Natalie received an invoice for $6,000 that had payment terms of 4/15 n/45. She 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.
Q: create the journal entries for myers co. on 8/2/20, myers loaned a supplier 80,000 in exchange…
A: Journal entries recording is the first step of accounting process, in which atleast one account is…
Q: On May 1, the billing date, Kayla had a balance due of $673.64 on her credit card. In May, Kayla…
A: Determine the finance charge on June 1 by previous balance method: By this method, we need to…
Q: An invoice dated June 27 for P20, 850 carried a cash discount of 5/30. If this invoice is paid on…
A: Given:Invoice date=27 juneAmount=P20850Cash discount=5/30Invoice paid date=July 25Computation of…
Q: pose that on January 1 you have a balance of $6200 on alculate your monthly payments. /hen the card…
A: The given problem can be solved using PMT function in excel. PMT function computes installment…
Q: On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on…
A: Notes receivable applies to the claims on which structured financial instruments, such as promissory…
Q: An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice…
A: Discount = $75.20 * 1% = $0.75
Q: On July 9, Mifflin Company receives an $8,600, 90-day, 12% note from customer Payton Summers as…
A: Journal entry represents the entry where the financial transactions are recorded.
Q: The Continental Bank made a loan of $26,000.00 on March 26 to Dr. Hirsch to purchase equipment for…
A:
Q: The monthly finance charge is computed at 1.5% of the unpaid balance. Determine the (a) unpaid…
A: The balance which is outstanding at a certain point of time is known as previous balance. This…
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: The Continental Bank made a loan of $20,000 on March 25 to Dr. Hirsch to purchase equipment for her…
A: Given, Loan amount = $20,000 Date of loan = March 25
Q: A credit card had a previous balance of P 9 500 on June 10. A purchase of P 5 000 was made on June…
A: Credit card balance is the net amount owed by the borrower at the end of given month. The balance…
Q: office.com received an $8000 invoice dated April 10. Terms were 2/10, 1/15, n/60. On April 14,…
A: Note: 2/10, 1/15, n/60: Here, 2 represents the discount rate if payment is made within ten days. 1…
Q: Scarlet Company received an invoice for $65,000.00 that had payment terms of 1/5 n/30. If it made a…
A: This question require us to calculate the amount credited and balance of invoice after partial…
Q: As at 31 December 2019 Jenny had a bank loan of $4.500 and a balance of $1,400 in her bank acCount.…
A: The question is related Basic Concepts of Accounting. Assets have a debit balance and Laibilities…
Q: How do you find the amount of payment to be credited and the balance outstanding when you know the…
A: GivenInvoice Value = $600Invoice Date = 7/5Conditions for Payment = 4/10 and n/60This condition…
Q: Spring Appliances received an invoice dated June 13 with terms 4/10 EOM. for the items listed below.…
A: A. As per payment term of 4/10 EOM, so of invoice amount is paid within 10 days after end of the…
Q: On April 13, Thomas Ash deposited $2,500 in a passbook savings account at 3.5% interest compounded…
A: Given: Principal amount =$2500Interest rate =3.5% No. of days between April 13 to August 5 =115 days
Q: The Continental Bank made a loan of $21,000.00 on March 4 to Dr. Hirsch to purchase equipment for…
A: Loan Amount $ 21,000.00 Loan date 04-03 Interest Rate on 04th…
Q: From the following transaction of M/s J. Chandra, you are required to prepare a Bills Receivable…
A: Bills Receivables book:- It is maintained to record the bills receivables from debtors. All the…
Q: 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie…
A: Notes are issued at the discount and this discount is interest on the note and proceed from note is…
Q: How do you find the amount of payment to be credited and the balance outstanding when you know the…
A: Calculate the amount to be credited. The buyer gets a discount of 4%, if the bill is paid within 10…
Q: Jennifer is charged interest of 19.99% per annum on her credit card. Dec-01 Jennifer withdrew $500…
A: Given that amount in the month of December = $ 8.48 Interest from 1st Jan to 11th Jan Beginning…
Q: i will be attaching the 1st question as asked but kindly answer the second question only. thanks! 1.…
A: Minimum monthly payment is that payment, which is the amount of money paid by a borrower, It is…
Q: Callum, the owner of a hockey rink, received an invoice for $3600 that had payment terms of 3.5/10,…
A: Discount: When a buyer purchases goods on credit from a seller, then the seller asks the buyer to…
Q: Presented below are two independent situations. (a) On April 2, Jennifer Elston uses her JCPenney…
A: Transaction: A business event that has a monetary effect on an entity's financial statements and is…
Q: (a) What is the last day for taking the cash discount? (b) What is the amount due if the invoice is…
A: Credit term refers to a payment term mentioned in the invoice which stated the timing and payment of…
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: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…
A:
Q: (a)Record the following events in 2008. Aug. Determined that the account of Henry Hum for $2,500 is…
A: 1. Allowance Method - Under Allowance Method company makes the provision for allowance for doubtful…
Q: Stacy's Dress Shop received a $1,130 invoice dated July 16 with 2/10, 1/15, n/60 terms. On July 30,…
A: As stated, the payment term is 2/10,1/15,n/60. It means if the customer will make payment within 10…
Q: Requirement 1. Use the direct write-off method to jounalize Valley's write-off of the uncollectible…
A: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from…
Q: On the April 5 billing date, Michaelle Chappell had a balance due of $978.09 on her credit card.…
A: The question is based on the concept of Financial Accounting.
