A credit sale of $1,400 is made on July 15,terms 2/10, n/30, on which a return of $100 isgranted on July 18. What amount is receivedas payment in full on July 24? $1,400 16.$1,274 c. $1,350 d. $1,372 Assume that you arethe seller. Prepare the journal entry for theJuly 24th payment received.

JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

A credit sale of $1,400 is made on Ju terms 2/10, n/30, on which a return granted on July 18. What amount is as payment in full on July 24? $1,400 $1,274 c. $1,350 d. $1,372 Assume th the seller. Prepare the journal entry

A credit sale of $1,400 is made on Ju terms 2/10, n/30, on which a return granted on July 18. What amount is as payment in full on July 24? $1,400 $1,274 c. $1,350 d. $1,372 Assume th the seller. Prepare the journal entry

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EB: Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On...

See similar textbooks

Related questions

Q: Advanced Products Corporation supplied the following data from its activity-based costing system:…

A: Traditionally, the overheads have be assigned by using one or two predetermined overhead rates based…

Q: Ana Dinh used 0.5 to 5 percent of gross profit in determining materiality of $70,000 in her audit of…

A: Materiality in auditing refers to the threshold used to assess the significance of errors,…

Q: ch of the following transactions involves the exchange of a liability for an expense? Providing…

A: A liability exchange is a financial transaction in which one firm or organization settles or…

Q: Presented below is information from Waterway Computers Incorporated. Sold $23,200 of computers to…

A: In case of credit sales, accounts receivable- is to be debited and sales revenue account is to be…

Q: At December 31, 2021, Sheffield Imports reported this information on its balance sheet. Accounts…

A: Accounting equation represent the asset = Liability + Capital

Q: Vandalay Industries manufactures two products: toasters and blenders. The annual production and…

A: Activity Rate :— It is the rate used to allocate manufacturing overhead cost to cost object under…

Q: eginning Inventory $ Current Cost $ 30,000 olve for the missing amounts: Cost $ 35,000 Ending…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: didnt find the earning per share THANK YOU!!

A: Earning per share is the company net profit divided by common stock shares outstanding at the end of…

Q: The Pennington Corporation issued a new series of bonds on January 1, 1978. The bonds were sold at…

A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: Consider the following simplified financial statements for the Wims Corporation (assuming no income…

A: Pro Forma Financial statements are a convenient and easily understood means of the relevant…

Q: Cullumber College pooled the individual investments of three of its funds on December 31, 2024. The…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income…

A: Break even point :— It is the point of production where total cost is equal to total revenue. At…

Q: FruAgro Company has average annual gross receipts of $58 million annually. This year, FruAgro earned…

A: Annual Gross Receipt = $58 millionBusiness Interest Income = $3 million Business Interest Expenses =…

Q: On January 1, 2020, Barber Corp. paid $1,160,000 to acquire Thompson Co. Thompson maintained…

A: Spending money on an item with the intention of making money is referred to as investment. The…

Q: eo Assume that on September 30, 2020, AirUS, an international airline based in Germany, purchased a…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Q: Reuben's Deli currently makes rolls for deli sandwiches it produces. It uses 30,000 rolls annually…

A: Relevant cost is the cost that is different between different alternatives. This cost is considered…

Q: Regional Safety Supplies (RSS) designs and manufactures masks for students. After production, the…

A: The selling price is the sum of cost of product and markup on cost. The cost of the product is the…

Q: Onslow Co. purchased a used machine for $178,000 cash on January 2. On January 3, Onslow paid $2,840…

A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Q: Powell Company began the Year 2 accounting period with $18,900 cash, $60,500 Inventory, $49,400…

A: The important financial statements of the business are income statement, balance sheet and cash flow…

Q: Required Information [The following information applies to the questions displayed below.] Mint…

A: Closing entries are posted at the end of the accounting period. Temporary accounts like revenues and…

Q: Cullumber Bakery began selling gift cards in 2025. Based on industry norms, they expect that 40% of…

A: Gift card purchases are recorded as deferred revenue and subsequently recognized as revenue as the…

Q: Ivanhoe Company operates a small factory in which it manufactures two products: C and D. Production…

A: Net profit is a financial metric that represents the amount of money a company has earned after…

Q: AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method…

A: According to in first in first out method the entity sells the first purchases before another…

Q: Current Attempt in Progress * Your awer is incorrect. The controller is waiting on Blue's budgeted…

A: Budgeting is a technique of computing later periods sales, collections, purchase and payment…

Q: (in millions) Select Income Statement Information Set revenue Cost of goods sold Selling, general,…

A: Part 1 Receivable Turnover Ratio = Net Credit Sales / Average Accounts ReceivablePart 2 Inventory…

Q: During year 1, Baird Manufacturing Company Incurred $65,800,000 of research and development (R&D)…

A: Income statements assist business owners in determining if they can make a profit by raising sales,…

Q: A purchase of machine tools by Jet Co. for $5,390 should have been capitalized as the tools have a 3…

A: Depreciation: It implies a reduction in the value of entity's fixed assets over a period of time due…

Q: Comparative figures for Apple and Google follow. Apple Current Year One Year Prior $ 4,106 $ 3,956…

