what is the gournal jeneral entry for: 1. credit sales 2. borrowed $2000 from BSP Bank
Q: In the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount…
A: Credit terms: Credit terms are the terms of payment offered by the seller to the buyer.
Q: When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple…
A: Increase in debits should be debited and increase in expenses should be debited. Increase in…
Q: Which one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR…
A: Sales means amount of goods that are sent or sold to some other parties. It can be on cash basis or…
Q: In the credit terms 1/10, n/30, what does the "1" represent? Group of answer choices number of days…
A: Solution Concept Meaning of term credit terms 1/10, n/30, It means that if the payment is made…
Q: On April 1, 2020, Aljean Company discounted with recourse a 9-month, 10% note dated January 1, 2020…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: total amount of the credit-card sales on the record for the date 09/24/10. 4/10 ...... Sales Refunds…
A: Sales revenue refers to the income received through firm from its goods sale or from provision of…
Q: Journal Entry for Payee when giving note * to either the maker or a bank Debit Cash, Credit Notes…
A: Notes receivable is considered a negotiable instrument. It is a written promise to receive a certain…
Q: How do I record this transaction; Issues credit memo to Targhee Co., $27500, terms FOB shipping…
A: A credit memo is a modification given by a vendor when one of the buyers gets missing, off base, or…
Q: From the data below for Wong Company, prepare the closing entries for the year ended December 31.…
A: Date Account title and explanation Debit $ credit $ Dec-31 Sales $ 982,600 Interest revenue…
Q: OA $27,800 OB. $3,100 OC. $3,140 OD. $3,000
A: Answer : Cash receipt for interest = Beginning interest received + Interest revenue - Ending…
Q: In credit terms of 2/10, n/30 the "2" represents the A. Number of days in the discount period O B.…
A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…
Q: 2.1 Determine the 'payments and credits' value, if the client paid 25% c the closing balance of the…
A: Payments and credits is the amount paid as settlement to the Credit card dues.
Q: For the Feb3 transaction how did you get the amount of 6434 for the Cash credit?
A: Journal entries are those which are recorded for every transaction which takes place during the…
Q: Which one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR…
A: Ans. In case of credit purchases, the purchase is debited and the accounts payable or the due amount…
Q: Calculate the credit given for the partial payment and the net amount due on the invoice (in $).…
A: The terms of sale 2/10, n/30 means, there will be a discount of 2%, if payment is made within 10…
Q: Continue using the journal and journalize the following transaction: Mar. 31. Received bank…
A: Journal is one of the initial steps of accounting cycle. Journal includes the recording of financial…
Q: e an MBk degree holder from Transactions January 2020 Purchases 100 Galay mobiles ata cost of OMR…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Record the invoices amounting to $81,300 from the contracts.
A: Journalizing is the process of recording financial transactions in a journal, where each entry…
Q: Describe the transaction recorded. Cash 593.60 Sales Tax Payable 44.80 Sales…
A: Introduction: Ledgers: After recording journal entries all the entries are to be posted in…
Q: 25) How is the total of the purchases daybook posted to the nominal ledger? A. Debit purchases,…
A: The journal entries are used to record the financial transactions. It is also used to prepare the…
Q: These are the solutions for question 9DQ. Three accounts: Debit Accounts Receivable for $243,600…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: At what amount will accounts receivable be reported on the balance sheet if the gross receivable…
A: Accounts receivable will be shown after adjusting any allowance for uncollectible accounts
Q: A debit order of R1500 for payment of rates will appear in ____________during the bank…
A: Answer:- Bank reconciliation:- A bank reconciliation is the process of reconciling the bank account…
Q: Emporium bank lends money to a customer on a six month note. What journal entry does the bank…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Lincraft Corp. reports a current ratio of 3-to-1 in its 20X2 financial statements. The statement of…
A: Journal entry is an art of recording, classifying and summarizing the business transaction into…
Q: need help finding the net payment and credit towards account still due invoice amount= $538.42…
A: 3/10,1/15, n/30 E.O.M It means the 3% discount will be received if the payment made within 10 days…
Q: Credit memos from the bank Select one: a. decrease a bank customer's account b. are used to show a…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Ablema has provided you with the following bank statement and bank account details in respect of the…
A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…
Q: If the note payable has total credits of RO 500 and total debits of RO 120, how much is its balance?…
A: When take a loan , the company record notes payable as credit entry and Debit the cash account When…
Q: The average payment period of an organization is calculated by __________. a. Average payables /…
A: Average payment period is the time taken by the company to pay their credits.
