The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/10, n/30 will include a credittoCash for $2352.Sales Revenue for $2400.Sales Discounts for $48.○ Accounts Receivable for $2400.

Step 1: Calculate the DiscountThe terms 2/10, n/30 mean the customer gets a 2% discount if they pay…

Answered: The entry to record the receipt of…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 11E: The debits and credits for four related entries for a sale of 15,000, terms 1/10, n/30, are...

See similar textbooks

Similar questions

If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
The debits and credits for four related entries for a sale of 15,000, terms 1/10, n/30, are presented in the following T accounts. Describe each transaction.
The entry to record the receipt of payment within the discount period on a sale of $4000 with terms of 2/10, n/30 will include a credit to O Accounts Receivable for $4000. O Sales Discounts for $80. O Cash for $3920. O Sales Revenue for $4000.
The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 1/10, n/30 will include a credit to Cash for $1485. Accounts Receivable for $1500. ● Sales Revenue for $1500. ● Sales Discounts for $15.
The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255
29)The entry to record the receipt of payment within the discount period on a sale of $2,000 with terms of 3/15, n/45 will include a A)credit to Accounts Receivable for $2,000. B)credit to Sales Discounts for $60. C)debit to Sales Revenue for $1,940. D)credit to Sales Revenue for $2,000.
The entry to record a sale of P7,500 with terms of 2/10, n/30 would include a. Debit to sales for P7,350 b. Debit to sales Discount for P150 c. Credit to Accounts Receivable for P7,500 d. Credit to sales for P7,500
which one in 1-4 is correct? The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a 1. credit to Sales Discounts for $48. 2. credit to Sales Revenue for $2400. 3. debit to Sales Revenue for $2352. 4. credit to Accounts Receivable for $2400.
9. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a a. debit to Sales Discounts for $300 b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS

The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/10, n/30 will include a credit to Cash for $2352. Sales Revenue for $2400. Sales Discounts for $48. ○ Accounts Receivable for $2400.