Answered: Complete the following: Invoice April…

Name: Complete the following:InvoiceApril 27Date goodsare receivedTerms4/10
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Description: Complete the following:InvoiceApril 27Date goodsare receivedTerms4/10 EOMLast day ofdiscount periodFinal day bill is due(end of credit period)

Business

Accounting

Complete the following: Invoice April 27 Date goods are received Terms 4/10 EOM Last day of discount period Final day bill is due (end of credit period)

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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An invoice for 600 for October 4 And have sales term of 2/10 ROG the merchandise arrive October 6 how much is due if the bill is paid October 15 what is the net amount due?
The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255
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Prepare the general journal entries for Infinity Diner for the following notes receivable transactions (assuming there are 28 days in February). When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Dec. 3 Sold merchandise to Brian Chan on account, $6,900. 11 Sold merchandise to Gloria Lupo on account, $3,600. Jan. 2 Received a $6,900, 10%, 30-day note from Brian Chan in payment of account. 10 Received a $3,600, 12%, 30-day note from Gloria Lupo in payment of account. Feb. 1 Received $600, plus interest on January 2 note, and a new, 14% 60-day note for the remaining balance. Feb. 9 On the maturity date, note dated January 10 was dishonored. Apr. 2 On the maturity date, Infinity Diner received principal and interest for February 1 note.
The terms of an invoice are 3/10, n/30 E.O.M. The invoice date is April 10. The last date on which the discount can be taken is: Select one: O a. April 30 O b. April 20 O c. May 30 O d. May 10
Using the table, what is the average daily balance of the credit card for the August 1 - August 31 billing period? Round your answer to the nearest cent. Provide your answer below: Day Activity Adjustment Closing Balance 1 850 8 Payment -400 450 16 Purchase +350 800 24 Purchase +600 1,400
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Then, prepare the journal entry assuming the payment is made within 10 days (the discount period).
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): date of note length of note date note discounted discount period (days) july 14th 50 days august 5 ?
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