Q: Payment dates On March 25, the following invoices were issued for a $500 purchase on credit.…
A: The invoice is created for the amount due to the supplier for the credit purchase made during the…
Q: On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some…
A: Interest received on Notes = Face value of Notes x rate of interest x time = $11,000 x 9% x 6/12 =…
Q: The Continental Bank made a loan of $20,000 on March 25 to Dr. Hirsch to purchase equipment for her…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: A credit card company determines a card holder's minimum monthly payment by adding all new interest…
A: Total outstanding principal = $592+$429+$120+$104Total outstanding principal = $1245 Total days till…
Q: On august 10, a credit card account had a balance of $345. A purchase of $64 was made on august 15,…
A: Finance charge means the interest which a borrower is required to pay on the outstanding credit. The…
Q: On January 10, Molly Amise uses her Concord Corporation credit card to purchase merchandise from…
A: The entries on Concord corporation's books related to the transactions that occurred on January 10,…
Q: On October 3, Ken steele, a carpenter, received a cash payment for services previously billed to a…
A: Journal entry is a set of economic events which can be measured in monetary terms. These are…
Q: Jangles Corporation received a $20,000 invoice dated March 3. The Cash discount terms were 3/10,…
A: If the company made payment within 10 days. then the company will receive a 3% discount on the…
Q: On the July 5 billing date, David had a credit card balance due of $589.85. The transactions during…
A: Finance charge refers to the cost of credit that is fee charged by for the use of credit or the…
Q: An invoice, with payment terms of 5/10, n/30, was issued on April 28 for $240. If the payment was…
A: An invoice is a document issued at the time of credit purchase to specify the date and method of…
Q: Simon got an invoice dated on May 2nd with an amount of $2,150.00 and the terms are 4/15, n/30 ROG.…
A: 4/15, n/30 means if the invoice is paid within 15 days a discount of 4% will be given otherwise full…
Q: On March 19 Gunderson’s Hardware received a $20,800 invoice dated March 15. Cash discount terms were…
A: The question is based on the concept of Financial Accounting.
Q: a) How much did the woman pay for the use of the money? b) Determine the amount she repaid to the…
A: Simple interest is the amount of interest that a borrower pays on the loan acquired by him or her…
Q: c) An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are…
A: Bill payable: It can be defined as a document that presents the amount owed by an individual or an…
Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer…
A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…
Step by step
Solved in 2 steps
- 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?Question 1 of 6 Scarlet Company received an invoice for $75,000.00 that had payment terms of 4/5 n/30. If it made a partial payment of $15,800.00 during the discount period, calculate the balance of the invoice. Round to the nearest centLee 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)
- mework Saved Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August 10, Stacy's sent a $261 partial payment. (If more than one discount, assume date of last discount) a. What credit should Stacy's receive? (Round your answer to the nearest cent.) Credit %$4 b. What is Stacy's outstanding balance? (Round your answer to the nearest cent.) Outstanding balance 24Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale PartialPayment Credit forPartial Payment NetAmount Due $8,303.00 2/10, n/30 $2,400 $ $Can Tech Supply recently received two invoices, which were subsequently paid. The anmounts. terms. invoice dates and the dates the payments were made are shown below Based an this intomation determine the amounts of the payments that would have been made to settle the bils For fu marks your arswers) should be rounded to the nearest cent Cick here for help computing the number of days between two dates Invoice Amount Credit Terms Invoice Date Payment Date Payment $1,103.29 3/15, n/20 April 6 April 19 0.00 $1,611.72 1.25/10, n/20 June 18 June 29 0.00
- How do you find the amount of payment to be credited and the balance outstanding when you know the amount of invoice is $600, the terms are 4/10 and n/60, the invoice date is 7/5, the actual partial payment made is $400, and the date of partial payment is 7/14?K An invoice is dated June 18 with terms 3/10-50 ex. Find the final discount date and the net payment date. The net payment date is 20 days after the final discount date. The final discount date is The net payment date is June July ▼ ▼ CHEFind the balance due:Amount of invoice: $600 Terms: 2/10, 1/15, n/30 Date of invoice: September 30 Paid October 3: $400 Don't forget to use a $ and round to the nearest cent.
- 5.5 Prepare general journal entries for the discount and the payment. Steve Ponting Plumbing offer Harold Raven a discount of 2% if his account is paid within 7 days of the invoice date. On 8 October, services to Harold of $3,300 including GST were invoiced by Steve Pointing Plumbing on Invoice 123. Harold paid on 10 October, taking advantage of the discount offered. General Journal Date Particulars Debit CreditScarlet Company received an invoice for $65,000.00 that had payment terms of 1/5 n/30. If it made a partial payment of $17,600.00 during the discount period, calculate the balance of the invoice. Scott received an invoice for $5,000 that had payment terms of 2/5 n/30. She made a partial payment of $2,500 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. Round to the nearest centStacy's Dress Shop received a $1,130 invoice dated July 16 with 2/10, 1/15, n/60 terms. On July 30, Stacy's sent a $250 partial payment. a. What credit should Stacy's receive? (Round your answer to the nearest cent.) Credit b. What is Stacy's outstanding balance? (Round your answer to the nearest cent.) Outstanding balance