Related questions
Concept explainers
A furniture store received an invoice from a supplier for $12282 dated July 13, 2022 with terms 5/10, 2/20, n/60. A partial payment, in the amount of $5373 is made on July 20. What amount is credited to the account?
Boyd Industries received an invoice dated September 4, 2021 with terms 2.5/10, n/30. The amount stated on the invoice was $6386. What is the amount due on September 10 if the invoice is to be paid in full?
A set of weights has a list price of $97. If discounts of 14%, 10% and 3% are offered, what is the single equivalent discount rate (SEDR) that was given? Write your final answer as a percent rounded to 2 decimal places.
A microwave oven has a list price of $93 less discounts of 16%, 5% and 2%. What is the net price of the microwave oven?
Beatles Office Products bought a desk for $735 and plans a mark up of $626. During a clearance sale, they decided to mark down the regular selling price of the desk by 16%. What was the clearance sale price of the desk? (While it is not required, you may find it helpful to create a price structure table to help you complete this question.)
After trade discounts of 14% and 3%, a store purchased a bicycle for a net price of $961.19. Determine the original list price of the bicycle.
bike shop received an invoice from a supplier for $8900 dated November 26 with terms 5/10, 2/20, n/60 E.O.M. What is the last day to receive a 2% discount? (Do not use a number for the month. Please write the full word.)
The lease expense on a building is to be allocated to three departments based on the floor space each occupies. The sales department occupies 3600 m2, the warehouse occupies 4800 m2, and the shipping department occupies 6400 m2. If the annual leasing cost is $477190, what amount should be allocated to the shipping department?
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps with 2 images
- On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.arrow_forwardClark's Chemical Company received customer deposits on returnable containers in the amount of OMR 17,000 during 2019. Deposits are forfeited if containers are not returned within 12 months. Containers at January 1, 2019, represent deposit of OMR 4,000. In 2019, OMR 15,000 was refunded and deposits forfeited were OMR 2,000. The liability for refundable deposits to be reported on the December 31, 2019 would be: Select one: A. 4,000 B. 2,000 C. 9,000 D. 11,000arrow_forwardValaarrow_forward
- Vinubhaiarrow_forwardPrepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.arrow_forwardSun City Greenhouse had trouble collecting its account receivable from Sharma Suiza. On June 19, 2025, Sun City Greenhouse finally wrote off Suiza's $700 account receivable. On December 31, Suiza sent a $700 check to Sun City Greenhouse. Journalize the entries required for Sun City Greenhouse, assuming Sun City Greenhouse uses the direct write-off method. On June 19, 2025, Sun City Greenhouse wrote off Suiza's $700 account receivable. Journalize the entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jun. 19 Accounts and Explanation Debit Creditarrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education