowances Accounts Receivable 4,356 600 44 5,000 d Sales Returns and Allowances. Sales Discounts. Accounts Receivable...... Cash .................. Sales Discounts....................... Sales Returns and...
Drebin Security Systems sold merchandise to a customer in exchange for a $50,000, five-year, noninterest-bearing note...
Drebin Security Systems sold merchandise to a customer in exchange for a $50,000, five-year, noninterest-bearing note when an equivalent loan would carry 10% interest. Drebin would record sales revenue on the date of sale equal to: Multiple Choice $50,000. The present value of $50,000 using a 10% interest rate. Zero. The future value of $50,000 using a 10% interest rate. Long-term interest-bearing notes receivable issued at an unrealistically low interest rate will be: Multiple Choice Accounted for on the installment...
Holmes Company paid within the discount period for merchandise with a cost of $8,000; the payment terms were 2/10, n/30. The journal entry to record this transaction is debit Cash $7,840; debit Merchandise Inventory $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Merchandise Inventory $160. debit Cash $7,840; debit Cost of Goods Sold $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Cost of Goods Sold $160.
Question 1 Crane Company made a purchase of merchandise on credit from Wildhorse Company on August 8, for $9400, terms 2/10, n/30. On August 17, Crane makes payment to Wildhorse. The entry on August 17 for Crane Company is: Accounts Payable Cash 9400 9400 9212 9212 Accounts Payable Cash Accounts Payable Inventory Cash 9400 9212 9400 Accounts Payable Purchase Returns and Allowances Cash 188 9212 Click if you would like to Show Work for this question: Open Show Work Question...
clear writting only final answers no explaing
1. On November 10 of the current year, Flores Mills sold carpet to a customer for 58,000 with credit terms 2/10, 1/30. How would Flores record the sale on November 10? 7,840 7.840 8,000 8,000 A Accounts Receivable Sales Revenue B Accounts Receivable Sales Revenue C. Accounts Receivable Cash Discounts Sales Revenue D. Accounts Receivable Cash Discounts Sales Revenue 7,840 160 8,000 8,000 160 7,840
Can you please help me to solve those multiple questions. Thank
you!!
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30, How would Flores record the sale on November 10? A. Accounts Receivable 7,840 Sales Revenue 7,840 Accounts Receivable 8,000 Sales Revenue 8,000 C. Accounts Receivable 7,840 Cash Discounts 160 Sales Revenue 8,000 Accounts Receivable 8,000 Cash Discounts 160 Sales Revenue 7,840 Multiple Choice Option A Option B...
12. Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with credit terms 3/15, n/60. Briggs returns $1,000 of the merchandise on April 15. Briggs paid for the remainder of the goods within the discount period on April 20. What entry would Livingston make to record the receipt of payment from Briggs on April 20 if it uses the perpetual Inventory system? 6,000 Accounts Receivable 5,820 Accounts Receivable a. Cash b. Cash 6,000 5,820 c....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. Whatentry does Baker Company make upon receipt of the check? 4,400 4.400 Accounts Receivable Cash Sales Returns and Allowances Accounts Receivable 4,356 600 44 5,000 d Sales Returns and Allowances. Sales Discounts. Accounts Receivable...... Cash .................. Sales Discounts....................... Sales Returns and...
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