Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other they are deducting 50,000 and my question is i will deducting it or not?
Q: Transactions Journal Entry Paid rent of the space for the month amounting to P10,000 less: 5%…
A: Journal entries are recorded as a first step of accounting process in which atleast one account is…
Q: Give the correct journal entries to record the transactions of Bluebell Co. February 1 Received a…
A: Journal entries are the method of recording transactions inappropriate way. These are helpful…
Q: Kristopher Company sold $40,500 of goods to Evan Company on credit on March 1, 2022. Terms were…
A: A journal entry is a summary of a commercial transaction in the accounting system of a company.…
Q: Suppose Casey Title Company normally charges $400 for services related to selling a house. As part…
A:
Q: 16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half…
A: Under gross method, sales are recorded at Full value. Under Net method, sales are recorded at…
Q: Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon…
A: Unearned Revenue is the advances in cash or kind received by the customers for the goods to be…
Q: Merchandise returned to vendor due to damage,is $25,000 + %10 VAT. Vendor issued a Bill of Exchange…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: Ramandeep borrowed $15,000 at 8% on January 17, 2019. She repaid $5,000 on March 3, and $9,000 on…
A: In Diminishing Balance method, interest is calculated on the outstanding loan balance after…
Q: Joseph Corporation a mobile phone wholesaler sells mobile phones to PhoneTech Ltd, a mobile phone…
A: Journal entry is record of Transaction in Accounting records In Case of Net Method to record…
Q: H) A product is sold for RO 15,000 dated June 10, and terms of payment 4/10, n/30 has been received.…
A: We’ll answer the question no h), since the exact one wasn’t specified. Please submit a new question…
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: Goods totaling P100,000 were purchased February 2 with terms of 2/10, n/30. Returns of P20,000 were…
A: Formula: Net purchases = Purchases - Purchases returns
Q: Noel's Auto Repair Shop paid P3,586.20 invoice dated November 12,2014 on December 10 of the same…
A: Given: Invoice = P3,586.20 Invoice date = November 12,2014 Paid on = December 10, 2014 Stated…
Q: LIhe tollowing intormation applies to the questions displayed below. On October 29, Lobo Co. began…
A: Answer are as follows
Q: SEP 15 Purchased merchandise with an invoice price of 35,000 and credit term 2/5, n/15 SEP 29…
A: Merchandise Inventory: Merchandise inventory is the cost of goods on hand and available for sale at…
Q: Beta company purchased merchandise worth $6,500 from Alpha company on July 1 with terms of 3/10,…
A: Given: Purchase amount = $6500 Purchase return = $250
Q: Find the outstanding balance due at the end of the credit period. Susannah purchased merchandise…
A: Sales Term of 4/15, n=45 shows that dues paid in 15 days will get 4% discount and maximum credit…
Q: 2021 Oct 31 Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You do not…
A: Interest accrued on Dec 31, 2021 = Face value of notes x rate of interest x no. of months/12 =…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P124,000 on July 06,…
A: In the given question, A-one Supplies has offered a trade discount of 15% and 10%: It implies that…
Q: Oct. 17: Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9%…
A: Payroll expense are the expenses which are deductible from the gross earnings of an employee and…
Q: on may 28, talbot of boston sold forrest of los angeles 7,700 of fine clothes. terms were 5/10 eom…
A: Concept: 5/10 EOM means the 5% discount will be given if the full amount is paid in 10 days after…
Q: Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: Susanne purchased merchandise with a net price of $347,500 with terms of sale of 4/15, n30. He makes…
A: Formula: Outstanding balance due at the end of credit period = Total Purchase price - Cash paid
Q: On August 1, Costco Lubbock collects sells 150,000 one-year family memberships to customers for $45.…
A: Given, Number of memberships = 150,000 Selling price of one year membership = $45
Q: ULU Hypermarket on March 1st, 2020, sells food product on account to Al Faiha Farm for RO 5,000. The…
A: given that sales are made on Account. sales of RO5000 made on March 1st, 2020. Al Faiha returned…
Q: LULU Hypermarket on March 1st, 2020, sells food product on account to Al Faiha Farm for RO 5,000.…
A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…
Q: 4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: legant Electronics sells a cellular phone on September 2 for $480. On September 6, Elegant sells…
