Complete the following by calculating the cash discount and net amount paid: LU 7-2(1)Gross amount ofnvoice (freightcharge already FreightIncluded)Date ofTerms ofDate ofCashNet amountchargeInvokceInvokcepaymentdscountpakd7-15. $7,000$1004/82/10, n/604/157-16.$600None813/10, 2/15, n/30 8/137-17. $200None11/131/10 EOM12/37-18. $500$10011/291/10 EOM1/4Complete the following: LU 7-2(2)Date ofpartlalраymentAmount ofAmountActual partlalpayment madeInvolcepayment tobe creditedBalanceof InvolceTermsdateoutstanding7-19.$7002/10, n/605/6$4005/157-20.$6004/10, n/607/5$4007/14 Complete the following: LU 7-2(1)Last day* ofdiscount perodFinal day bill is due(end of credift perlod)Date goodsInvolceare recetvedTТerms7-9.June 181/10, n/307-10. Nov. 272/10 EOM7-11. May 15June 53/10, n/30, ROG2/10, 1/30, n/607-12. April 107-13.June 123/10 EOM7-14.Jan. 10Feb. 3 (no leap year)4/10, n/30, ROGIf more than one discount, assume date of last discount.

Cash Discount is given on entire invoice amount (including freight charges) if amount is paid within…

Complete the following by calculating the cash discount and net amount paid: LU 7-2(1) Gross amount of Invoice (freight charge already Frelght Included) Date of Invokce Terms of Date of Cash Net amount charge involce раyment discount pakl 7-15. $7,000 $100 4/8 2/10, n/60 4/15 7-16. $600 None 8/1 3/10, 2/15, n/30 8/13 7-17. $200 None 11/13 1/10 EOM 12/3 7-18. $500 $100 11/29 1/10 EOM 1/4 Complete the following: LU 7-2(2) Date of Amount of Amount Involce Actual partlal payment made partlal payment payment to be credited Balance of tnvolce Terms date outstanding 7-19. $700 2/10, n/60 5/6 $400 5/15 7-20. $600 4/10, n/60 7/5 $400 7/14

Complete the following by calculating the cash discount and net amount paid: LU 7-2(1) Gross amount of Invoice (freight charge already Frelght Included) Date of Invokce Terms of Date of Cash Net amount charge involce раyment discount pakl 7-15. $7,000 $100 4/8 2/10, n/60 4/15 7-16. $600 None 8/1 3/10, 2/15, n/30 8/13 7-17. $200 None 11/13 1/10 EOM 12/3 7-18. $500 $100 11/29 1/10 EOM 1/4 Complete the following: LU 7-2(2) Date of Amount of Amount Involce Actual partlal payment made partlal payment payment to be credited Balance of tnvolce Terms date outstanding 7-19. $700 2/10, n/60 5/6 $400 5/15 7-20. $600 4/10, n/60 7/5 $400 7/14

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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None
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