n November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign entity for 350,000 marks. The merchadise was shipped and invoiced to Lemon on December 10,20x1. Lemon paid the invoice on January 10, 20x2. The spot rates are as follows: Nov 15, 20x1 32.6975 December 10, 20x1 32.6895 December 31, 20x1 32.6695 January 10, 20x2 32.6495 Requirement: Provide the journal entries in 20x1 and 20x2.

Q: The invoice of a Toy company amounts to 800 OMR was dated February 7, and offered terms 2/10, n/30…

A: Introduction: ROG: ROG stands for Receipt of Goods. Due date is to be calculated from the date of…

Q: Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021.…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June…

A: The Receipt-of-goods (ROG) is the method of payment, wherein the date of commencement is the day on…

Q: 33.  Q sells to wholesalers on terms of 2/15, 3/30. An analysis of Q’s trade receivable balances at…

A: Net realizable value of accounts receivable=Collectible amount-Cash discount

Q: 2.  A credit sale of P750 is made on June 13, term 2/10, net/30. A return of P50 is granted on June…

A: The credit sale is the selling of goods & services without receiving the consideration of…

Q: On June 1, 2018, JULLIES, Inc. sold merchandise with a list price of ₱40,000 to JELLY Corp. on…

A: Net purchase price = List price - trade discount = ₱40,000 - ₱40,000*(1-0.30)*(1-0.20) = ₱17,600

Q: On February 20, 2023, LIME COrporation sold merchandise with a list price of ₱ 150,000 to Durian on…

A: DISCOUNTING TERM The 2/15 net 40 Calculation is a Way of Providing cash discount on Purchase. It…

Q: Determine respective amount of discount, amount payable and maturity date for the following dating:…

A: The discount amount and the date of maturity for the invoices have to be computed as per the terms…

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: On April 1, Welsch Company sold merchandise to Rodriguez for $18,000, terms 2/10, n/30. Because of…

A: Welsch Company Accounting Entries and Balancesa. Journal Entries:Date Account Name Debit Credit…

Q: b. IKEA Berhad used the allowance method to account for uncollectible accounts. Apr 1 Sold RM2,500…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Journal entries for an accounts receivable denominated in Swiss Francs (SUS strengthens and weakens)…

A: Accounts  receivable = CHF 250,000 ×$1.12 = CHF 280,000

Q: The invoice of RM4,500 dated 26 May 2005 has trade discounts of 11%, 9% and cash discount terms of…

A: A trade discount seems to be the sum whereby a producer decreases the retail price of an item when…

Q: On January 2, 2017 Adani inc. sells goods to Geo Company in exchange for a zero-interst-bearing note…

A: Journal entries are passed following the golden rules of accounting.  Debit all assets and expenses…

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

A: Formula: Sales discount = Net sales x Discount rate

Q: #7 Date of invoice: March 14 Credit terms: 2/20, 1/45, n/60 Determine the last date on which the…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Brimstone Co. purchased 1,865 items at $8.24 each less trade discounts of 26%, 12%. On August 27,…

A: Trade discount is the discount offered to encourage the buyer to purchase the item in bulk quantity.…

Q: For the current period, ABC Co. had the following transactions with DEF Co.: Jul 01 Sales on account…

A: When an amount is due from a debtor of the business, the company can opt for receipt of other…

Q: Why is an active board of directors’audit committee important to an organisation.

