Given credit terms of 3/10, n/30 on a sale of $2,000, calculate the sales discount, assuming payment was made within the 10-day time period. $60 $90 $900 $600
Q: GINKGO-NUTS Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10,…
A: Discounted term 2/10 indicates that the buyer is eligible to claim a discount of 2 % on the total…
Q: A retailer received an invoice for the purchase of twenty rackets at RM140 each. He was given trade…
A: Retailers and wholesalers want to know the one single discount rate that equates to a series of…
Q: An item retailing for P10,000, subject to a trade discount of 25%, is paid for within the discount…
A: Here the terms 2/10,n/30 means 2% cash discount will be provided if payment has made with in 10…
Q: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for…
A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000
Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…
A: Term 2/15, n/45 represent that the payment is due in 45 days and if the payment is made by the…
Q: ABC Company purchase 15,000 units of merchandise with a trade discount of 10% The list price is…
A: Gross Method of recording purchases is a method of recording Journal entry in books of account in…
Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…
A: Trade discount is that discount which is being given to all the customers on the list price of the…
Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…
A: 2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…
Q: 39.Sara Company sold merchandise on credit with a list price of P105,000 and a trade discount of…
A: Solution: Price after trade discount = 105000*90% = 94,500 Sales discount Forfeited = 94500 * 2% =…
Q: Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry…
A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…
Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…
A: Invoice Price = $19,700 Terms of Sale , If paid in 15 days 5% discount on the amount
Q: Oliver Valenzuela Traders purchased merchandise from San Jose suppliers for P3,600 list price,…
A: Amount of Payment to seller = Cost of goods purchased- Trade discount- cash discount- a cost paid on…
Q: A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3.…
A: Term 2/10, net/30 means that if the payment of the credit sale is made within ten days, then a 2%…
Q: 2. On June 1, 2020, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB…
A: Formula to Calculate net cost of Merchandise (Paid within the period):Net cost of merchandise =…
Q: ABC Company purchase 15,000 units of merchandise with a trade discount of 10% The list price is…
A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…
Q: If merchandise is sold on account to a customer for 1000 terms FOB shipping point, 1/10, n/30 and…
A: Discount on merchandise is given by the seller to buyer, when the seller repay the credit early or…
Q: CDE1. Nezee Paints purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30.…
A: If goods were returned by buyer then net amount due is $9000-$1200= $ 7800 1. If amount is paid…
Q: GJ Office Supplies offers the following discounts: Trade discounts of 10% at list price and another…
A: Trade Discount=List price×Trade Discount=P 62,000×10%=P 6,200
Q: You place an order for 440 units of inventory at a unit price of $105. The supplier offers terms of…
A: Note: 1/10, net 90: Here, 1 represents the discount rate if payment is made within ten days. And if…
Q: A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15,…
A: Given: Price of the invoice = $ 19,700 Partial payment = $ 10,800 Sales term = 515,n45
Q: When a sale is made with the credit terms of 2/10, net 30, the discount of ____% will be used if…
A: When a sale is made with the credit terms of 2/10, net 30, the discount of 2% will be used if paid…
Q: Calculate the credit given for the partial payment and the net amount due on the invoice (in $).…
A: Collection from customer or receivables is directly effects the cash. It is a part of working…
Q: Sales-related transactionsSayers Co. sold merchandise on account to a customer for $80,000…
A: Sales discount = Sales x discount rate = $80,000 x 2% = $1,600
Q: An invoice for 600 for October 4 And have sales term of 2/10 ROG the merchandise arrive October 6…
A: Sales term 2/10 means if payment is made before 10 days 2% discount will be received.
Q: Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for…
A: Introduction:- Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a…
Q: Purchases Transactions Nieman Company purchased merchandise on account from a supplier for…
A: Given Purchase=$14,000 Purchase Returns: $3,400
Q: 9. A retailer buys an item for RM 700. The operating expense are RM120, and the gross profit is 50%…
A: The selling price decided by a seller for the product is known as the retail price. It is calculated…
Q: 22. On June 1, 2020, Penny Corp. sold merchandise with a list price of $40,000 to Linn on account.…
A: Invoice value of merchandise = $40,000 (1-0.30) (1-0.20) = $22,400
Q: Find the outstanding balance due at the end of the credit period.
A: Discount: discount is the reduction is the price of a good given by the seller to the buyer There…
Q: Hello, for each purchase below, I have to calculate the amount to be paid, taking into account any…
A: Credit sales refer to a sale in which the amount owed will be paid at a later date. In other words,…
Q: Willy Company sold on credit merchandise having a list price of P200,000 with the following terms:…
A: Solution: Price after trade discount = 200000*90%*95% = 171,000 Sales discount = 171000*3% = 5130…
Q: The entry to record the receipt of payment within the discount period on a sale of P10,000 with…
A: The journal entries are prepared to record the day to day transactions on regular basis. The sales…
Q: Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the…
A: Credit Term 2/15, net 45 means the Credit period is 45 Days dollar company has to make the payment…
Q: an invoice dated oct 15 shows list price of $82 for the merchandise plus $30 shipping and handling.…
A: Net purchase price = List price - trade discount = $82 - 82*20% = $65.60
Q: 1. Taking advantage of a 2/10, n/30 purchases discount is equal to a yearly savings rate of…
A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…
Q: A $1,000 sale is made on May 1 with terms 2/10, n/30.Items with a $100 selling price are returned on…
A: The terms 2/10, n/30 means two percent discount will be given if payment is received within 10 days…
Q: Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30,…
A: Lets understand the basics. Seller for attracting early payment, gives the discount term to the…
Q: A company makes a credit sale of $1,000 on June 13 according to the payment terms 5/10, n/30. On…
A: Payment terms of 5/10, n/30 states that if the payment is made within 10 days then the buyer is…
Q: Assume that a company records purchases net of discount. If the company bought merchandise valued at…
A: Purchases are recorded net of discount which means Accounts payable will be recorded as net of…
Q: A credit sale of $2,400 is made on April 25, terms 2/10, n/30, on which a return of $150 is granted…
A: Credit terms 2/10,n/30 means that 2% discount will be allowed if payment is made within 10 days…
Q: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for…
A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000
Q: The trader Nizwa Grand mall purchased goods from the trader of Muscat Grade mall OMR 22500. Which of…
A: Purchase = OMR 22500 Credit terms = 1/10, n/30
Q: 1.On June 1, P8,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer…
A: When goods are sold on discount with credit terms of 1/10, n/30, the discount allowed will be 1% of…
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- 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?If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?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.
- The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.Question :) The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a $24. b.$30. c.$29.40. d.$21. e.$450.An item retailing for P10,000, subject to a trade discount of 25%, is paid for within the discount period on terms 2/10, n/30. What is the amount of payment? a. P7,350 b. P10,000 c. P7,400 d. P7,500
- 29)The entry to record the receipt of payment within the discount period on a sale of $2,000 with terms of 3/15, n/45 will include a A)credit to Accounts Receivable for $2,000. B)credit to Sales Discounts for $60. C)debit to Sales Revenue for $1,940. D)credit to Sales Revenue for $2,000.9. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a a. debit to Sales Discounts for $300 b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?
- If merchandise is sold on account to a customer for 1000 terms FOB shipping point, 1/10, n/30 and the seller prepays $50 in transportation costs, the amount of the discount for early payment would be:The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a ANSWER: credit to accounts receivable for $2400 Explain why this is the answerGiven credit terms of 2/25, n/30 on a sale of $1,500, in how many days must the invoice be paid to take advantage of the discount? 30 C) 15 D) 25