Answered: Record purchases of radios on account…

Business

Accounting

Record purchases of radios on account from radio world for $2,300, terms 1/15, n/45?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: company A issues an invoice upon selling its product to company b Below is the information extracted…

A: PURCHASE DISCOUNT Purchase Discount is an offer from the Supplier to the Purchaser, to reduce the…

Q: Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the…

A: Here's what each part of the term means: 2/10: This means that the buyer can receive a 2% discount…

Q: Compund Entries How will the following transaction be entered correctly? Please Explain. 1. Joe's…

A: "When a transaction is recorded 'on account,' it means that payment for goods or services is not…

Q: Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other…

A: Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other…

Q: Get-Down Electronics buys MP3 players with an invoice date of April 27 and terms of sale of 4/20…

A: The term EOM says that a discount is allowed till the given days from the end of the month. But if…

Q: Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a…

A: Journal entries Date Accounts…

Q: Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer…

A: Credit terms of 2/20, n/60 indicates:- If the payment made within the 20 days, 2% discount will be…

Q: When would Runway record the $25 Referral Credit? What are the entries Runway would record when the…

A: Journal: Recording of a business transactions in a chronological order.

Q: Purchased postage stamps for $45. What would be the correct General Ledger Entry?

A: Purchase of Postage stamps is a revenue expense, paid in cash by the enterprise, which is debited to…

Q: Using the information from your worksheet above, prepare appropriate journal entries to record the…

A: Depreciation Depreciation is the method that involves taking the whole cost of something pricey you…

Q: +9. Company A pays first semiannual interest payment of $ 2500. General Journal Page Date Account…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Sage sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold…

A: Financial transactions are initially recorded in the form of journal entries by the company.

Q: Find the balance due: Amount of invoice: $600 Terms: 2/10, 1/15, n/30 Date of invoice: September…

A: Step 1:- Calculate the discount for the first term (2/10): Discount = Invoice Amount * (Discount…

Q: A credit sale of $3.,500 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted…

A: Formula: Net sales = Sales - sales returns and allowances

Q: Purchased 24 computers on credit for $510 per computer. Terms of the purchase are 4/10, n/60,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: what is journal?

A: Given information is: From Bell Canada, $79.00 plus HST for telephone service for the month of…

Q: An invoice for $589 is dated June 19, discount 4/20. Shipping charges are FOB shipping point for the…

A: The terms "4/20" on the invoice indicate a cash discount of 4% if paid within 20 days. The invoice…

Q: Scarlet Company received an invoice for $66,000.00 that had payment terms of 3/5 n/30. If it made a…

A: Invoice The list that shows the items purchased by the buyer along with the amount due is known as…

Q: A flat TV which was listed at P 21,000 was offered to a customer for P 17,800. Find the rate of…

A: Trade discount rate is the rate by which manufacturer of a product reduce price of that product.…

Q: An invoice for $10,000 dated September 10 with terms 3/10, 12/20, n/30, EOM is recelved in the mail…

A: Invoice is a document in which complete information is contained regarding the transaction that…

Q: Home Decor Co. purchases 3300 of curtains on account on June 5, with credit terms of 5/10, n/30.…

Q: Record in journal form the following transaction: Bought goods on credit for $4,500 from Andrew 23…

A: Journal entry is the process of recording business transactions in the books of accounts for the…

Q: The purchase of supplies paying 30% cash and the account includes the fol

A: Supplies are the stock of supporting material which are used in the production of goods. Examples…

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: Cash and Discount. Villora Corp. received an invoice dated on November 2nd with an amount of…

A: Discount Period - Discount period given in the question shows like 5/10, n/30 that means if the…

Q: Assume that you provide customers the following terms: 1/10, n30, FOB Destination. You made a sale…

A: The sales invoice discusses about the disocunt period and discount rate. The discount is provided to…

Q: 12. Solve for the amount of discount and amount due. Invoice amt: $ 314.88 Invoice date: Sept 17…

A: Customers are rewarded with cash savings if customers pay their bills within a particular time…

Q: Scarlet Company received an invoice for $80,000.00 that had payment terms of 3/5 n/30. If it made a…

A: Step 1: Since partial payment is made within the discount period, the discount is given to the…

Q: A sofa is sold for OMR 400 dated October 5th, and terms of payment on ordinary dating 3/15, n/30…

