For questions 25-27, your answer will be add on bank side, subtract on bank side,21. A company sells $23,980 of inventory to a customer on account. The terms are 2/10,n30. If the customer pays in 10 days, write the entry to record receipt of the payment.

Step 1:Sales discount is given by saler at the time of sale to get money from customer as soon as…

Answered: For questions 25-27, your answer will…

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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en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7
The credit terms offered to a customer by a business firm are 2/10, n/30, which means that the customer must pay the bill within 10 days. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date. the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. two sales returns can be made within 10 days of the invoice date and no returns thereafter.
A company makes a credit sale of $1,000 on June 13 according to the payment terms 5/10, n/30. On June 16, there is a return of $100. The buyer makes the payment for the remaining amount by utilizing the discount. What should be the amount to be paid? O A) $855 B) $900 C) $950 D) $810 E) $600
Would you help me
If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17

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For questions 25-27, your answer will be add on bank side, subtract on bank side, 21. A company sells $23,980 of inventory to a customer on account. The terms are 2/10, n30. If the customer pays in 10 days, write the entry to record receipt of the payment.