Smith Company received payment from sales on account, $1,200 after the 5 percent discount period will...
Smith Company received payment from sales on account, $1,200
after the 5 percent
discount period will result in a:
A credit to accounts receivable for $ 1,200
B debit to cash for $ 1,176
C debit to sales disccounts for $24
D credit to cash for $ 1,200
Homework Answers
As the 5% discount period is passed, the full 1200 will be receivable. At the time of sale, accounts receivable have been debited by 1200 and now the cash have been received, the entry will be reversed and the answer is thus:
A credit to accounts receivable for $ 1,200
Add Answer to:
Smith Company received payment from sales on account, $1,200
after the 5 percent
discount period will...
Holmes Company received payment from a customer within the discount period; the payment terms of the...
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
20. The collection of a $500 account beyond the 2 percent discount period would result in...
20. The collection of a $500 account beyond the 2 percent discount period would result in a A) credit to Cash for $500. B) debit to Cash for $490. C) debit to Sales Discounts for $10. D) Creditto Accounts Receivable for $500. 21. Goods totaling $5,000 purchased February 2 on terms of 2/10, n/30 and on which returns of $1,000 were made on February 10 would be subject to which of the following discounts if paid for on February 12?...
Part II 7. Holt Company sells merchandise on account for $4,000 to Jones Company with...
Part II 7. Holt Company sells merchandise on account for $4,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? 8. The collection of a $10500 account after the 2 percent discount period will result in a credit to: 9. The collection of a $600 account after the...
Calculate cash for section c Half of the sales on account were paid within the discount...
Calculate cash for section c
Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. At Mastery Arts, gross sales for the month included: Sales on account (2/10, n/30) Credit card sales (3% credit card fee) $120,000 $150,000 Read the requirements Journal Entry Accounts Date Debit Credit Cash 145,500 Credit Card Discount Expense 4,500 Sales Revenue 150,000 Now, record the cash payments on account received...
A company received $8,500 from customers on account. The journal to record this transaction is: Select...
A company received $8,500 from customers on account. The journal to record this transaction is: Select one: O A. Debit cash, Credit Accounts Payable O B. Credit Cash, Debit Accounts Receivable C. Debit Cash, Credit Accounts Receivable • D. Debit Accounts Receivable, Credit Cash
13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and cre...
13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should May record the sale of this merchandise if the gross method is used? a. Debit Accounts Receivable for $100,000. b. Debit Accounts Receivable for $98,000. c. Debit Accounts Receivable for $80,000. d. Debit Accounts Receivable for $78,400. 14) On January 1, 2015, AG Inc. made a $15,000 sale on account with...
The entry to record the receipt of payment within the discount period on a sale of...
The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 2/9, n/30 will include a A credit to Sales Discounts for $30. B credit to Accounts Receivable for $1500. C credit to Sales Revenue for $1500. D debit to Sales Revenue for $1470.
Dec. 20: Reinstated the account of William Pruitt and received $2,330 cash in full payment. Dec....
Dec. 20: Reinstated the account of William Pruitt and received $2,330 cash in full payment. Dec. 20-Reinstate Dec. 20-Collection Dec. 20. Reinstated the account of Paula Spitler and received $3,580 cash in full payment. Reinstate Collection Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $815,000; Allowance for Doubtful Accounts has a debit balance of $7,500; and sales for the year total $3,670,000. Bad debt expense is estimated at 1/2 of 1%...
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If...
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. C. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25,000 and Sales Discounts for $500. 6. On July 22, Peter sold...
Half of the sales on account were paid within the discount period; the other accounts were...
Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. At Folktown Arts, gross sales for the month included: Sales on account (3/10, n/30) $100,000 Credit card sales (2% credit card fee) $220.000 Read the requirements. Requirement 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. (Use the gross method to record the sales...
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
20. The collection of a $500 account beyond the 2 percent discount period would result in a A) credit to Cash for $500. B) debit to Cash for $490. C) debit to Sales Discounts for $10. D) Creditto Accounts Receivable for $500. 21. Goods totaling $5,000 purchased February 2 on terms of 2/10, n/30 and on which returns of $1,000 were made on February 10 would be subject to which of the following discounts if paid for on February 12?...
Calculate cash for section c
Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. At Mastery Arts, gross sales for the month included: Sales on account (2/10, n/30) Credit card sales (3% credit card fee) $120,000 $150,000 Read the requirements Journal Entry Accounts Date Debit Credit Cash 145,500 Credit Card Discount Expense 4,500 Sales Revenue 150,000 Now, record the cash payments on account received...
A company received $8,500 from customers on account. The journal to record this transaction is: Select one: O A. Debit cash, Credit Accounts Payable O B. Credit Cash, Debit Accounts Receivable C. Debit Cash, Credit Accounts Receivable • D. Debit Accounts Receivable, Credit Cash
13) May Retailers sold merchandise with a list price of $100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should May record the sale of this merchandise if the gross method is used? a. Debit Accounts Receivable for $100,000. b. Debit Accounts Receivable for $98,000. c. Debit Accounts Receivable for $80,000. d. Debit Accounts Receivable for $78,400. 14) On January 1, 2015, AG Inc. made a $15,000 sale on account with...
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. C. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25,000 and Sales Discounts for $500. 6. On July 22, Peter sold...
Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. At Folktown Arts, gross sales for the month included: Sales on account (3/10, n/30) $100,000 Credit card sales (2% credit card fee) $220.000 Read the requirements. Requirement 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. (Use the gross method to record the sales...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago