Answered: Using the ordinary dating method,…

Using the ordinary dating method, calculate the discount date and the net date for the following transactions. Date of Invoice Terms of Sale Discount Date(s) Net Date 13. January 29 2/10, 1/20, n/60

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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Question

Using the ordinary dating method, calculate the discount date and the net date for the
following transactions.
Date of Invoice Terms of Sale Discount Date(s) Net Date
13. January 29 2/10, 1/20, n/60

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Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances a. $13,800 $251 FOB shipping point, 1/10, net 30 $1,400 Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances b. $4,900 $59 FOB destination, 2/10, net 45 $1,100
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44
answer step by step
sournal entry? Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330.
None
Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $9,400 $366 FOB Shipping Point, 1/10, net 30 $900 (b) $9,300 $77 FOB Destination, 2/10, net 45 $2,000 a. $fill in the blank 1 b. $fill in the blank 2
24 - Which of the following transactions does the above journal item belong to? a) Goods Sales Return Record B) Registration of Returns from Purchase of Goods NS) Goods Sales Discount Posting D) Goods Purchase Expenses Record TO) Goods Sales Record
7- Which of the following transactions does the above journal item belong to? a) Goods sales expense record B) Return registration from goods purchase NS) Goods purchase discount posting D) Goods sales record TO) Goods purchase expense record
10) Complete the table. Invoice Date Terms Last Date Last Date to Pay Invoice Date Paid Net Price Complement of Cash Price to Take Discount cash-discount rate 22-Nov. 7/10, n/30 1-Dec. $4,178.45
10 - Which of the following transactions does the above journal entry belong to? a) Goods purchase record on credit B) Goods sales discount posting NS) Goods sales record D) Return registration from goods sale TO) Goods sales record against promissory note
8.Which of the following occurs/takes place under the gross price method of recording purchases? a. Purchase discount is recorded when payment is made within the discount period. b. Purchase discount lost is recorded when payment is made after the discount period. c. Purchase discount is recorded when payment is made after the discount period. d. Purchase discounts lost is recorded when payment is made within the discount period. e. Option 5
Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount period Final day bill is due (end of credit period) June 18 1/10, n/30