Q: rate of interest
A: Simple interest is an easy way of calculating the interest charged on a loan or earned on a deposit.…
Q: In credit terms of 3/15, n/45, the "3" represents the Oa. number of days in the discount period Ob.…
A: Credit terms: Credit terms are terms between a seller and buyer. These terms state the time and…
Q: At what amount will accounts receivable be reported on the balance sheet if the gross receivable…
A: Allowance for uncollectible accounts = gross receivable balance x 16% = $42,500 x 16% = $6,800
Q: Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who…
A: Cash discounts refer to discounts given by sellers to buyers to motivate them to clear their debts…
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- 1Interest Revenue on the income statement is $3.900, beginning Interest Receivable is $360, ending Interest Receivable is $420, and Net Sales Revenue is $31,800. What is the cash receipt for interest? OA. $27,860 OB $3,100 OC. $3,140 OD. $3.8602. Study the account summary of the following credit card bank statement: Account numbers 3642 0243. Debits Account summary Gredits Balance brought forward R 2 000,80 Payments and credits Purchases and debits R 1 380,50 Interest charged R 22,51 Transaction fees 8,90 Closing balance 2.1 Determine the 'payments and credits' value, if the client paid 25% of the closing balance of the previous month's statement. 2.2 Calculate the closing balance. Refer to the transaction fee structure on p. 96 for Question 3, 4 and 5. 3. 3.1 A client wants to deposit R350 into his account. 3.1.1 How much will it cost the client to deposit the cash at the bank's own ATM if this is his first deposit of the month? 3.1.2 How much will it cost the client to deposit the cash inside the branch if this is his sixth deposit this month? 3.1.3 How much will it cost the client to deposit a cheque of R350 at the bank's own ATM if this is his first deposit of the month? 3.1.4 How much will it cost the client to deposít…
- For the Feb3 transaction how did you get the amount of 6434 for the Cash credit?Describe the transaction recorded. Cash 593.60 Sales Tax Payable 44.80 Sales 560.00 Credit CardExpense 11.20 (Select all your answers.) Sold merchandise for cash, plus sales tax. Purchased goods plus freight. Company deposited cash from the sale. Customer paid by bank credit card. Discount charged by bank to the seller. Interest credited by the bank.Next Question Find the total amount of the credit-card sales on the record for the date 09/24/10. 24/10 Sales Refunds $72.29 $488.57 The total of the credit-card sales for 09/24/10 is $ $72.37 $91.62 $180.47 $184.67 $52.32 $91.41 $75.09 $291.95 $135.36 $126.67 $258.07
- 25) How is the total of the purchases daybook posted to the nominal ledger? A. Debit purchases, Credit payables control В. Debit payables control, Credit purchases С. Debit purchases, Credit cash D. Debit cash, Credit purchasesIn credit terms of 3/15, n/45, the "3" represents the Oa. number of days in the discount period Ob. number of days when the entire amount is due Oc. percent of the cash discount )d. full amount of the invoiceIn the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount is due b. Full amount of the invoice c. Percent of the cash discount d. Number of days in the discount period
- 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 P7,500Dogneed help finding the net payment and credit towards account still due invoice amount= $538.42 date of invoice= April 23 Date of payment= May 14 credit terms= 3/10,1/15, n/30 E.O.M Net price= ?