EOM Dating:Be sure to pay attention to the days (discount & net) within the terms.When entering dates, state as: Month Day (e.g., January 1). Do NOTabbreviate the month.15. The Auburn Gift Shop received an invoice with terms of 4/20 EOM, net 60.The invoice amount was $5,000 and was dated June 20A. What is the last day to take advantage of the cash discount?B. When is the net amount due?

A. With terms of 4/20 EOM, net 60, the discount period starts from the end of the month in which the…

Answered: EOM Dating: Be sure to pay attention to…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 1AP

See similar textbooks

Similar questions

An invoice for $589 is dated June 19, discount 4/20. Shipping charges are FOB shipping point for the cost of $23.75. If the buyer does not want to avail of the discount, when is the last day that he can pay? Group of answer choices July 29 August 26 June 9 June 27
An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July 16, when is the net payment date? Please answer very soon
PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:
Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7
Need help answering this question.
A customer opens a certificate of deposit of $909,642. The current CD-rate is 9% and the CD duration is 162 days. What is the amount due to the customer at expiration of the CD? Round your answer to the nearest two decimals if needed. Do not type the $ symbol.
Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on account. Assume 360 days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
K An invoice is dated June 18 with terms 3/10-50 ex. Find the final discount date and the net payment date. The net payment date is 20 days after the final discount date. The final discount date is The net payment date is June July ▼ ▼ CHE
Complete the table: Invoice Terms Last day of discount period Final day bill is due(end of credit period) March 7 1/10, n/30 March 17 April 6 October 17 3/10 EOM Nov. 10 Nov. 30 August 28 2/10 EOM Oct 10 Oct 31 November 12 2/10, 1/30, n/60 Dec 12 Jan 11 I need help figuring out the easiest way to get to the last day of discount periods and the final day the bill is due on these problems. The answers are in the boxes I just need tips on getting to these answers.
A gift shop signs a three-month note payable on May 1/2020 of OMR 36,000 with an annual interest of 10%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date? Select one: O a. Debit Interest Expense, 2,400; Credit Interest Payable, 2,400. b. Debit Prepaid Interest, 2,000; Credit Interest Expense, 2,000. c. Debit Interest Expense, 2,100; Credit Interest Payable, 2,100. d. None of the answers are correct e. Debit Interest Expense, 2,400; Credit Prepaid Interest, 2,400.

SEE MORE QUESTIONS

Recommended textbooks for you

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS