College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
thumb_up100%
Chapter 10, Problem 2QY
What is the entry to record the cash received on a sale of $500, credit terms 1/15, n/30, if the payment is received within the discount period?
- a.
Accounts Receivable 500 DR; Cash 500 CR - b. Cash 500 DR; Accounts Receivable 500 CR
- c. Cash 495 DR, Sales Discount 5 DR; Accounts Receivable 500 CR
- d. Accounts Receivable 500 DR; Cash 495 CR, Sales Discount 5 CR
- e. Cash 500 DR; Sales Discount 5 CR, Accounts Receivable 495 CR
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Please need answer the financial accounting question not use ai
Provide answer
The ending inventory of Sienna Traders Ltd. is $52,000. If the beginning inventory was $78,000 and goods available for sale totaled $130,000, what is the cost of goods sold?
Chapter 10 Solutions
College Accounting (Book Only): A Career Approach
Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QYCh. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QYCh. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQCh. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...
Ch. 10 - Describe the posting procedure for a cash payments...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - For the following purchases of merchandise,...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Record the following transactions in general...Ch. 10 - Prob. 5ECh. 10 - Record general journal entries to correct the...Ch. 10 - Label the blanks in the column heads as either...Ch. 10 - Describe the transaction recorded.Ch. 10 - Prob. 9ECh. 10 - Indicate the journal in which each of the...Ch. 10 - The following transactions were completed by...Ch. 10 - Preston Company sells candy wholesale, primarily...Ch. 10 - MacDonald Bookshop had the following transactions...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by Yang...Ch. 10 - C. R. McIntyre Company sells candy wholesale,...Ch. 10 - Prob. 3PBCh. 10 - The following transactions were completed by Yang...Ch. 10 - Prob. 5PBCh. 10 - Prob. 1ACh. 10 - You are the manager of the Accounts Receivable...Ch. 10 - Prob. 3ACh. 10 - Suppose we collected cash from a charge customer...Ch. 10 - Prob. 1CP
Additional Business Textbook Solutions
Find more solutions based on key concepts
Assume you are a CFO of a company that is attempting to race additional capital to finance an expansion of its ...
Financial Accounting, Student Value Edition (5th Edition)
1-1. Define marketing and outline the steps in the marketing process. (AASCB: Communication)
Marketing: An Introduction (13th Edition)
Real options and its types. Introduction: The net present value is the variation between present cash inflows v...
Gitman: Principl Manageri Finance_15 (15th Edition) (What's New in Finance)
Fundamental and Enhancing Characteristics. Identify whether the following items are fundamental characteristics...
Intermediate Accounting (2nd Edition)
2. Identify four people who have contributed to the theory and techniques of operations management.
Operations Management
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (12th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- choose best answerarrow_forwardAman Equipment Corporation (AEC) paid $5,200 for direct materials and $9,800 for production workers' wages. Lease payments and utilities on the production facilities amounted to $8,200, while general, selling, and administrative expenses totaled $3,500. The company produced 6,000 units and sold 4,800 units at a price of $8.25 per unit. What was AEC's net income for the first year in operation?arrow_forwardIn Carter Manufacturing, total material costs are $42,500, and total conversion costs are $63,800. Equivalent units of production are materials 11,500 and conversion costs 13,400. Compute the unit costs for materials, conversion costs, and total manufacturing.arrow_forward
- The labor quantity variance was?arrow_forwardNikka Tech Solutions reported sales revenue of $75,600 on its income statement. The accounts receivable balance decreased by $3,400 over the year. Determine the amount of cash received from customers.arrow_forwardNeed help with this financial accounting question please answerarrow_forward
- Hoy much lower would KLM s net incomearrow_forwardA local credit union negotiates the purchase of a one-year interest rate cap with a cap rate of 4.75 percent with a national bank. The option has a notional principal of 1.5million and costs 2,800. In one year, interest rates are 5.65 percent. The local credit union's net profit, ignoring commissions and taxes, was_.arrow_forwardNeed answerarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
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,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY