A. R. Black, Ltd. has received an invoice for $500 subject to trade discounts 10%, 20%. A cash discount with terms 4/15, n/30 is offered. If A.R. Black pays the bill within the discount period, find the amount paid.
Q: Merchandise subject to terms 3/10, n/25, FOB shipping point, is sold on account to a customer for…
A: When customers pay within the stated discount periods, sales discounts (if offered by sellers)…
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: On January 15, Nifty Company sells merchandise on account to Martinez Associates for $5,000 with…
A: COncept - The term 3/10, n/30 Indicates that, If the payment is made within 10days then the…
Q: hat is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller…
A:
Q: Assume that a company records purchases net of discount. If the company bought merchandise valued at…
A: Accounts payable will be recorded as net of discount as purchases are recorded net of discount. The…
Q: On June 1, 2018, JULLIES, Inc. sold merchandise with a list price of ₱40,000 to JELLY Corp. on…
A: Net purchase price = List price - trade discount = ₱40,000 - ₱40,000*(1-0.30)*(1-0.20) = ₱17,600
Q: On May 9, 2021. Papa Corporation sold merchandise with a list price of P 150,000 to Mama Company on…
A: Purchases are always recorded net of trade discounts. When more than one trade discount is applied…
Q: A retailer purchases merchandise with a catalog list price of $34,900. The retailer receives a 24%…
A: Formula: Cash discount amount = Invoice amount x Discount rate
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: The collection of a $36,000 account within the 2 percent discount period will result in a: debit…
A: Cash discounts are granted in order to expedite the collection. If the term says that a goods are…
Q: An invoice of RO500 with the terms 2/10, n/30 ROG is dated on June 10. The goods are received on…
A: 2/10,n/30 means 2% cash discount can be availed if payment is paid within 10 days of invoice. n/30…
Q: sales invoice included the following information: merchandise price, $4,500; transportation, $300;…
A: Net Sales = Sales - Returned
Q: On June 1, Compassion Company sold merchandise with a list price of P1,000,000 to a customer. The…
A: The shipping charges are to be paid by the buyer for FOB shipping sale .
Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…
A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/
Q: ABC Company sold merchandise with P10,000 list price, subject to trade discount of 25%, and is paid…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: JIH took delivery of merchandise invoiced at $24,600.00 with terms cash 6, 2/40, n/60. Calculate the…
A: The interest is calculated based on certain terms and conditions. The payment is depends on time…
Q: Crossings Company regularly buys merchandise from Best Company and is allowed trade discounts of 20%…
A: Trade discount is one of type of discount which is used by a manufacturer to provide benefit to…
Q: Calculate the amount of discount paid. Ordinary EOM ROG
A: Discount is the amount of money which a buyer gets from the purchases which has been made by him or…
Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…
A: Formula: Sales discount = Net sales x Discount rate
Q: Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The…
A: a. Date Account Titles and Explanation Debit Credit January 2, 2020 Notes Receivable…
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: The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit…
A: Understanding the payment terms: The payment terms of 2/10 and n/30 means the discount of 2% is…
Q: Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…
A: The transactions of the company will be recorded first in the company's books which is called as…
Q: After the amount due on a sale of $26,500, terms 2/10, n/eom, is received from a customer within the…
A: Sales return is the return of merchandize by the buyer due to various reasons such as defect,…
Q: On March 1, ZCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…
A: Lets discus basic things. Seller for the purpose of getting early payment from the buyer, gives the…
Q: Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of…
A: Introduction:- Backyard World buys plastic pools from a supplier Total Invoice amount of $13,500…
Q: Company Crane sells $ 800 of merchandise on account to Company Blossom with credit terms of 1/15,…
A: Credit term: credit term is the conditions of credit payment set by a company an example of credit…
Q: Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is…
A: Terms 2/10 means that 2% discount will be allowed if payment is made within 10 days, otherwise full…
Q: On December 1, BCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30,…
A: The discount is given to the customers so as to receive payment from customers on the early basis.
