An invoice dated May 5, 2019 has terms of sale 3/15, n60 ROG for goods received onJune 15, 2019. Find the end dates of the discount period and the credit period. Be sure to include the year. Discount Period_______________________ Credit Period_________________________

An invoice dated May 5, 2019 has terms of sale 3/15, n60 ROG for goods received onJune 15, 2019. Find the end dates of the discount period and the credit period. Be sure to include the year. Discount Period_ Credit Period___

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: how to in sage 300, a/r customers add the ffollowing customer December, 2022 historical invoices.…

A: Step 1:Here are the steps to enter verifiable solicitations in Sage 300 Records Receivable (A/R) for…

Q: A firm uses the gross method to record sales made on credit. On June 1, 2020, it made sales of…

A: Sales discount = Sales x discount rate = $45,000 x 4% = $1,800

Q: The following sales and purchases are expected over the Five-month period from November 2019 to…

A: Cash budget of the business shows expected cash receipts and cash payments for the future period of…

Q: The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June…

A: The Receipt-of-goods (ROG) is the method of payment, wherein the date of commencement is the day on…

Q: 2. A credit sale of P750 is made on June 13, term 2/10, net/30. A return of P50 is granted on June…

A: The credit sale is the selling of goods & services without receiving the consideration of…

Q: 2018 Apr. 1 Oct. 1 Dec. 1 Dec. 31 2019 May 30 Loaned $8,000 to Bland, Co. Received a six-month, 10%…

A: Journal entries in accounting are a fundamental part of the double-entry bookkeeping system. They…

Q: Shamrock Windows manufactures and sells custom storm windows for three-season porches. Shamrock also…

A: Find the due amount customer purchase price=2370 payment made on sept.1.2020=1920 balance paid on 15…

Q: 2018 Mar. 2 Nov. 1 Dec. 31 2019 Nov. 1 Recorded credit sales of $100,000. Ignore Cost of Goods Sold.…

A: The journal entry can be defined as the very first step in accounting because the business…

Q: c) Rita received an invoice dated 29 Mac 2021 with the amount of RM5,826 including transportation…

A: The companies gives discount to the customers based on the different criteria like volume , early…

Q: On June 30, 2018, the Esquire Company sold some merchandise to a customer for $68,000. In payment,…

A: Journal entry:- In the company's books, a journal entry serves as a record of a business…

Q: Jacqueline recieves an invoice from Lowes dated March 2nd, 2018 for $730 with terms 7/10, 2/19,…

A: Term 7/10, 2/19 means that buyer are allowed 7% discount if the payment is made within 10 days and…

Q: on june 30,2024 the esquire company sold some merchandise to a customer for $30000.in payment,…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: On December 5, 2019, Super Circuit Store sold gift certificates totalling $12,000. By December 31,…

A: Unearned revenue is summarised as follows: Unearned revenue is a prepayment made by the individuals…

Q: On April 1, 2020, Mountain Company sold merchandise and received a $19,200, three-year,…

A: A noninterest bearing note of $19,200 has been received by the company for the merchandise which has…

Q: Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a…

A: Notes Receivable :— It is one of the type of promissory note in which principal amount is receivable…

Q: +9. Company A pays first semiannual interest payment of $ 2500. General Journal Page Date Account…

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

Q: Complete the following chart with Revenu Québec remittance due date using the current year calendar.…

Q: Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Assume the following information regarding a note received by HEERHUM YU Company: Principal amount…

A: The note receivable is a current asset, which is issued by the debtors of the company as a…

Q: C. Interest from Notes Receivable.On September 31, 2021, Mr. Dela Cerna, engaged in. warehouse…

A: Adjusting entries are the entries usually made at the end of the period to fix some accounts before…

Q: Cheyenne Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of…

A: The net method in sales refers to the practice of deducting any sales discounts offered to customers…

Q: Zing Cell Phone Company entered into the following transactions involving current liabilities during…

A: Notes Payable - Notes Payable is the amount borrowed by the borrower with an obligation to pay it in…

Q: 1. Bonita Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a…

A: Solution :

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Recording the journal entries for Bank's Hardware Store are as follows:

Q: 2021 Oct 31 Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You do not…

A: Interest accrued on Dec 31, 2021 = Face value of notes x rate of interest x no. of months/12 =…

Q: On December 1, 2019, Xia Company accepts a $72,000, 90 day, 8% note from a customer. If Xia…

A: Journal entries are the foremost reporting of the business transactions in the books of accounts.…

Q: Find the due date ( actual time ) and Due date ( approximate time )

A: Due date refers to the date at which any event or payment will due. Due date of loan refers to the…

Q: Zing Cell Phone Company entered into the following transactions involving current liabilities during…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: factor(s) from the tables provided.) Required: 1. Assume the note indicates that Seneca is to pay…

A: Journal entries refers to the official book of a company which is used to record the day to day…

Q: Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following:…

A: Following is the answer to the given question

Q: 2021 Oct 31 Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You do not…

A: Interest accrued on Dec 31, 2021 = Face value of notes x rate of interest x no. of months/12 =…

