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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4-A Trader purchased goods for cash RO 50000. He is entitled to a trade discount@5%. The amount payable to supplier will be: a. RO 50000 b. RO 52500 c. RO 47500 d. RO 2500
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.
The company purchased merchandise for ₱54,252 less 2 less 2 on terms 2/10, n/30. How much should the company pay if the account was paid in full within the discount period?
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
15. SSS Company purchased goods worth P200,000 and got a trade discount of P4,000. The accountant should A. debit to Purchase discount for P4,000 and debit to Purchases for P196,000 B. debit to Purchase discount for P4,000 and debut to Accounts payable for P196,000 C. debit to Purchases for P200,000 D. debit to Purchases for P196,000
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5. Alivat Company purchases goods for OMR 18,000 from the supplier and makes payment along with VAT, The Company realizes OMR 25,000 by selling those goods and charges VAT from customer. What will be the VAT amount that is forwarded by the supplier of the company to the government when VAT rate is 9%? A. OMR 1,620 B. OMR 630 C. OMR 2,250 D. OMR 2,880
9) Complete the table. Terms Last Date Last Date Date Paid Net Price to Pay Invoice Invoice Date Cash Discount Cash Price to Take Discount 3-Sept. 5/15, n/30 23-Sept. $348.64
April 29 Received Cash from client for merchandise amounting to 2,050. 1. What is the entry for this and why?
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
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
The trader Nizwa Grand mall purchased goods from the trader of Muscat Grade mall OMR 22500. Which of the following is the maximum Credit term due for the invoice 1/10, n/30 assuming that the invoice was not paid within the discount period? a. 1 day b. 20 days c. 10 days d. 30 days

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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