1. A buyer received an invoice for P6.000 dated June 10. If the terms åré 2/10, n/30and the buyer paid the invoice within the discount period, what amount will theseller receive?c. P4,800а. Р6,000b. P5,880.d. P 1202. The purchases discount account is a contra account toa. accounts payable.b. purchases.C. sales.d. sales discount.3. When a seller of merchandise allowed a customer a reduction from the originalprice for defective goods, the seller will issue to the customer aa. credit memorandum.b. debit memorandum.c. official receipt.d. sales invoice.4. When the seller advances the transportation costs and the terms of sale are FOBshipping point, the seller records the payment of the transportation costs bydebitinga. accounts payable.b. accounts receivable.C. sales.d. transportation in.5. The account that appears in the chart of accounts for a merchandising entity but notfor.a service entity isa. accounts receivable.b. accumulated depreciation.c. advertising expense.d. sales returns and allowances.6. Olive Valenzuela Traders purchased merchandise from San Jose Suppliers for P3,600list price, subject to a trade discount of 25%. The goods were purchased on terms of2/10, n/30, F.O.B. destination.Valenzuela returned P400 (list price) of the merchandise to San Jose and later paldthe amount due within the discount period. The amaunt pajd isValenzuela paid P100 transportation costs:а. Р2,254.b. P2,252.c. P2,246.d. P2,352.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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xamus - cdn.student.uae.examus.net/?rldbqn=1&sessi... ACCT101_FEX_2021_2_Male A company purchased merchandise on credit with terms Ac Payable if the company pays SR485 cash on this account within ten days? e18 3/15, n/3O. How much will be debited to 33 - 34 abe18ce33 b. Accounts Payable should be credited in а. 485 113:22 9 కోల С. 470.45 95abe18ce 33 d. 500 95abe18ce 95abe18ce33 95aber8ce33 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro F3 888 F4 FS E 5 F7 67 7 V T. 8 A 9 Y 6. U 11 9.
Given credit terms of 2/25, n/30 on a sale of $1,500, in how many days must the invoice be paid to take advantage of the discount? 30 C) 15 D) 25
A business received or issued the following invoices and paid or received the invoiced amounts on the following dates: Invoice date Invoice amount Date paid or received Purchase 2.6.X4 R1,000 26.6.X4 25.6.X4 R1,500 2.7.X4 Sales 8.6.X4 R2,000 26.6.X4 29.6.X4 R3,000 7.7.X4 There is no inventory at the beginning or end of June. What is the difference between the profit for June calculated on a cash basis, and calculated on an accruals basis? A. Nil B. R1,000 C. R1,500 D. R2,500
16. Jim Havey receives an invoice amounting to $2916 with cash terms of 3/10 prox. and dated June 7. If a partial payment of $1666 is made on July 8, find (a) the credit given for the partial payment and (b) the balance due on the invoice. [7.4]
Prisha received an invoice for $5,000 that had payment terms of 3/5 n/30. She made a partial payment of $2,000 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made.
Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $9,400 $366 FOB Shipping Point, 1/10, net 30 $900 (b) $9,300 $77 FOB Destination, 2/10, net 45 $2,000 a. $fill in the blank 1 b. $fill in the blank 2
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. S b. $ Merchandise (Invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30 Returns and Allowances (Invoice Amount) $1,300 800

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1. A buyer received an invoice for P6,000 dated June 10. and the buyer paid the invoice within the discount period, what amount will the seller receive? a. P6,000 b. P5,880- c. P4,800 d. P 120