Q: Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following:…

A: Trade receivables are those receivables which the company have which has not been received by the…

Q: 2 Your answer is partially correct. Try again. Dn January 10, 2019, Swifty Corporation sold…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: 1. Record journal entries for the following transactions of Hansen Bakery Company. Jan. 1, 2020 Dec.…

A: The objective of the question is to record the journal entries for the transactions of Hansen Bakery…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Ivanhoe Company uses the allowance method in accounting for uncollectible accounts. Past experience…

A: The allowance for doubtful accounts is contra asset account for accounts receivable. The allowance…

Q: Party Pals Company received an invoice dated Oct 18, 2023, for $ 7,800 with trade discount series of…

A: Trade discount is the reduction in the invoice price or list price of the products or services. Such…

Q: What payment on January 31, 2014 will settle an invoice for $3,500 dated January 27, 2014 and…

A: Cash payment to supplier :— It is the amount paid to settle the accounts payable to the supplier. It…

Q: Assume that Zandile's Boutique registered as a VAT vendor effective 1 March 2019. Zandile's Boutique…

A: The VAT control account records all the VAT on both sales and purchases. The balance of the VAT…

Q: CAB Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional…

A: Revenues are recognized when cash is collected, and expenditures are recognized when cash is paid…

Q: On June 1, 2019, Cooper Company purchased inventory costing $93,000 by signing a 6%, nine-month,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Question

An invoice dated May 5, 2019 has terms of sale 3/15, n60 ROG for goods received onJune 15, 2019. Find the end dates of the discount period and the credit period. Be sure to include the year.

Discount Period_______________________

Credit Period_________________________

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

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

buying and sellingWhat is the total cash discount if an invoice dated March 31 for P 15,000 with a payment terms of 3/20; 1/30; n/60 is paid in full on April 20?
Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021. 2020 Mar. 14 Purchased merchandise on credit from Ferris Inc. for $152,000. The termswere 1/10, n/30 (assume a perpetual inventory system). Apr. 14 Zing paid $31,000 cash and replaced the $121,000 remaining balance of the accountpayable to Ferris Inc. with a 4%, 60-day note payable. May 21 Borrowed $131,000 from Scotiabank by signing a 3.5%, 90-day note. ? Paid the note to Ferris Inc. at maturity. ? Paid the note to Scotiabank at maturity. Dec. 15 Borrowed $106,000 and signed a 4.25%, 120-day note with National Bank. Dec. 31 Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2021 ? Paid the note to National Bank at maturity. Required:1. Determine the maturity dates of the three notes just described. HINT: Maturity Date of Ferris Inc, Scotiabank, National bank respectively. Present journal entries…
Absolute AppliancesThe company sold merchandise to a customer on December 1, 2019, for $120,000. The company accepted a promissory note as payment. The note has a term of three months and an annual interest rate of 10%. The company's accounting period ends on December 31.Refer to Absolute Appliances. What is the maturity date of the note? a. March 1, 2020 b. February 28, 2020 c. December 31, 2019 d. January 31, 2020
Tucker Ltd uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020, It received full payment for the June 1 sale. Prepare the required journal entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
Assuming that the market price as of December 31, 2020, is $2.97, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Dec. 31 Unrealized Holding Gain or Loss - Income 12540 Estimated Liability on Purchase Commitments 12540 eTextbook and Media List of Accounts Attempts: 1 of 1 used (c2) Give the entry in January 2021, when the 38,000-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $2.97 per gallon. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the…
PLEASE ANSWER IT ALL AND I WILL RATE AS HELPFUL. THANK YOU! Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Dynasty Company recognizes the unearned revenue as realized. Information for 2019 is as follows: Unearned Revenue, January 1, 2019 P650,000; Gift certificates sold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificates unredeemed for a long time P100,000; Cost of Goods Sold 60%. What amount should be reported as Unearned Revenue on December 31, 2019, following the ruling by the Department of Trade and Industry that gift certificates no longer have an expiration period? Long Live Company entered into a lease agreement for the use of a new machine on January 1, 2020. The lease agreement requires an annual payment of P1,500,000 for five years starting December 31, 2020. Long Live guaranteed a residual value of P711,090 at the end of the contract. The machine will revert to the lessor at the end of five years.…
At December 31, 2020, Grouper Company has outstanding noncancelable purchase commitments for 39.500 gallons, at $4.02 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. Your answer is partially correct. Assuming that the market price as of December 31, 2020, is $3.62, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Round answers to O decimal places, eg. 6,225) Date Account Titles and Explanation Credit Estimated Liability on Purchase Cont
Give me answer within 45 min please I will give you positive rating immediately its very urgent ..thankyou..
Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a $330,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise’s cost to Telesco is $120,900. Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash.
A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 4? $3465 • $3800 • $3500 Ⓒ $3762
Vishano
Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10, n/30 if the bill was paid April 26. Draw the “timeline” stated the initial date, the due date, and the day receives cash discount.