A: INVENTORY TURNOVER RATIOInventory turnover ratio is the ratio between cost of goods sold &…

Q: Selected accounts from Bennett Co.'s adjusted trial balance for the year ended December 31 follow.…

A: The balance sheet is one of the important financial statements of the business. It represents the…

Q: Tam attended Brown University during 2017-2021. She lived at home and was claimed by her parents as…

A: The purpose of allowing deductible loan interest is to provide individuals and taxpayers with a tax…

Q: Bewig, Inc., manufactures and sells two products: Product E8 and Product R4. The company has an…

A: Activity Rate :— It is the rate used to allocate manufacturing overhead cost to cost object under…

Q: Andretti Company has a single product called a Dak. The company normally produces and sells 82,000…

A: As per the Honor code of Bartleby we are bound to give the answer of the first three sub parts only,…

Q: On the first day of Year Two, the Richmond Corporation holds accounts receivable of $400,000 and an…

A: Accounts receivable is the amount of credit sales generated that are receivable from customers…

Q: For Lisa, one of the most exciting aspects of landing a full-time job was being able to buy a…

A: The costs which are changed or affected based on the decision of accepting or rejecting a proposal…

Q: A product is sold at $80 per unit, the variable expense per unit is $20, and total fixed expenses…

A: Break-even sales in dollars refer to the level of sales at which a business covers all its costs and…

Q: s Tiago makes three models of camera lens. Its product mix and contribution margin per unit follow:…

A: Break even point :— It is the point of production where total cost is equal to total revenue. At…

Q: Exercise 6-4 (Algo) Computing and Using the CM Ratio (LO6-3] Last month when Holiday Creations,…

A: Contribution margin is basically the difference between sales and variable costs.Contribution margin…

Q: The company sells its product for $150 per unit. Compute gross profit using absorption costing…

A: Absorption costing, sometimes called “full costing,” is a managerial accounting method for capturing…

Q: In 1998, Metlock Company completed the construction of a building at a cost of $2,200,000 and first…

A: Depreciation expense :— It is the allocation of depreciable cost of an asset over the estimated…

Q: Instead of investing the entire $1.069,000, Bogut invests $278,200 today and plans to make 9 equal…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: Using the straight-line method, compute the annual depreciation that would have been charged from…

A: A depreciation per year under straight line depreciation is the depreciation expense which has been…

Q: Windswept, Incorporated 2022 Income Statement (in millions) Net sales Cost of goods sold…

A: The ratio which is used to determine the part of assets financed using the equity of the entity is…

Q: If you deposit $287.50 into an interest-bearing savings account today, what rate of interest must be…

A: Deposit amount = $287.5Amount after 14 years = $650.01A = P ( 1+r)nP = principal = $287.5r = rate…

Q: O'Brien Company manufactures and sells one product. The following information pertains to each of…

A: Variable Costing method is a method where all the variable costs are used to calculate cost per…

Q: AB Ltd.'s gross purchases were $19,600, net purchases account for an average 10% discount on all…

A: Net purchases are defined as the part of total purchases that remain with the company after allowing…

Q: Sheridan Company received the following selected information from its pension plan trustee…

A: A defined benefit plan, more commonly known as a pension plan, where you know the amount of…

Q: Problem 6-18 (Algo) Calculate ending inventory and cost of goods sold for four inventory methods…

A: Last in first out is an inventory valuation method. The last-in-first method follows the policy of…

Q: Tipton One-Stop Decorating sells paint and paint supplies, carpet, and wallpaper at a single store…

A: Relevant cost in management accounting the term relevant cost really matters. The relevant cost is…

Q: Cost Pools Machine Setup Inspection Estimated Overhead $741,600 $302,400 Cost Driver Number of…

A: TRADITIONAL COSTING SYSTEMTraditional System cost analysis is done by product.Under Traditional…

Q: C. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated…

A: Estimated Coupons Payable refers to the liability a company records for the value of coupons that it…

Question

A credit sale of $1,400 is made on July 15,
terms 2/10, n/30, on which a return of $100 is
granted on July 18. What amount is received
as payment in full on July 24? $1,400 16.
$1,274 c. $1,350 d. $1,372 Assume that you are
the seller. Prepare the journal entry for the
July 24th payment received.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introducing Journal Entry

VIEW

Step 2: Working for Computation of amount is received as payment in full

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A credit sale of $1800 is made on July 15, terms 4/10, net/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? a.) $1632 b.) $1800 c.) $1728 d.) $1775
A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3. The entry to record the collection of the payment on may 8 would include a debit to
A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24? $3.332 O $3,440 • $3,528 O $3.600
A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a retur of $200 is granted on July 18. What amount is receved as payment in full on uly 247
The 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
The 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.
A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted on April 28. What amount is received as payment in full on May 4? $3,675 O $3.750 O $3,920 O $4,000
You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate (a) the last day of the discount period, and (b) the last day of the credit period.
PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and (b) the last day of the credit period.
A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 4? $3465 • $3800 • $3500 Ⓒ $3762
A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is: a) $700 b) $686 c) $685 d) $650
PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period: