Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,300 list price. Bally dated the invoice July 30 with 2/10 EOM terms. Intel receives a 20% trade discount Intel pays the invoice on August 12. On August 1, Intel Corporation returns $800 of the machinery due to defects. What does Intel pay Bally on August 12? Payable amount

Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,300 list price. Bally dated the invoice July 30 with 2/10 EOM terms. Intel receives a 20% trade discount Intel pays the invoice on August 12. On August 1, Intel Corporation returns $800 of the machinery due to defects. What does Intel pay Bally on August 12? Payable amount

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....

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Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
Barkers Baked Goods purchases dog treats from a supplier on February 2 at a quantity of 6,000 treats at $1 per treat. Terms of the purchase are 2/10, n/30. Barkers pays half the amount due in cash on February 28 but cannot pay the remaining balance due in four days. The supplier renegotiates the terms on March 4 and allows Barkers to convert its purchase payment into a short-term note, with an annual interest rate of 6%, payable in 9 months. Show the entries for the initial purchase, the partial payment, and the conversion.
Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.
CustomTee Inc. contracts with various customers to sell T-shirts. In the case of sales, CustomTees normal accounting policy requires a written and signed sales agreement. On July 1, in response to a special last-minute phone call from a regular customer, CustomTee delivered 500 T-shirts for 5,000. Does CustomTee have an enforceable contract?
Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
Airplanes Unlimited purchases airplane parts from a supplier on March 19 at a quantity of 4,800 parts at $12.50 per part. Terms of the purchase are 3/10, n/30. Airplanes pays one-third of the amount due in cash on March 30 but cannot pay the remaining balance due. The supplier renegotiates the terms on April 18 and allows Airplanes to convert its purchase payment into a short-term note, with an annual interest rate of 9%, payable in six months. Show the entries for the initial purchase, the partial payment, and the conversion.
Bally Manufacturing sent Intel Corporation an invoice for machinery with a $14,800 list price. Bally dated the invoice August 17 with 5/10 EOM terms. Intel receives a 30% trade discount. Intel pays the invoice on August 30. On August 26, Intel Corporation returns $200 of the machinery due to defects. What does Intel pay Bally on August 30? Payable amount to Bally
Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,300 list price. Bally dated the invoice July 30 with 2/10 EOM terms. Intel receives a 20% trade discount. Intel pays the invoice on August 12. On August 08, Intel Corporation returns $800 of the machinery due to defects. What does Intel pay Bally on August 12?
Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,600 list price. Bally dated the invoice August 06 with 4/10 EOM terms. Intel receives a 30% trade discount. Intel pays the invoice on August 19. On August 1, Intel Corporation returns $600 of the machinery due to defects. What does Intel pay Bally on August 19? Payable amount
Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,400 list price. Bally dated the invoice August 16 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 29. What does Intel pay Bally? Payable amount to Bally
Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,800 list price. Bally dated the invoice August 01 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 14. What does Intel pay Bally? Payable amount
5 Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,200 list price. Bally dated the invoice July 31 with 10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 13. On August 09, Intel Corporation returns $900 of the machinery due to defects. What does Intel pay Bally on August 13? Payable amount to Bally