General Accounting:- Silver Cloud Computing purchased office equipment for $75,000 with a trade discount of 12% and cash discount terms of 2/10, n/30. If they pay within the discount period, calculate the final payment amount.
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- (Bonus Question 02) Record the sale by Verity Springs, Inc. of $136,000 in accounts receivable on May 1. Verity Springs is charged a 3.00% factoring fee. View transaction list Journal entry worksheet < 1 Record the sale of receivable. Note: Enter debits before credits. Date May 01 General Journal Debit CreditFor 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.John Lee Wholesale provides the following information: Accounts Receivable - 01/07/2020 $150 Accounts Receivable - 30/06/2021 900 Cash received from accounts receivable 8,050 What would be the credit sales for the year? Select one: 8,950 750 8,800 1,050
- A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?Accounting A company purchased inveritory worth $20,000 on credit terms of 2/10, net 30. The company decides to take advantage of the discount and pays the invoice within the discount period. Calculate the amount the company will pay after taking the discountState the accounting entries required if a business made sales on credit of $10,000, on which it must account for sales tax at the rate of 20%. Ledger Account: $ Debit/Credit Debit/Credit Debit/Credit
- a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…The entry to record a payment on a $690 account within the 2% discount period would include a: A. debit to Accounts Payable for $676. B. debit to Purchases for $676. C. debit to Accounts Payable for $690. D. debit to Cash for $690.The company has an unadjusted debit balance in Accounts Receivable of $25,000 and an unadjusted credit balance of $10 in Allowance for Sales Discounts as of December 31. Of the $25,000 of receivables, $10,000 are within a 2% discount period that the company expects the buyers to take. Note: Enter debits before credits. Date 12/31 General Journal Debit Credit
- A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. B. Accrue one month of interest on the note receivable from Myers Manufacturing. C. Prepare a partial balance sheet showing the net accounts receivable section.On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash $ 23, 308 Accounts Receivable Allowance for Uncollectible Accounts 48, B00 $ 4, 580 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 37, e00 72,100 28,980 37,000 Comnon Stack Retained Earnings 63, eee 39,eee Totals $172,400 $172,400 The $37,000 beginning belance of inventory consists of 370 units, each costing S100. During Janusry 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,68e units for 168,088 on account ($10s cach). January 8 Purchase 1,78e units for $187, 880 on account ($110 cach). January 12 Purchase 1,88e units for $287,000 on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defccts. January 19 Sell 5,2ee units on account for $788,8ee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…A company has the following account balances at the end of the year:• Credit Sales = $400,000• Accounts receivable = $80,000• Allowance for Uncollectible Accounts = $400 credit The company estimates 1% of credit sales will be uncollectible. At what amount would Allowance for Uncollectible Accounts be reported in the current year’s balance sheet? a. $4,000.b. $4,400. c. $3,600. d. $800.
