None QUESTION 5a) Maju Jaya Trading received 40 pairs of sport shoes from a manufacturer with discountsof 6%, 5% and 1%. The invoice dated 28th January 2022 has cash discount terms of 4/10,3/20, n/30. The total list price was RM1,950. Find the total payment if the payment wasmade on 8th February 2022.

Step 1: Calculate the Net Price After Trade DiscountsMaju Jaya Trading received three successive…

Answered: QUESTION 5 a) Maju Jaya Trading…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On 10th October 2023, you purchased office furniture from a supplier for £2,500, with a VAT rate of 20%. Record the purchase and the VAT payable in the journal entries table
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1. Riverbed Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $630,700 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,700. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Riverbed for the full sales price. a)Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on January 28, 2020. Assume that Riverbed Company records the January 2, 2020, transaction using the net method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) b)Prepare the journal entry(ies) to record the sale and related cost of goods sold for Riverbed Company on January 2, 2020, and the payment on…
Silver Cloud Computing purchased office equipment for $75,000 with a trade discount of 12% and cash discount terms of 2/10, n/30. If they pay within the discount period, calculate the final payment amount. Solve this problem
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3. Jefrey Yang receives a bill of P30,500 dated January 13 with terms, 7 , 5/10 and n/30. What cash discount will he receive if he pays a. Immediately? b. In 9 days? c. On the 25th day?

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