1. A buyer received an invoice for P6,000 dated June 10. and the buyer paid the invoice within the discount period, what amount will the seller receive? a. P6,000 b. P5,880- c. P4,800 d. P 120
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- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
- The entry to record a sale of P7,500 with terms of 2/10, n/30 would include a. Debit to sales for P7,350 b. Debit to sales Discount for P150 c. Credit to Accounts Receivable for P7,500 d. Credit to sales for P7,50010.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255
- 9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.Select the best answer for the question. 7. Company A records purchases using the net price method. It an item is purchased from a supplier for $800 on terms of 3/10, n/30, the correct accounting entry would be O A. Purchases 776 Purchase Discounts 24 Accounts Payable OB. Purchases Accounts Payable O.C. Purchases D Accounts Payable OD. Accounts Payable 776 800 Purchases Purchase Discounts 800 >A sales invoice included the following information: merchandise price, P4,100; transportation, P320; terms 1/10, n/EOM, FOB destination. Assuming that a credit for merchandise returned of P605 is granted prior to payment, that the transportation is prepaid by the seller, and the invoice is paid within the discount period, what is the amount of cash received by the seller? O A. 3,780.05 O B. 3,776.85 C. 3,460.05 O D. 3,140.05
- Sales-Related Transactions After the amount due on a sale of $172,675, terms 2/10, n/30, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $103,605. If required, round your answers to nearest whole value. a. What is the amount of the refund owed to the customer? b. Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the correspondir number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts. Balance Sheet Stockholders' Assets Liabilities Equity Cash v + Inventory v Est. Returns Inventory = Customer Refunds Payable v + No effect v Statement of Cash Flows Income Statement Operating v No effect vJacob Co. sells merchandise on credit to Isaiah Co. for $10,400. The invoice is dated on May 1 with terms of 2/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? Oa. $208, May 15 Ob. $416, May 15 Oc. $416, May 16 Od. $208, May 16The entry to record the receipt of payment within the discount period on a sale of $4000 with terms of 2/10, n/30 will include a credit to O Accounts Receivable for $4000. O Sales Discounts for $80. O Cash for $3920. O Sales Revenue for $4000.