Angelina purchased merchandise with a list price of $6593.82. She receives a 2% cash discount and an 18/14/12 trade discount. What is Angelina’s outstanding balance if she makes a $3000 partial payment within the discount period?

Q: On September 1, Jerry’s Lighting purchased merchandise with a list price of $6,700 with credit terms…

A: Lets understand the basics. For attracting early cash receipt, seller generally offer discount term…

Q: Walmart sells a bike that cost $100 to a customer for $250 cash. Using a perpetual inventory system,…

A: Under a traditional periodic Inventory System, the inventories are recorded by physical counting on…

Q: Zafar Bookstore returned certain merchandise, which it had purchased, from National Book Foundation.…

A: JOURNAL ENTRIES A journal entry reports a business transaction and is the primary step of the…

Q: Prepare journal entries for the following transactions. Aug. 4   Sold merchandise on account to…

A: First, we need to calculate the total amount for each transaction. This includes the sales tax. The…

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

A:

Q: Princess Jewelry purchased $7,000 of inventory on credit from Wholesale Jewelry on February 2. The…

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

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: XYZ Company purchased inventory worth $50,000 on credit terms of 2/10, n/30. Calculate the amount…

A: The discount period refers to a specific timeframe during which a buyer can avail themselves of a…

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: Find the outstanding balance due at the end of the credit period. Susannah purchased merchandise…

A: Sales Term of 4/15, n=45 shows that dues paid in 15 days will get 4% discount and maximum credit…

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: 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: 17) Magnum mart purchased goods on 4th January, 2019 for RO 86,000 on credit under the payment…

A: Perpetual inventory is a form of stock management that uses computerized point-of-sale processes and…

Q: Jojo purchased $3,000 of merchandise on credit, terms 3/15 n/30. The entry to record payment for the…

A: Discount on Payment = Invoice amount x rate of discount = $3,000 x 3% = $90

Q: Record in journal form the following transaction: Bought goods on credit for $4,500 from Andrew 23…

A: Journal entry is the process of recording business transactions in the books of accounts for the…

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: Levin Furniture buys a living room set with a $5,300 list price and a 50% trade discount. Freight…

A: FOB shipping point is shipping terms under which freight costs payment is responsibility of buyer…

Q: On november 10 if the curret year, Flores Mills sold carpet to a customer for $7,700 with credit…

A: The journal entries are prepared to record the transactions of the business on regular basis. Using…

Q: Susanne purchased merchandise with a net price of $347,500 with terms of sale of 4/15, n30. He makes…

A: Formula: Outstanding balance due at the end of credit period = Total Purchase price - Cash paid

Q: Kate sells goods to local customers. The following sales were made during May 2020: Retail price S…

A: Subsidiary books:   The transactions that are quite similar in nature recorded in the books called…

Q: Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms…

A: Discount=Accounts payable×Rate=RO 86,000×2%=RO 1,720

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: You buy goods at a list price of $1,500.  If you receive a trade discount of 20% and terms are…

A: Discount period is defined as the days provided by the seller to the buyer of goods to avail the…

Q: A company purchases merchandise for $23,000. The seller also offers credit terms of 2/10, n/30.…

A: Cost of purchase = 23000 Credit Terms = 2/10, n/30

Q: Walmart received an invoice of $25,800, dated July 27, with terms of sale 4/15 EOM. Walmart would…

A: 4/15 EOM means that the company can receive 4% discount if it pays in 15 days, otherwise pay the…

Q: How much is the accounts payable? • How much is the discount if paid in full within the discount…

A: The question pertains to discount allowed on timely payment. Whenever goods are sold on credit the…

Q: You buy goods at a list price of $1,100. If you receive a trade discount of 30% and terms are “2/15,…

A: Net Purchase Price :— It is purchase price less purchase discount less purchase returns.    Purchase…

Q: Melissa received an invoice for $5,000 that had payment terms of 2/15 n/30. He made a partial…

A: It is a case of a trade discount of 2% when payment is done within 15 days. If payment is not done…

Q: Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a trade discount of…

A: Purchase and sales are the major activities of every business operation. Goods and services have to…

Q: ABC has the following transactions during 2020: 1. On March 1, 2020, ABC sold merchandise on account…

A: INTRODUCTION: A journal entry is a record of a commercial transaction performed in the accounting…

Q: rate of 8%. The journal entry for the purchase of the merchandise using a perpetual inventory system…

A: Under perpetual inventory system, the purchase of inventory is recorded as debit inventory account…