A: Working Note; Sales tax payable (2nd Sept.)=Sale amount×Tax rate=$480×4%=$19.2
Q: Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note.…
A: Journal entries are recorded in chronological order where transactions of business has been recorded…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04,…
A: In the given question, A-one Supplies has offered a trade discount of 5% and 2%: It implies that…
Q: A buyer receives merchandise on September 7th that is involced for $3,250. The date on the invoice…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: Collected from customers on account on september 10 sold on account key 20,000 to customers with…
A: On September 10, the collection from customers on account means the customers has to pay the…
Q: Elegant Electronics sells a cellular phone on September 2 for $460. On September 6, Elegant sells…
A: Sales tax payable on Sep. 2 Sales = Sales x sales tax rate = $460 x 5% = $23 Sales tax payable on…
Q: 1. A buyer received an invoice for P6,000 dated June 10. and the buyer paid the invoice within the…
A: Since we only answer one question, we will answer the first question. Please resubmit the other…
Q: Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company…
A: Payroll of a company consists of the wages, salaries, and employee benefits and taxes deductions.…
Q: Invoice amount of $28,700 on June 25 Partial Payment made on July 20th of 6,000 Return goods of…
A: The Term 4/20 means if payment is made within a period of 20 days then a 4% discount is given to the…
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: b) An invoice for RO 65,000 and dated February 20th with the terms 7/13, EOM is received. The bill…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900).…
A: Journal Entry:-Way of recording any transaction of a company with debit and credit side. It works on…
Q: entxies JOUnal Green Company sells goods to Thumb Inc. on account on January 1, 2017.The goods have…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Rapoo Inc. sells gift certificates. One-half of the gift certificates outstanding on January 1…
A: Unearned revenue from gift card on 1 JANUARY 1,80,000 Closing balance of unearned…
Q: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: c) An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are…
A: Bill payable: It can be defined as a document that presents the amount owed by an individual or an…
Q: On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Company with…
A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…
Q: Zom Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%, What…
A: Sales taxes payable account is a current liability for the company that has been collected by the…
Collected from customer on account on june15 June 15 : sold on account 350,00 to customer
In other they are deducting 50,000 and my question is i will deducting it or not?
Step by step
Solved in 2 steps
- first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.PROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under credit. terms of 10%, 15%, 3/10 2/15 1/20 n/30. 1. How much should be debited to Accounts receivable on January 1, 2022, under the net method? 2. Assuming the customer settled its account on January 11, 2022, what amount should be recognized as sales discount under the gross method? 3. Assuming the customer settled its account on January 16, 2022, what amount should be recognized as sales discount forfeited under the allowance method? 4. Assuming the customer settled its account on January 21, 2022, what amount should be recognized as sales discount forfeited under the net method? 5. Assuming the customer settled its account on January 31, 2022, what amount should be recognized as sales discount under the allowance method?A company makes a credit sale of $1,000 on June 13 according to the payment terms 5/10, n/30. On June 16, there is a return of $100. The buyer makes the payment for the remaining amount by utilizing the discount. What should be the amount to be paid? O A) $855 B) $900 C) $950 D) $810 E) $600
- They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?Collected from customers on account on september 10 sold on account key 20,000 to customers with credit terms : 2/10 , n 30
- An invoice for 600 for October 4 And have sales term of 2/10 ROG the merchandise arrive October 6 how much is due if the bill is paid October 15 what is the net amount due?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?Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells another cellular phone for $500. Sales tax is computed at 3.5% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23.
- Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500A 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.