Accounting On March 15, Weston Metalwork purchased $9,750 worth of weldingmaterials from a supplier that offered terms of 2.00/7, net/30. The discountapplies to any amount paid within the discount period.If Weston Metalwork paid $7,000 on March 20, what is the unpaidbalance?(This problem involves the partial payment of an invoice within thediscount period.)Round your answer to two decimal places.S..... Unpaid balance

Step 1: Define Invoice Payment TermsInvoice Payment Terms are the conditions set by a seller that…

Answered: On March 15, Weston Metalwork purchased…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

See similar textbooks

Similar questions

Scarlet Company received an invoice for $80,000.00 that had payment terms of 3/5 n/30. If it made a partial payment of $16,300.00 during the discount period, calculate the balance of the invoice. $0.00 Round to the nearest cent Questions
Boeing Truck Company received an invoice showing 10 tires at $125 each, 13 tires at $178 each, and 19 tires at $179 each. Shipping terms are FOB shipping point. Freight is $559; trade discount is 10/4; and a cash discount of 4/10, n/30 is offered. Assuming Boeing paid within the discount period, what did Boeing pay? Note: Round all intermediate calculations to two decimal places (the nearest penny) and enter your final answer rounded to two decimal places. Payable amount
Boeing Truck Company received an invoice showing 12 tires at $114 each, 16 tires at $164 each, and 19 tires at $184 each. Shipping terms are FOB shipping point Freight is $440; trade discount is 10/5; and a cash discount of 4/10, n/30 is offered. Assuming Boeing paid within the discount period, what did Boeing pay? (Round all intermediate calculations to two decimal places (the nearest penny) and enter your final answer rounded to two decimal places.) Payable amount 6,881.64
On March 19 Gunderson’s Hardware received a $20,800 invoice dated March 15. Cash discount terms were 3/10, n/30. On March 24, Gunderson sent an $8,320 partial payment. What is the outstanding amount due on this invoice? What is the outstanding on this invoice?
Saved Boeing Truck Company received an invoice showing 12 tires at $114 each, 15 tires at $157 each, and 17 tires at $191 each. Shipping terms are FOB shipping point. Freight is $477; trade discount is 10/5; and a cash discount of 3/10, n/30 is offered. Assuming Boeing paid within the discount period, what did Boeing pay? (Round all intermediate calculations to two decimal places (the nearest penny) and enter your final answer rounded to two decimal places.) Payable amount
Encino Ltd. received an invoice dated February 16 for $520.00 less 25%, 8.75%, terms 3/15 E.O.M. A cheque for $159.20 was mailed by Encino on March 15 as p payment of the invoice. How much does Encino still owe? NOTE: Don't forget the units, round to 2 decimal places and DO NOT use any spaces in your answer.
DCM Clocks received the following two invoices from its supplier: $26,500 on November 24, 2014 and $22,500 on December 9, 2014. If the payment terms on both the invoices were 3/15, 1.5/30, n/60, calculate the amount that must be paid by DCM Clocks to settle both of these invoices on December 24, 2014. Round to the nearest cent -> SAVE PROGRESS SUBMITASSIGN acer
A retailer purchases some merchandise with an invoice price of $19,700 and terms of sale of 5/15, n/45. What is the net amount due (in $) on the order if a partial payment of $10,800 is made on the 15th day? (Round your answer to the nearest cent.)
Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned's decides to send in a $2,000 partial payment. a) By what date must the partial payment be sent to take advantage of the cash discount? b) What is the net date? c) If partial payment was sent by the discount date, what is the balance still due on the order?
Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
PLEASE SHOW ALL WORK 6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment.Amount credited = Amount paidComplement of cash discount rate = $11,500 7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. 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:
Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $290 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17 If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Apr. 7 Apr. 17 Accounts Payable Accounts Receivable Merchandise Inventory Sales Discounts Sales II III II II

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS