Answered: How do you find the date goods are…

How do you find the date goods are received, last day of discount, and end of credit period when the invoice is November 27 and the terms are 2/10 EOM?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 2Q

See similar textbooks

Related questions

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the…

A: Here's what each part of the term means: 2/10: This means that the buyer can receive a 2% discount…

Q: he entry to record the receipt of payment within the discount period on a sale of $2400 with terms…

A: Terms 2/8, n/30 indicate that if the payment is made within 8 days discount shall be allowed at the…

Q: You purchase goods on an invoice dated February 5 of a leap year, with terms of 5/10-90X. Calculate…

A: Discount: Price reductions or the sale of anything at a lower price than the item's regular retail…

Q: Complete the following (If more than one discount, assume date of last discount): (Use Table 7.1)…

A: Discount Period - Every company encourages Sales and payment from the customer issue some discount…

Q: sing the ordinary dating method, calculate the discount date and the net date for the transaction.…

A: Discount is amount to be paid below the invoice price of the goods and services to given to the…

Q: Complete the following (If more than one discount, assume date of last discount) Note: Assuming…

A: Accounting of Sales Discount -The financial documentation of a sales price reduction resulting from…

Q: Complete the following (If more than one discount, assume date of last discount): (Use Table 7.1)…

A: The time between the final day that the discount terms are still in effect and the date when the…

Q: The credit period during which the buyer of merchandise is allowed to pay usually begins with what…

A: Credit period generally begins with the date of sales as recorded on the invoice.If the payment is…

Q: Luggage World buys briefcases with an invoice date of June 27. The terms of sale are 2/10 EOM. What…

A: The Number of days that a customer is allowed to wait before paying an invoice is known as the…

Q: What do the credit terms, 2/15, n/30 mean? Multiple Choice A two percent discount can be deducted if…

A: The purchase invoice contains the various terms related to the payment to the supplier. It tells…

Q: Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for…

A: Given: Payments terms of 2/10, n/30, means that discount of 2% is valid for 10 days from the date of…

Q: 6. When would you use the Cheque window in QuickBooks for inventory? (1 Point) When you have…

A: The objective of the question is to understand the specific scenarios in which the Cheque window in…

Q: Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the…

A: EOM refers to "end of month". It means that discount is available for a particular number of days…

Q: The average collection period determines the number of a.days it takes to sell the inventory.…

A: Average collection period is the time taken by an entity to collect from its accounts receivables…

Q: When using perpetual inventory system, which of the entry or entries correctly record(s) the return…

A: The correct answer is:

Q: Complete the following: (Use Table 71) Date goods are received Invoice June 18 Terms 1/10, n/30 Last…

A: A credit term is similar to a time limit for paying for whatever you buy. It is the number of days…

Q: CDE1. Nezee Paints purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30.…

A: If goods were returned by buyer then net amount due is $9000-$1200= $ 7800 1. If amount is paid…

Q: 10. You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last…

A: Since you have posted a question with multiple questions, we will solve the first one for you. If…

Q: On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Sales discounts: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: The buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit…

A: Understanding the payment terms: The payment terms of 2/10 and n/30 means the discount of 2% is…

Q: Using the ordinary dating method, calculate the discount date and net date for the following…

A: DATE OF INVOICE : APRIL 23 TERM OF SALE : 3/15 , n/60 MEANS THAT 3% CASH DISCOUNT IS GIVEN IF…

Q: credit purchase of goods

A: Most of the purchase and sales of any venture are on credit terms. Whenever the due date arrives and…

Q: A sales invoice included the following information: merchandise price, $8,000; terms 2/10, n/eom.…

A: Formula to calculate cash received by the seller:Cash received by seller = Merchandise price -…

Q: After the amount due on a sale of s33,900, terms 2/10, neom, is received from a customer within the…

Q: An invoice for 600 for October 4 And have sales term of 2/10 ROG the merchandise arrive October 6…

A: Sales term 2/10 means if payment is made before 10 days 2% discount will be received.

Q: PLEASE SHOW ALL WORK For terms of 8/10, n/60 determine the annual rate you, in effect, pay the…

A: Credit terms = 8/10 , n/60 means if payment is made within 10 days then supplier will offer 8%…

Q: A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise to a…

A: Journal entry: It refers to the process of recording or accounting financial transactions of the…

Q: A sales invoice included the following information: merchandise price, $6,000; terms 2/10, n/eom.…

A: Formula to calculate cash received by the seller:Cash received by seller = Merchandise price -…

Q: Determine the number of days of the loan. Loan Date Due Date Number of Days June 24 October 12

A: Given, Loan date is June 24 Due date is October 12.

Q: alculate the cost of trade credit when payment is made on the net due date using the APR

A: Cost of Trade Credit is a method of interest rate calculation based on accounts payable. It is…

Question

How do you find the date goods are received, last day of discount, and end of credit period when the invoice is November 27 and the terms are 2/10 EOM?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How do you find the date goods received, last day of the discount period, and end of credit period when the invoice date is April 10 and the terms are 2/10, 1/30, and n/60?
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:
Using the ordinary dating method, calculate the discount date and net date for the following transaction date of invoice April 23 terms of sale 3/15,n/60??
Complete the following: Invoice Mar. 27 Date goods are received Terms 3/10 EOM Last day of discount period Saved Final day bill is due (end of credit period)
Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount period Final day bill is due (end of credit period) June 18 1/10, n/30
BUS 038 : Business Computatns10. You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and (b) the last day of the credit period.
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)
Need help answering this question.
Complete the following Invoice Date goods are received terms last day of discount period final day bill is due (end of credit period) June 27 3/10 EOM
Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the transaction. Unless otherwise specified, the net date is 20 days after the discount date. Date of Invoice Terms of Sale Discount Date Net Date February 13 2/10, 60 Extra
An invoice for furniture for $1, 210.88 with terms of 2/10, n/60 is dated October 3. A. What is the last day on which cash discount may be taken? B. If paid within discount period, how much is the cash discount? C. If the discount is missed, on what day does the credit period end?
Complete the following: Invoice Jan. 26 Date goods are received Terms 4/10 EOM Last day of discount period Final day bill is due (end of credit period)