Sky hill Inc. sold merchandise for $15,000 with credit terms 2/10, n/30. A $500 allowance was given after 3 days. The customer paid on day 9. What amount was collected?
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- 1.On June 1, P8,000 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer returned P1,000 of the goods. How much should the seller expect to receive if the buyer pays on June 8?A retailer buys merchandise from a supplier with an invoice amount of $12,400. The terms of the sale are 5/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day? Need Help? Food Watch tPrepare the following journal entries. sales on account are $ 8,200. customer returns $ 1,200. customer is given an allowance of $ 425. a customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.
- On April 7, Rainforest Co. sold merchandise in the amount of $4,200 to Stellar Co. with credit terms 1/10, n/30. the cost of the items sold is $2,900. Stellar pays the invoice on April 14. The journal entry Rainforest Co. makes on April 14 is: Accounts Payable Cash Cash Accounts Receivable Cash Sales Discount Accounts Receivable Cash Accounts Receivable Cash Sales Discount Accounts Receivable 77 4,200 4,200 4,158 42 2,900 4,120 29 4,200 4,200 4,200 2,900 4,149Nieman Company purchased merchandise on account from Springhill Company for $12,100, terms 2/10, n/30. Nieman returned merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Nieman Company to record the return?What is the amount of gross profit earned......?
- Barans Company purchased merchandise on account from Springhill Company for $12,800, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $3,200 and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar.For questions 25-27, your answer will be add on bank side, subtract on bank side, 21. A company sells $23,980 of inventory to a customer on account. The terms are 2/10, n30. If the customer pays in 10 days, write the entry to record receipt of the payment.On May 10, Blossom Company sold merchandise for $4,500 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 3.4% service charge for credit card sales. Prepare the entry on Blossom Company's books to record the sale of merchandise. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation May 10 Accounts Receivable Sales Revenue Service Charge Expense eTextbook and Media: Debit 4500 I Credit 4500
- Barans Company purchased merchandise on account from a supplier for $9,200, terms 1/10, n/30. Barans returned $1,500 of the merchandise and received full credit. A. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $________________ B. What account is debited by Barans Company to record the return? Options are: 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Merchandise Inventory 5. Purchases 6. Sales 7. Sales Returns and Allowancesen June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17