Answered: Payment amount $500. Represented by GST…

Name: 15. Complete the General Journal entry to record the following BAS re
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Description: 15. Complete the General Journal entry to record the following BAS refund, from the ATOPayment amount $500. Represented by GST Collected 2,500; PAYG Withheld 600; GST paid3,600General JournalGST PAIDPAYG WITHHELDGST COLLECTEDDRCR

Business

Accounting

Payment amount $500. Represented by GST Collected 2,500; PAYG Withheld 600; GST paid 3,600

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 11E: The debits and credits for four related entries for a sale of 15,000, terms 1/10, n/30, are...

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Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale PartialPayment Credit forPartial Payment NetAmount Due $8,303.00 2/10, n/30 $2,400 $ $
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Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: ό ό ύ τ ο a. b. d. e. a. S b. S 00000 C. $ d. $ Merchandise e. S Invoice Amount $17,400 11,500 7,600 3,700 2,400 Freight Paid by Seller $500 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB destination, 2/10, n/30 Customer Returns and Allowances $900 1,400 700 500
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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.