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Question 9 of 9 Brimstone Co. purchased 1,815 items at $8.62 each less trade discounts of 31%, 10%.…

A: 2/15 net 40 means 2% discount will be there if payment is made with in 15 days and no discount after…

Q: subscription default assuming 1,500 shares out of the 7,000 shares were unable to pay the last…

A: •Share holders a/c dr 2,31,000        To share capital a/c 2,31,000

Q: Boeing Truck Company received an invoice showing 10 tires at $125 each, 13 tires at $178 each, and…

A: The question is based on the concept of Financial Accounting. While calculating the discounted…

Q: CPA Co. factored accounts receivable of P2,500,000 with credit terms of 3/10, n/30 immediately after…

A: Cash is an asset which is used as consideration for exchange of goods and services. It is treated as…

Q: Goods are sold on 30.09.2022 to the company "PD" instead of the amount of €10,000, with promissory…

A: Accrued interest revenue will be credited to the Income Statement of current year.    Unearned…

Q: Plus Inc. exports flour to Germany. Prepare journal entries, including explanation to record the…

A: Step 1 Journal   is the Part of Book keeping.

Q: On 03.03.20X1 TK sold goods at a price of EUR 35,000 plus VAT on target to the customer CB. TK will…

A: Lets understand the basics Journal entry is required to make to record event and transaction that…

Q: Other sales include those of second-hand items acquired as repossessions and trade-ins of P1, 500…

A: To calculate the gross profit rate on installment sales, we need to determine the cost of…

Q: An invoice received from Royal Exporters totaled $ 695.50$695.50​, was dated October 33​, and…

A: Credit term is 2 / 12 ROG.The interpretation is if the payment is done within 12 days of "Receipt Of…

Q: Company Zumba delivers goods to Customer Yuppie on 1 January 2018. The agreement between the two…

A:

Q: On entity enters into a contract to transfer Products A and B to a customer in exchange for P1,000.…

A: As per the Honor code of Bartleby we are bound to given the answer of first question only, Please…

Q: Swaziland Company provided the following year-end data: 2021 2020 Accounts receivable P175,000…

A: Amount collected from customers during 2021 = Beginning Accounts receivable  + Gross sales - sales…

Q: Based on the following information, how much is the amount that would be paid on May 30? Invoice…

A: A trade discount is given at the time of purchase to the retailer or reseller by the manufacturer on…

Q: Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021.…

A: The question is related to the goos sold om credit. The credit policy os 2/10, net 30. It means that…

Q: 10. In 2021, Xylem Inc. completed the treasury stock transactions listed below. February   2:…

A: When the stocks are repurchased by the issuing company from the shareholders, the repurchased stocks…

Q: On March 1, 20X1 ABC Co. assigned its P1,000,000 accounts receivable to B Bank in exchange for a…

A: Cash received from the assignment of accounts receivable will be calculated after deducting the…

Q: After paying P846,740 and being allowed a discount of P17,260 for prompt settlement, P312,560 was…

A: Calculation of amount paid towards current year purchases - Particulars  Amount  Cash paid…

Q: roblem Solving. A promissory note which is dated January 1, 20A was received from a client for…

A: The promissory note carry the interest that is payable on the maturity of the note. that note can be…

Q: An invoice for $128,700 dated August 26, 2014 for a shipment of furniture has payment terms 1.5/15,…

A: Trade credit refers to the practice of providing goods to the buyer who then pays for them at a…

Q: Asap 2012 MARCH A retailer received an invoice of RM4,500 dated 6 July 2010 with trade discount…

A: Trade discount is the amount of discount which is being given to all the customers on list price of…

Q: The buyer received an invoice from the seller for merchandise with list price of RO 3500 and credit…

A: Amount of discount=Invoice amount×Rate of interest=RO 3500×2%=RO 70 Thus, the amount of discount…

Q: On January 2, 2022, Larkspur SE sells goods to Geo Company in exchange for a zero-interest-bearing…

A: The question is based on the concept of Financial Accounting.Revenue means the gross inflow of cash,…

Q: The company's average collection period for 2021 is (Round answers to O decimal places. Use 365 days…

A: Introduction:- Calculation of Accounts receivable turnover ratio as follows under:- Accounts…

Q: Vision Importing Company engaged in the following transactions involving promissory notes: Jul 2…

A: Notes payable: It is a long term liability to the organization issuing it. It is issued to raise…