A: The invoice is prepared as a promise not that payment will be made on the written date with all…

Q: An invoice for a laptop computer that costs $625.68 is dated September 15, with sales terms of 3/10…

A: 3/10 EOM : Here, EOM stands for the End of month and 3 represents the discount rate if payment is…

Q: The trader of Children City purchased goods from the trader of Muscat City OMR 22500. Which of the…

A: Term 1/10, n/30 means, the customer will get 1% discount if he will pay within 10 days of purchase…

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: ind the amount of each instalment in the hire purchase agreement summarized in the following table.…

A: To Find: Installment amount

Q: What is double entry for the following transaction: Bought van at MK5,000,000 paying cheque

A: The objective of this question is to understand the double entry system in accounting for the…

Q: A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted…

A: Answer:- Credit sales meaning:- Sales of products or services on credit are referred to as credit…

Q: Listed below are selected transactions of Riverbed Department Store for the current year ending…

A: Answer:-An adjusted entry, in accounting, is a journal entry made at the end of an accounting period…

Q: You purchase a dishwasher for $1261.60 plus 7% sales tax. The appliance store offers an installment…

A: when we have a sufficient amount for buying a product the seller would apply pays in installments.…

Q: Consider the following transaction: On March 6, Fun Cards sells 570 card decks with a sales price of…

A: Credit card expense = sales x Credit card charges rate = ($5130 x 3%) = $153.90

Question

Record purchases of radios on account from radio world for $2,300, terms 1/15, n/45?

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 Introduction

VIEW

Step 2 Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Auditing Accounting Estimates & Using the Work of Specialists

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

Cheque Purchase Invoice #PFU-9328 Dated September 1/25 From Places For Us, $1 800 plus $234 HST for monthly rent. Invoice total $2 034 paid by cheque #3426. Terms: payable on first day of each month. Purchase Invoice #BC-18588 Dated September 2/25 From Bell Canada, $145 plus $18.85 HST for monthly telephone and Internet service. Invoice total $163.85. Terms: net 15. Payment Cheque #3427 Dated September 2/25 To Kids In Motion, $2 503 in full payment of invoices #KIM-10990 and #KIM- 8697. Payment Cheque #3428 Dated September 12/25 To Bell Canada, $163.85 in full payment of invoice #BC-18588. Funds Raised Form #FR-25-10 Dated September 13/25 Received $4 000 plus $520 HST for advertising on the charity’s website. Total revenue received $4 520 deposited to Bank. Create new account: 4180 Revenue: Advertising.
2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
LATION Saved V Mailings Review View Help Grammarly lity: Investigate O Search (Alt+Q) The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: I Days 1-5: $200 (initial balance) Days 6-20: $350 ($150 purchase) Days 21-30: $150 ($200 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth. DELL Enter
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
Prepare a journal entry under a perpetual inventory system. Purchased a motorcycle for deliveries amounting P75,000 on credit, the agreement calls for a 10% down payment and a monthly payment of P1500 plus a P100 interest per month.
A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2%2% is allowed if settlement is made within the allowed credit period. How much will be paid if the cash discount applies? A $1,170 B $1,200 C $936 D $960
BUS 038 : Business Computatns4. You buy goods on an invoice dated October 28, with terms of 2/20, n/45. What is the last day of the discount period?
A credit sale of $2,400 is made on April 25, terms 2/10, n/30, on which a return of $150 is granted on April 28. What amount is received as payment in full on May 4 $2,352 $2,400 $2,250 $2,205
2. Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Birdy Birdhouses purchases 55 birdhouses at $14 each with cash. Birdy Birdhouses purchases 80 birdhouses at $19 each on credit. Terms of the purchase are 4/10, n/30, invoice date September 8. Birdy discovers 12 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 8 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per birdhouse. Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts. Sep. 10 Sep. 18
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? O a) $3,920 O b) $4,000 O c) $3,750 d) $3,675
Please only answer the amount fields. Thanks
Current Attempt in Progress The Accounts Receivable account has a beginning balance of $48900 and an ending balance of $69600. If total sales on account were $39500 for the year, what were the total collections on account? $69600 O $79000 O $18800 O $60200 Save for Later Attempts: 0 of 1 used Submit Answer MacBook Air DII DD 000