Q: uilder Company uses the net price method of accounting for cash discounts. In one of its…
A: Gross sales = List price x (1 - trade discount) x (1 - trade discount) = 500000 x (1 - 0.20) x…
Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700. The invoice is dated on May 1 with…
A: 1/15 means 1% discount will be there if payment is made with in 15 days and no discount after 15…
Q: Piedmont Company purchased merchandise on account from a supplier for $30000, terms 1/10, n/30.…
A: Given, Purchases = $30,000 Purchase returns = $8,000 Cash discount = 1%
Q: GINKGO-NUTS Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10,…
A: Purchase discount=Purchase value×2%=₱ 150,000×2%= ₱ 3,000
Q: A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22%…
A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.
Q: er 1, Jerry's Lighting purchased merchandise with a list price of $4,100 with credit terms of 3/10,…
A: Solution: Amount of discount will be computed on the list price reduced by returns of merchandise if…
Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…
A: (1) Calculate the amount of refund owed to the customer.
Q: A buyer received an invoice for P 6,000 dated June 10. If terms are 2/10, n/30, and the buyer paid…
A: Solution Note As per the Q&A guideline we are required to answer the first question only .…
Q: On June 1 of the current year, Pitt Company sold merchandise with a list price of P 5,000,000 to…
A: Trade discount means discount offered on list price of the products. Under FOB shipping point…
Q: A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30.…
A: Cost of purchase = 23000 Credit Terms = 2/10, n/30
Q: Cormack purchased merchandise with a list price of P60,000 from the Murray. Murray offers its…
A: Discount amount = Lis price x discount rate = P60,000 x 2% = P1,200
Q: Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for…
A: Merchandise subject to terms 4/15, n/28, means there will be a cash discount of 4% if payment is…
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: On June 1, 2021, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on account.…
A: The gross profit is calculated as difference between sales and cost of goods sold. Net sales is…
Q: A supplier offers the following discounts: Trade discounts of 20% at list price and another cash of…
A: The amount paid after discount is calculated as difference between total invoice price and discount…
Q: An invoice of OMR 15000 with the terms 6/10, 3/15, n/30 is dated on June 15. The goods are received…
A: Given: OMR 15000 invoice terms 6/10, 3/15, n/30 dated 15 June. June 23, such goods were received.…
Q: if merchandise is sold on account to a customer for 1,000 terms fob shipping point 1/10, n/30, and…
A: Discount for early payment is allowed when the customer pays off an amount in a given time period as…
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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?You receive an invoice for $17,400 with terms of 3/15, n/60. The supplier has a policy of allowing a cash discount for partial payments and you pay $8,000 within the discount period. Calculate the amount of credit you will receive for this payment.Scarlet Company received an invoice for $67,000.00 that had payment terms of 2/5 n/30. If it made a partial payment of $16,500.00 during the discount period, calculate the balance of the invoice. Round to the nearest cent
- You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment. a) $12,105.26 b) $12,105.0 c) $12.105Scarlet Company received an invoice for $80,000.00 that had payment terms of 3/5 n/30. If it made a partial payment of $16,300.00 during the discount period, calculate the balance of the invoice. $0.00 Round to the nearest cent QuestionsThe credit terms offered to a customer by a Merchandise Business are 2/10, n/30, which means that a. The customer can deduct a 2% discount if the bill is paid within 30 days of the invoice date. The customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. c. The customer must pay the bill within 10 days. d. The customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.
- Washington Products offers credit terms of 3/10, n/45. Which of the following statementsis correct?a. The customer can take a 3% discount if the bill is paid within 45 days of the invoice date.b. The total amount of the invoice must be paid within 10 days of the invoice date.c. A discount of 3% can be taken if the invoice is paid within 10 days of the invoice date.d. No discount is offered for early payment.Barans Company purchased merchandise on account from Springhill Company for $12,800, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $3,200 and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar.After the amount due on a sale of $29,200, terms 1/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $17,520. a. What is the amount of the refund owed to the customer? Journalize the entries made by the seller to record the return and the refund.
- PLEASE SHOW ALL WORK 6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment.Amount credited = Amount paidComplement of cash discount rate = $11,500 7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:Merchandise subject to the credit terms 2/10, n/30, FOB shipping point, is sold to a customer on account for $20,125. The seller issued a credit memorandum for $4,600 prior to payment. What is the amount of the cash discount allowable if the payment is made within 10 days of the invoice date?Leno Company sells goods to the Fallon Company for $15,000. . It offers credit terms of 3/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A. $14,550. B. $15,000. C. $15,450. D. $450. thanks