How would brought 125 inner tubes for $1225, paying down $500 with remaining due in 20 days be written in general ledger how?
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How would brought 125 inner tubes for $1225, paying down $500 with remaining due in 20 days be written in general ledger how?
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- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?The Accounts Recelvable account has a beglnning balance of $24.000 and the company des e $60,000 on account during the month. The ending balance was $18.000 How much did the company receive from customers during the montht O $6,000. O $66,000. O $102,000. O $54,000.Purchase various shop supplies from CAPA Auto Parts; the cost was $1400, due in 30 days. In accrual accounting basis, it should be: Shop Supplies 1400 A/P 1400 How about in cash basis? Should I record the transaction after 30 days as below? Is it correct? Shop Supplies 1400 cash 1400
- PLEASE SHOW ALL WORK 6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment.Amount credited = Amount paidComplement of cash discount rate = $11,500 7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. 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:What will be the balance in the general accounting payable accounts after payment?Do not give solution in image
- A company's balance sheet shows $100,000 in prepaid rent. Half of that amount is for the following year. What is the first journal entry that should be made? Select an answer: Credit Assets by $50,000, and debit Rent by $50,000. Credit Assets by $50,000, and credit Rent by $100,000. Debit Assets by $50,000, and credit Rent by $50,000.Data for RelyaTech Corp., a large merchandiser, is below: • Sales are budgeted at $300,000 for November, $320,000 for December, and $220,000 for January, • Collections are expected to be 70% in the month of sale and 30% in the month following the sale. • The cost of goods sold is 75% of sales. • RelyaTech desires to have an ending merchandise inventory at the end of each month equal to 80% of the next month's cost of goods sold. P merchandise is made in the month following the purchase. • Other monthly expenses to be paid in cash are $22,100. • Monthly depreciation is $26,000. • Ignore taxes. • (ID#95496) Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock 30,000 82,000 180,000 1,014,000 $1,306,000 $ $ 246,000 750,000Calculate average daily balance: (Round your answer to the nearest cent.) 29 Day Billing Cycle 9/6 Balance $600 9/18 Payment $200 9/24 Charge $300 Average daily balance
- Prepare the following journal entries. a. sales on account are $ 8,200. b.customer returns $ 1,200.Provide the answer is correct optionA credit card bill for $655 was due on April 14. Purchases of $155.56 were made on April 19. The amount $22.45 was charged on April 21 and $203.36 was charged on April 28. A payment of $500 was made on April 25. Find the average daily balance (in dollars) if the next due date is May 14. (Round your answer to the nearest cent.) $?