A buyer receives merchandise on September 7th that is invoiced for $3,250. The date on the invoice is August 2nd and the terms are3/15 ROG. How much is due if the buyer pays the bill on September 24th?Answer:A buyer receives the bill for $2,500 of merchandise from a vendor. The date on the invoice is January 15th and the terms are net. Howmuch is due to the vendor and what is the due date?Select one:O a. $2,450 on January 30thb. $2,500 on January 30thc. $2,450 on February 14thd. $2,500 on February 14thMerchandise received on March 2nd with a total quoted cost of $4,000 and transportation costs of $200 was billed on an invoice datedFebruary 6th. The terms on the invoice were 2/10 ROG, FOB Destination, Charges Reversed. How much was due to the vendor if thebuyer paid on February 26th?Answer:A buyer receives merchandise on April 2nd that is invoiced for $8,200. The date on the invoice is April 27th and the terms are 2/10EOM. What is due if the buyer pays by May 15th?Select one:a. $8,000b. $7,380c. $8,200d. $8,036e. $8,364

Inventory: It refers to the items held by an organization which were in various forms like raw…

A buyer receives merchandise on September 7th that is involced for $3,250. The date on the invoice is August 2nd and the terms are 3/15 ROG. How much is due if the buyer pays the bill on September 24th? Answer:

A buyer receives merchandise on September 7th that is involced for $3,250. The date on the invoice is August 2nd and the terms are 3/15 ROG. How much is due if the buyer pays the bill on September 24th? Answer:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Jill's dress shop purchaed merchandise worth $1,265 with an invoice date of November 27. Jill paid…

A: Solution: As payment is made with in 15 days of invoice date, , therefore Jill will get cash…

Q: Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the…

A: Here's what each part of the term means: 2/10: This means that the buyer can receive a 2% discount…

Q: hat is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller…

Q: Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer…

A: Credit terms of 2/20, n/60 indicates:- If the payment made within the 20 days, 2% discount will be…

Q: A retailer purchases merchandise with a catalog list price of $30,000. The retailer receives a 15%…

A: There are two type of discounts being given to customers at the time of sale. One is trade discount…

Q: Merchandise with an invoice price of $5,000 is purchased on March 1 subject to terms of 2/10, n/30.…

A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…

Q: Bakers’ Pal regularly buys sacks of flour from Mill Company and is allowed trade discounts of 20%…

A: When the raw material or goods for sale purpose are taken from the wholesaler or the manufacturer is…

Q: On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30,…

Q: On April 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Formula: Sales discount = Net sales x Discount rate

Q: You buy goods at a list price of $820. If you receive a trade discount of 25% and terms are “2/15,…

A: Term discount indicates that if the due amount is paid within the time specified in the term then…

Q: A shopkeeper sells an article at its marked price RO 7500 and charges sales-tax at the rate of 12%…

A: Formula: Tax amount = Tax percent x sale value Multiplying tax percent with sale value derives the…

Q: Merchandise costing $668 is sold for $1,230 on terms 2/10, n/30. If the buyer pays within the…

Q: Create the journal entries for Bates to recognize the following transactions. Assume the perpetual…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: A retailer buys merchandise from a supplier with an invoice amount of $12,400. The terms of the sale…

A: DISCOUNT TERMThe 5/20 net 30 calculation is a way of providing cash discounts on purchases. It means…

Q: Merchandise is sold for cash. The selling price of the merchandise is $5,100 and the sale is subject…

A: Accounting for Sales Tax business is collecting sales tax on behalf of tax authorities, the tax is…

Q: National automotive supply, a major distributor, sells merchandise to Alex Motors. The invoice is…

A: The company makes cash sales as well as sales on account. The company offers cash discounts to…

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: 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: you purchase goods with a list price of $455 and a trade discount of 25%. The invoice is dated…

A: List Price = $455 Trade Discount = 25% Invoice Date= October 3 Credit Terms = 3/15, n/45

Q: An invoice for $589 is dated June 19, discount 4/20. Shipping charges are FOB shipping point for the…

A: The terms "4/20" on the invoice indicate a cash discount of 4% if paid within 20 days. The invoice…

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: 3. Ms. Raheema purchases goods with a list price of RO 30,000. The supplier offers a 10 % trade…

A: Lets understand the basics. There are two type of discounts are there which are, (1) Trade discount…

Q: An invoice for $9156.86 is dated June 23, 2022 with terms 4/10, 2/20, n/60 ROG. The goods are…

A: Here 4/10 means 4% discount will be given if payment is made with in 10 days.

Q: Find outstanding balance due at the end of the credit period. Gladys purchased merchandise with a…

A: Given information is: List price = $450987 Trade discount = 25/15 Terms of sale = 3/10, n =30 rog…

Q: On March 1, Bates Board Shop sells 280 surfboards to a local lifeguard station at a sales price of…

A: Accounts Receivables are those accounts of customers to whom business has made credit sales on…

Q: A retail merchandise trader purchased 400 Galaxy mobile phone @ RO 70 each from a Wholesale…

A: Gross purchase = Quantity purchased x Gross price per quantity = 400 x RO 70 each = RO 28000

Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…

A: Discount on sales value: When the customer pays the amount within discount period then customer is…

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: An invoice for 600 for October 4 And have sales term of 2/10 ROG the merchandise arrive October 6…

A: Sales term 2/10 means if payment is made before 10 days 2% discount will be received.

