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. If Zea Co. chooses not to take the discount, by when should the payment be made? September 25 September 30 October 30 October 15

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. If Zea Co. chooses not to take the discount, by when should the payment be made? September 25 September 30 October 30 October 15

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: 2020 Jun 1 7 9 18 REQUIRED (f) Prepa

A: Ledger - The recording of account transactions takes place in a ledger, which is a book or group of…

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: 16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half…

A: Under gross method, sales are recorded at Full value. Under Net method, sales are recorded at…

Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…

A: Sales Returns and Allowances account is a contra revenue account, meaning it opposes the revenue…

Q: b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Oswego Clay Pipe Company sold $45,100 of pipe to Southeast Water District # 45 on April 12 of the…

A: Sales discount = Sales amount x discount rate = $45100 x 1% = $451

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: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: 2/10 indicates that a sales discount of 2% is allowed if the payment is made within 10 days.

Q: #7 Date of invoice: March 14 Credit terms: 2/20, 1/45, n/60 Determine the last date on which the…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…

A: Sales discounts = Gross price x rate of discount

Q: Accounting for Purchase Discounts Ken Company purchased $7,000 of merchandise from Marilyn Company…

A: Discount Period-:A Discount Period is the proportion of time a money discount is usable for a buyer…

Q: 11 Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…

A: Total Accounts receivable from the retailer = OMR 20000 credit term for discount = 2% discount…

Q: 20x1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,800,…

A: 2. Journal General Date Account title and explanation Post Ref. Debit Credit Feb 01 Accounts…

Q: Abbey Co. sold merchandise to Gomez Co. on account, $35,300, terms 2/15, net 45. The cost of the…

A: In credit terms, if the payment is done within a specific period then a certain discount is provided…

Q: Amount 15,000,000 3,000,000 2,000,000 On the December 31, 2016 statement of financial position, what…

A: The term allowance contains many meanings. The allowance is a discount which is given to the…

Q: 24) Metro Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is…

A: The Periodic Inventory system is a system of inventory in which updates are made on periodic basis.…

Q: Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,800).…

A: Journal entries are the primary method for recording financial transactions in the books of…

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: the data and terms and condition for the purchase of merchandise: Invoice Date October 12, 2020…

A: Net purchases = Catalog Price X (1 - Trade Discoun1 ) x (1 - Trade Discount 2 ) = P230.000 x (1 -…

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: Import Exclusives Ltd received an invoice from Dansk Specialties of Copenhagen with terms 5/20…

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: An invoice for $128,700 dated August 26, 2014 for a shipment of furniture has payment terms 1.5/15,…

A: Trade credit refers to the practice of providing goods to the buyer who then pays for them at a…

Q: Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,684. The retailer…

A: Cost of Inventory Purchased = List Price - Trade Discount - Cash Discount

Q: Willy Company sold on credit merchandise having a list price of P200,000 with the following terms:…

A: Solution: Price after trade discount = 200000*90%*95% = 171,000 Sales discount = 171000*3% = 5130…

Q: On October 12, Equipment Incorporated sells $53,000 worth of equipment on account to a credit…

Q: ULU Hypermarket on March 1st, 2020, sells food product on account to Al Faiha Farm for RO 5,000. The…

A: given that sales are made on Account. sales of RO5000 made on March 1st, 2020. Al Faiha returned…

Q: Asap 2012 MARCH A retailer received an invoice of RM4,500 dated 6 July 2010 with trade discount…

A: Trade discount is the amount of discount which is being given to all the customers on list price of…

Q: How much should Quatro remit to Tres on December 12?

A: Given information is: Sale of merchandise = P 3000 Credit terms = 2/10 net/30 Sales Return = P 500

Q: What amount should Norfolk debit to the merchandise inventory account (Round your answer to the…

A: Answer: Option a.

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: Book the following transactions from the perspective of the buyer and the seller: Apr 19 Seller Co.…

A: Assets and expenses have a normal debit balance. An increase in assets and expenses is recorded by…

Q: On January 8, FDN Trading sold merchandise with an invoice price of P72,000 on terms 3/10, n/30. Two…

A: Concept of invoicing terms: 3/10, n/30 means 3% discount is valid for 10 days from the date of…

Q: 21-The buyer received an invoice from the seller for merchandise with list price of RO 7500 and…

Q: Invoice amount of $28,700 on June 25 Partial Payment made on July 20th of 6,000 Return goods of…

A: The Term 4/20 means if payment is made within a period of 20 days then a 4% discount is given to the…

Q: 20X1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,800,…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Question

September 25
September 30
October 30
October 15

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

A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2½% is allowed if settlement is made within the allowed credit period. How much will be paid if the cash discount applies? A $1,170 B $1,200 C $936 D $960
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
On November 5, of the current year, Ligaya Merchandising Enterprise purchased merchandise with the list price of P120,000. The merchandise is subject to a treade discount of 15%, 10%, 5% with credit terms of 3/10, n/30. (Ligaya Merchandising Enterprise is a non-VAT registered business) 1. How much is the invoice price? 2. At what amount should Ligaya Merchandising Enterprise debit Purchases? 3. How much is the trade discount? 4. How much is the cash discount? 5. Up to what date is the discount period? 6. If Ligaya Merchandising make payment on November 15, how much should it pay in full settlement of its account? 7. If payment is made on November 20, how much should Ligaya pay in full settlement of its November 5, account?
21-Al Raffa Shopping Center purchased goods from Al Muna Shopping Center for OMR 9700. Which of the following is the discount period for the credit terms of 1/10, n/30 is: a. 30 days b. 0 day c. 10 days d. 1 day
Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,941. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a.$10,459 b.$10,250 c.$19,214 d.$14,941
A buyer who purchases merchandise under credit terms of 1/10, n/30 has 30 days after the invoice date to take advantage of the sales discount.
6
2
Help me do this example 7
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
what is the total price of the first invoice that activates the chain discount?
14/On 12th January 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600 for the goods sold. Assume that the customer took 3% discount and record the journal entry for the cash payment of the allowance in the books of seller under periodic inventory system? a. Account receivable RO 2,600 Dr / Sales discount RO 72 Cr / Cash RO 2,522 Cr b. Sales returns and allowances RO 2,600 Dr /Sales discount RO 78 Cr / Cash 2,522 Cr c. Cash RO 2,600 Dr / Sales returns and allowances RO 2,600 Cr d. Sales returns and allowances RO 2,600 Dr / Cash RO 2,600 Cr