An invoice for $9156.86 is dated June 23, 2022 with terms 4/10, 2/20, n/60 ROG. The goods are received by the purchaser on July 5, 2022. What is the amount paid if paid in full on July 24, 2022?
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Here 4/10 means 4% discount will be given if payment is made with in 10 days.
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- Prepare the necessary joumal entries for the following fiscal year 2022 transactions made by Airflowing Corp. Additional Information: 1 Ai rflowing Corp. year-end is 12/31. 2 Assume straight-line amortization of discounts. 3 Ai rflowing Corp. records all purchases and payables at gross. Description Date February 2, 2022 Aiflowing Corp. purchased goods from Vents Inc for $ 250,00 ( 3/ 10, n 30 terms were February 26, 2022 Airfbwing Corp. paid Vents inc. for the 2/2/22 purchase. June 1, 2022 Arfbwing Corp. purchased a truck for $ 85,000 from Ford Mator Company Fleet Sales Division. The sales agreement call for Airfbwing Corp. to pay 10,000 on purchase date and to sign a 1-year, 10% note forthe remaning balance of the purchase price. July 1, 2022 Arfbwing Corp. borrowed from St. Paul Nat ibnalBank $ 3500,0 by signing a $ 3,700,000 zero-interest be aring note due one year from July 1 Airflowing Corp.s CFO has concerns re bted to cash the frst quarter of 2023.Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13PLEASE 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.…
- Sally received an invoice dated on 15 February 2020 worth RM4,050 of goods that included a prepaid freight cost of RM50. The invoice was offered trade discounts of 10% and 5% with cash discount terms of 9/15, 4/25, n/45. a) i. State the last date to settle the invoice. ii. Calculate the single equivalent trade discount. iii. Determine the trade discount offered. iv. Calculate the maximum cash discount offered. V. Assume that Sally paid RM1100 on 2 March 2020 and the balance on 30 March 2020, determine the balance that was paid.Slinky Company purchased inventory on June 10, 2024, at a price of $22,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Req 2 and 3 View transaction list Journal entry worksheetSlinky Company purchased inventory on June 10, 2024, at a price of $20,000, subject to credit terms of 2/10, 1/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2024 and July 8, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3. Prepare the journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date June 10, 2024 Record entry General Journal Clear entry Debit Credit View general journal
- 37) Royal mart purchased goods on 12th March 2019 for RO 54,000 from Google mart. Calculate the Net amount to be paid, if the credit term followed as n/60. a. RO 52,920 b. RO 63,000 c. RO 54,000 d. RO 9,000Accounting Your client presents you with a bill of lading and commercial invoice for a consignment of goods valued at AUD 50,000.00. Describe what type of entry is required to clear this consignment through Customs.On June 30, 2024, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $35,000 on March 31, 2025. The fair value of the merchandise exchanged is $33,950. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold). any December 31, 2024 interest accrual, and the March 31, 2025 collection. 2. What is the effective interest rate on the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2 ces Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2024 interest accrual, and the March 31, 2025 collection. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not…
- Whispering industries purchased $8,100 of merchandise on february 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. it returned $2,100 ( gross price before trade or cash discount) on february 4. the invoice was paid on february 13Answer no. 6,7 and 8 Please provide a complete solution. Thank you!On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.