Q: On January 1, 2021, Paul Corp sold merchandise with a list price of P100,000 to James on account.…

A: Trade discount is the discount which is available to all customers whether made cash payment or not.…

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

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: journal entries

A: Journal Entries in the books of Alegado Company as under Torre Company A/c .. Dr. P6000 To…

Q: A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Walter's widgets received a bill for merchandise with a net price of $7,170.26. Walter is offered a…

A: Walter is offered a 2% cash discount if he pays within 10 days of the invoice date. The partial…

Q: On September 1, Jerry's Lighting purchased merchandise with a list price of $12,500 with credit…

A: Total amount paid = Net Purchase - discount amount where, Net Purchase = list price - purchase…

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: The buyer received an invoice from the seller for merchandise with list price of RO 3500 and credit…

A: Amount of discount=Invoice amount×Rate of interest=RO 3500×2%=RO 70 Thus, the amount of discount…

Q: On October 5, Martinez Corporation buys merchandise for resale on account from Marigold Corporation.…

A: Introduction: Under periodic inventory system instead of adjusting inventory account directly,…

Question

A buyer receives merchandise on September 7th that is invoiced for $3,250. The date on the invoice is August 2nd and the terms are
3/15 ROG. How much is due if the buyer pays the bill on September 24th?
Answer:
A buyer receives the bill for $2,500 of merchandise from a vendor. The date on the invoice is January 15th and the terms are net. How
much is due to the vendor and what is the due date?
Select one:
O a. $2,450 on January 30th
b. $2,500 on January 30th
c. $2,450 on February 14th
d. $2,500 on February 14th
Merchandise received on March 2nd with a total quoted cost of $4,000 and transportation costs of $200 was billed on an invoice dated
February 6th. The terms on the invoice were 2/10 ROG, FOB Destination, Charges Reversed. How much was due to the vendor if the
buyer paid on February 26th?
Answer:
A buyer receives merchandise on April 2nd that is invoiced for $8,200. The date on the invoice is April 27th and the terms are 2/10
EOM. What is due if the buyer pays by May 15th?
Select one:
a. $8,000
b. $7,380
c. $8,200
d. $8,036
e. $8,364

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

You buy goods at a list price of $1,500. If you receive a trade discount of 20% and terms are “3/15, n/45,” what amount must you pay if you pay within the discount period?
A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made, and that payment was made within the discount period, what is the net cost of the merchandise?
A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30.
Walmart received an invoice of $25,800, dated July 27, with terms of sale 4/15 EOM. Walmart would like to take advantage of the discount. Assume there are no shipping charges on this invoice. a. What is the discount date? b. What is the net date? c. What is the net amount due if Walmart pays by the discount date?
On January 8, FDN Trading sold merchandise with an invoice price of P72,000 on terms 3/10, n/30. Two days after, P22,000 worth of merchandise returned was received. The account was paid on January 18. How much was the sales discount?
On August 5, John's furniture makes a purchase of $3200 for chairs from a wholesaler. The purchase arrives on September 2 with terms 2/10 ROG. Returns due to damages are $425, and shipping charges are $125 (not included in the purchase price). John's would like to take advantage of the discount with a partial payment of $1800. Answers the questions below. a. What is the discount date? b. How much credit will John's receive for the partial payment? c. What is the remaining amount still due on the invoice? d. By what date does the remaining balance have to be paid?
Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a trade discount of 6%, 1%, and term of sales of 2/45, n/60. Mr. Adrian pay the shipper of the shipping costs up to the buyer's warehouse. 1. How much is the invoice price? 2. When is the due date to avail the 2% discount? 3. What is the term of shipment? Choose if: FOB Shipping Point - Freight Collect, FOB Shipping Point - Freight Prepaid, FOB Destination - Freight Prepaid, FOB Destination - Freight Collect
ABC has the following transactions during 2020:1. On March 1, 2020, ABC sold merchandise on account to Customer 1 for €7,750. ABCoffers a cash-discount of 2% if payment is made within 20 days of the sale. Otherwisethe full amount, net of returns and allowances, is due in 30 days.2. On March 10, 2020, Customer 1 returned merchandise worth €1,550 to ABC.1. 3.On March 15, 2020, Customer 1 paid for the merchandise.3. On April 1, 2020, ABC loaned €10,000 to XZ with a 1-year, 10% note.4. On November 1, 2020, received a €4,000, 6-month, 5% note in exchange for Customer’s2 outstanding accounts receivable.5. On December 16, 2020, sold merchandise to Customer 3, receiving a €4,500, 3-months,8% note.6. On December 31, 2020, the interest revenue accrued is recognized on all notesreceivable. a. Record the collection of note receivable as their mature in 2021.
Maplewood Supply received a $5,430 invoice dated 4/15/20. The $5,430 included $330 freight. Terms were one discount, assume date of last discount.) a. If Maplewood pays the invoice on April 27, 2020 what will it pay? Payable amount b. If Maplewood pays the invoice on May 21, what will it pay? Payable amount 4 3 n 10 " (If more than ' 30 60
Apple Co sells merchandise on credit to Zea Co in the amount of P8,000. The invoice is dated on September 15 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? P160, September 25P80, September 25P80, September 30P160, September 30
an invoice dated oct 15 shows list price of $82 for the merchandise plus $30 shipping and handling. the terms are : trade discount of 20/10 and cash discount 2/10,1/20,n/30. invoice is paid Oct 24 calculate the amount needed to pay the invoice in full
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method