Leno Company sells goods to the Fallon Company for $ 11,000. It offers credit terms of...
Leno Company sells goods to the Fallon Company for $ 11,000. It offers credit terms of 5/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of:
$550
$11,000
$10,450
$11,550
Homework Answers
Sales = $11,000
Credit terms = 5/10, n/30
5% discount will be allowed if payment is made with in 10 days. Since fallon company pays the invoice within the discount period, discount of 5% will be allowed.
Discount amount = Sales c Discount percentage
= 11,000 x 5%
= $550
Cash received = Sales - Discount amount
= 11,000 - 550
= $10,450
Hence, Leno company will debit cash by $10,450
Third option is the correct option.
kindly give a positive rating if you are satisfied with the solution. do comment if you have any query, Thanks.
Add Answer to:
Leno Company sells goods to the Fallon Company for $ 11,000. It
offers credit terms of...
Leno Company sells goods to the Fallon Company for $11,000. It offers credit terms of 2/10....
Leno Company sells goods to the Fallon Company for $11,000. It offers credit terms of 2/10. n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of O A. $11,000 O B. $11,220 OC. $10,780. OD. 5220
5. Lori's Company has the following items: cash in a checking account, $ 8,000; cash in...
5. Lori's Company has the following items: cash in a checking account, $ 8,000; cash in a savings account, $ 6,000; highminusgrade government securities due in one month (purchased last month), $ 3,536; accounts receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance sheet? A.$20,536 B. $17,536 C. $ 21,236 D. $6,000 7. Leno Company sells goods to the Fallon Company for $ 10,000. It offers credit terms of 4/10, n/30. If Fallon Company pays...
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
A business offers credit terms of 2/15, n/30. These terms indicate that: A. the total amount...
A business offers credit terms of 2/15, n/30. These terms indicate that: A. the total amount of the invoice must be paid within 15 days of the invoice date B. the buyer can take a 2% discount if the bill is paid within 30 days of the invoice date C. a discount of 2% can be taken if the invoice is paid within 15 days of the invoice date D. no discount is offered for early payment
Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $11,200, terms 2/10,...
Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $11,200, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $1,500 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?
Xanadu Company purchased merchandise on account from Springhill Company for $10,200, terms 1/10, n/30. Xanadu returned...
Xanadu Company purchased merchandise on account from Springhill Company for $10,200, terms 1/10, n/30. Xanadu returned merchandise with an invoice amount of $2,100 and received full credit. a. If Xanadu 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
Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30....
Goods costing $1,900 are purchased on account on July
15 with credit terms of 2/10, n/30. On July 18, the purchaser
receives a $300 credit from the supplier for damaged goods. Give
the journal entry on July 24 to record payment of the balance due
within the discount
period.
Question 11 Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, the purchaser receives a $300 credit from the supplier for...
Calculator Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for $10,200, terms 2/10,...
Calculator Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for $10,200, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,100 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. b. What account is debited by Barans Company to record the return? Accounts Payable-Springhill Company Accounts Receivable Cash A Merchandise...
Purchases Transactions Xanadu Company purchased merchandise on account from a supplier for $8,600, terms 1/10, n/30....
Purchases Transactions Xanadu Company purchased merchandise on account from a supplier for $8,600, terms 1/10, n/30. Xanadu Company returned $1,600 of the merchandise and received full credit. a. If Xanadu 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. b. What account is credited by Xanadu Company to record the return?
Purchase-related transaction Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10, n/30....
Purchase-related transaction Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10, n/30. Burr Company returned $3,000 of the merchandise before payment was made and received full credit. a. If Burr Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. What account is decreased by Burr Company to record the return? Inventory
Leno Company sells goods to the Fallon Company for $11,000. It offers credit terms of 2/10. n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of O A. $11,000 O B. $11,220 OC. $10,780. OD. 5220
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
Goods costing $1,900 are purchased on account on July
15 with credit terms of 2/10, n/30. On July 18, the purchaser
receives a $300 credit from the supplier for damaged goods. Give
the journal entry on July 24 to record payment of the balance due
within the discount
period.
Question 11 Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, the purchaser receives a $300 credit from the supplier for...
Calculator Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for $10,200, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,100 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. b. What account is debited by Barans Company to record the return? Accounts Payable-Springhill Company Accounts Receivable Cash A Merchandise...
Purchases Transactions Xanadu Company purchased merchandise on account from a supplier for $8,600, terms 1/10, n/30. Xanadu Company returned $1,600 of the merchandise and received full credit. a. If Xanadu 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. b. What account is credited by Xanadu Company to record the return?
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago