On March 1, Bates Board Shop sells 351 surfboards to a local lifeguard station at a sales price of $303 per board. The cost to Bates is $158 per board. The terms of the sale are 5/15, n/30, with an invoice date of March 1. If the customer made the payment on March 20, how much cash did Bates Board Shop receive? Round to the nearest penny, two decimal places.

Q: Jill's dress shop purchaed merchandise worth $1,265 with an invoice date of November 27.  Jill paid…

A: Solution: As payment is made with in 15 days of invoice date, , therefore Jill will get cash…

Q: New Sunrise Bookstore sold 600 books on credit at $20.00 each with a sales term of 2/10 n/30. The…

A:

Q: Review the following transactions for Birdy Birdhouses and record any required journal entries.…

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A: Journal:   It is the systematic record of a financial transactions of a business recorded in a…

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Q: Wilson Cafeteria issues gift cards, which are very popular in the small town where the restaurant is…

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Q: Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30.…

A: Note payable refers to a negotiable instrument. It represents the claim amount due to the acceptor.…

Q: Blue Corp rents out service. During May forfeiture 10% of th record deposit forfe Debit Returnable c…

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Q: Summer Appliances received an invoice dated June 10 with terms 3/10 E.O.M. for the items listed…

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Q: On January 15 , Tundra Co. sold merchandise to customers for cash of $ 41,000 ( cost $ 28,000 ) .…

A: A journal entry is the act of keeping records of any transaction either economic or non-economic.…

Q: The store sold 28 gift cards for $100 per card. at year-end, 23 of the gift cards are redeemed.…

A: Unearned revenue:   It is the amount that a company receives in advance from clients. It is a…

Q: On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were…

A: 4/10 Term says that if the due amount is paid within 10 days then. they can avail 4 % discount.

Q: Sage sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold…

A: Financial transactions are initially recorded in the form of journal entries by the company.

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A: Here, Interest rate = 1.7% per month To Find: Finance charge =?

Q: (a) What is the last day for taking the cash discount? (b) What is the amount due if the invoice is…

A: To solve this problem, we'll follow these steps:(a) Calculate the last day for taking the cash…

Q: On June 15, Mike Wholesale Jewelry received an order for 500 pieces of Jewelry. The order was paid…

A:

Q: h from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. July 10: Furniture…

A: Date Particulars Debit Amount Credit Amount         Jul-05 Supplies (150 x 30) $4,500      To…

Q: A company sells goods on credit. On one sale, they sold it for $20,000 and offered a 2/10, net 30…

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Q: On March 1, Bates Board Shop sells 267 surfboards to a local lifeguard station at a sales price of…

A: "Terms of credit" refers to the specific conditions and terms under which credit is extended to a…

Q: For questions 25-27, your answer will be add on bank side, subtract on bank side, 21. A company…

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Q: Charlet Company sells office chairs to its customers. On May 2, Rutherford Corporation purchased 16…

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Q: Suppose that you made three purchases using your credit card during the month of January. The first…

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A: Markup is the amount of profit added to the product in order to calculate selling price per unit.

Q: Pharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of…

A: Calculate the amount of check.

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Q: 3. Review the following transactions for Birdy Birdhouses and record any required joumal entries…

A: Following are the required journal entries

Q: Review the following transactions for April Anglers and record any required journal entries.   Oct.…

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Q: Prepare the following journal entries.   sales on account are $ 8,200. customer returns $ 1,200.…

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Q: On November 15, a merchant purchased merchandise that he settled with 35% in cash, a payment for…

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Q: A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases…

A: The journal entries are prepared by a company to record the noneconomic and economic transactions in…

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