Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018. a. How many days were there between the date of the invoice, and when the invoice was paid? Number of days = b. How much was the amount of the discount? Amount of discount = $ c. How much was paid? days Amount paid = $ (round to the nearest cent) (round to the nearest cent)

Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018. a. How many days were there between the date of the invoice, and when the invoice was paid? Number of days = b. How much was the amount of the discount? Amount of discount = $ c. How much was paid? days Amount paid = $ (round to the nearest cent) (round to the nearest cent)

Name: Lee receives an invoice from Office Depot dated November 2nd, 2018 fo
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 withterms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018.a. How many days were there between the date of the invoice, and when the invoicewas paid?Number of d

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: In a manufacturing company, overhead allocations are made for three reasons: (1) to determine the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are received…

A: Given: 7/18 means if you pay the bill within 18 days you will get a discount for 7% N/30 means if…

Q: . Journalize all entries for Symphony Bank related to the note for 2018 and 2019.

Q: MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note…

A: Note receivable is considered as a negotiable instrument. It represents the claim amount due on the…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Definition: Liabilities: The claims creditors have over assets or resources of a company are…

Q: A small business receives an invoice for $1675 on January 5, 2022 and the payment terms are 5/14,…

A: Payment terms 5/14, 2/21, n/60 means that 5% discount will be allowed if payment is being made in 14…

Q: On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,900 on December…

A: Interest paid = Face Amount - Cash Proceeds = 120,900-116,400…

Q: March 30 Loaned an officer of the company $30,000 and received a note requiring principal and…

A: Journal entries are the first step of accounting. All day to day transaction and events such as…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: given that, January 1, 2018, Bank's Hardware issues a note with a principal amount of $560,000 rate…

Q: An invoice for $589 is dated June 19, discount 4/20. Shipping charges are FOB shipping point for the…

A: The terms "4/20" on the invoice indicate a cash discount of 4% if paid within 20 days. The invoice…

Q: On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,800 on December…

A: The promissory note is a kind of security issued by a business entity in order to raise fund. The…

Q: Does a customer earn a cash discount with terms 5/15, net 60 on an invoice dated April 27 that is…

A: The terms "5/15, net 60" are known as credit terms or payment terms. These terms specify the…

Q: Using the table, what is the average daily balance of the credit card for the August 1 through…

A: The average daily balance is generally used to calculate interest on credit card balances. It means…

Q: Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1,…

A: Total interest on Note = face value of note x rate of interest x no. of years = $459,505 x 14% x 2…

Q: On August 2, Jun Co. receives a $6,900, 90-day, 11.0% note from customer Ryan Albany as payment on…

Q: A man received an invoice dated March 9, with term 3/10, n/30 amounting to $510. He paid the…

A: Formula to calculate cash discount:Cash discount = cash amount * Discount rate

Q: Suppose your VISA card calculates interest using the average daily balance method, and the monthly…

A: "Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Mary received an invoice for $6,000 that had payment terms of 5/10 n/30. He made a partial payment…

A: Amount credited = $3,600 / (100% - 5%).= $3,600 / 95%.= $3,789

Q: Chelsea's Boutique received an invoice dated August 30th for $1,875.00, with terms of 2/10, 1/15,…

A: The companies gives discount for cash payments but if the payment done within that period but not…

Q: I'm not sure how to journal the principal plus interest for the last transaction. I think that I do…

A: Note receivable is one of the current asset of the business. It means promise has been received from…

Q: Gunderson’s Hardware received a $1,120 invoice dated July 15 with 5/10, 4/15, n/60 terms. On July…

A: Note: 5/10, 4/15, n/60: Here, 5 represents the discount rate if payment is made within ten days and…

Q: Steve Ponting Plumbing offer Harold Raven a discount of 2% if his account is paid within 7 days of…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with
terms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018.
a. How many days were there between the date of the invoice, and when the invoice
was paid?
Number of days =
b. How much was the amount of the discount?
Amount of discount = $
c. How much was paid?
days
Amount paid = $
(round to the nearest cent)
(round to the nearest cent)

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Solution:

VIEW

Solution

VIEW

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

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?
An invoice for $12,000 arrived on Sept. 26, w/ terms 3/7, 2/30, n/60. A second invoice for $93,000 arrived on Sept. 29, w/ terms 5/7, 1/30, n/60. You paid $10,000 on Oct. 1. How much do you have to pay today to settle the invoices?
Party Pals Company received an invoice dated Oct 18, 2023, for $ 7,800 with trade discount series of 25% and 15%. Payment terms are 5/10 2/30 , n / 60 . a) What is the invoice amount?b) What are the last days of the two discount periods?c) How much should be paid on Oct 26 to reduce the unpaid balance to $ 3,000.00? d) How much should be paid on Nov 10 to reduce the unpaid balance by $1,500.00? e) What was the account balance on after the Nov 10 payment?
Shawana Valley is an attorney in Los Angleses. Valley uses the direct write-off methodd to account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she earned revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirement 1. Use the direct write-off method to jounalize Valley's write-off of the uncollectible receivables. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. What is Valley's balance of Accounts Receivable at May 31, 2018? Start by selecting the labels and then enter the amounts to calculate the balance in Accounts Receivable at May 13, 2018. ACOUNTS RECEIVABLE Collections -Apr 30 Bal- Net credit sales- write- offs
The terms of an invoice are 3/10, n/30 E.O.M. The invoice date is April 10. The last date on which the discount can be taken is: Select one: O a. April 30 O b. April 20 O c. May 30 O d. May 10
Help me selecting the right answer. Thank you
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:
need help with 1D, Feb 14.! Received Todd’s payment of principal and interest on the note dated December 16. The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3…
i Required Information [The following Information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your Intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Use the calculated value to prepare your journal entries. View transaction list View journal entry worksheet No 1 Date December 13 General Journal Debit Credit Accounts receivable-M. Lee 14,000 Cash
Joshua borrowed $500 on January 1, 2021, and paid $30 in interest. The bank charged him a service charge of $21. He paid it all back at once on December 31, 2021. What was the APR? (Enter your answer as a percent rounded to 1 decimal place.) APR %
Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $490,000, 11% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019.
Melissa received an invoice for $5,000 that had payment terms of 2/15 n/30. He made a partial payment of $3,000 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made.