On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credi should jangles receive? What is jangles outstanding balance?

On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credi should jangles receive? What is jangles outstanding balance?

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: Mar. 17 Received $1,080 from Shawn McNeely and wrote off the remainder owed of $4,350 as…

A: Journal: Recording of a business transactions in a chronological order.

Q: Prepare the journal entry to record an uncollectible account receivable of $10,000 using the direct…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Presented below are two independent situations. (a) On March 3, Kitselman Appliances sells…

A: Factoring indicates to a transaction in which the corporation sold its receivable dues to the third…

Q: The SWIPE Company's Account Receivable Control Accounts had balance of P2,865,000, which the…

A: Trade Receivable: Trade receivables are defined as the amount owed to a business by its customers…

Q: Presented below are the receivables of Credicor Corporation as of December 31, 2020. Mr. A -…

A: What is meant by Factoring? Factor means a source of funding that provides the company value of…

Q: ABC Company finances some of its current operations by factoring its accounts receivable to a…

A: Factoring is a process where the accounts receivable are sold by the entity to the finance company…

Q: An invoice of RO500 with the terms 2/10, n/30 ROG is dated on June 10. The goods are received on…

A: 2/10,n/30 means 2% cash discount can be availed if payment is paid within 10 days of invoice. n/30…

Q: What was the September 30 balance in the control account?

A: Accounts Receivables means those accounts to whom the business has made credit sales on account.…

Q: Encino Ltd. received an invoice dated February 16 for $520.00 less 25%, 8.75%, terms 3/15 E.O.M. A…

A: An invoice is a list of goods or services provided with a statement of the sum due on it.

Q: Crane Company has a balance in its Accounts Payable control account of $ 8,020 on January 1, 2022.…

A: Journal and ledgers are used to record the financial transactions of a firm. First of all, financial…

Q: Exon Company sold accounts receivable of $28,000 (with an allowance for doubtful accounts of $840)…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: EOM Jones Company received an invoice for $1,450 dated August 28, terms 10 (A) What is the last date…

A: The company can make sales on account and also makes purchases on account, The companies make sales…

Q: At the end of 2022, Cullumber Co. has accounts receivable of $733,700 and an allowance for doubtful…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

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: 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: 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: Sunland Company had the following balances in receivable accounts at October 31, 2022 (in…

A: Certainly! Let's break down the components of the receivables section on Sunland Company's balance…

Q: Which September transaction would not be recorded in the four common types of the special journal?

A: A Special journal is used to record a single type of transaction that frequently occur in a…

Q: Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a…

A: Formula : Interest = (Amount of Note x rate) x number of days / 360 days

Q: At December 31, 2021, Concord Co. reported the following information on its balance sheet. Accounts…

A: Accounts Receivable turnover is an efficiency ratio which indicates the number of times a company…

Q: Leno Company sells goods to the Fallon Company for $15,000. . It offers credit terms of 3/10, n/30.…

A: Note: 3/10, n/30: Here, 3 represents the discount rate if payment is made within ten days. And if…

Q: Scarlet Company received an invoice for $80,000.00 that had payment terms of 3/5 n/30. If it made a…

A: Step 1: Since partial payment is made within the discount period, the discount is given to the…

Q: any received an invoice for $3,647.00 dated March 8 with terms 2/10, n/30. The company paid the…

A: Terms 2/10, n/30 means 2% discount on the invoice amount if paid within 10 days. or else the its due…

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount
terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credit
should jangles receive? What is jangles outstanding balance?

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: Brief description

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

Accounting for Cash and cash equivalents

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

Mar. 17 Received $810 from Shawn McNeely and wrote off the remainder owed of $4,820 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,820 cash in full payment. Journalize the above transactions, using the direct write-off method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles
Question: Gideon method Company uses the allowance of accounting uncollectable accounts. for On May 3, the Gideon Company wrote the $2,000 off account Hopkins. of uncollectable its customer, A. On July 10, Gideon received a check for the full amount of of $2,000 from Hopkins. On July 10, what what are the entry or entries Gideon makes to record the recovery of the bad debt?
Pharoah Company has a balance in its Accounts Payable control account of $8,460 on January 1, 2022. The subsidiary ledger contains three accounts: Hale Company, balance $2,970; Janish Company, balance $1,770; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,750 $5,990 $ 0 Janish Company 5,060 1,770 3,500 Valdez Company 5,885 6,430 0 What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $
Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460
An invoice dated April 22 shows a net price of $175.00 with the terms 3/10, n/30. What is the latest date the cash discount is allowed?
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?