College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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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
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Students have asked these similar questions
A cash discount on purchases should be debited to ______________
Select one:
A. a revenue account
B. a creditor account
C. a debtor account
D. an expense account
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 purchases
Calculate the cash discount and the net amount due the transaction (in $).
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 - Prob. 8ECh. 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 - The following transactions were completed by...Ch. 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
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- Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods soldarrow_forwardWhat do credit terms of 4/10, n/30 mean in regard to a purchase?arrow_forwardWhich of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payablearrow_forward
- The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerarrow_forwardRefer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.arrow_forwardIf a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenuearrow_forward
- Multiple choice:arrow_forwardCalculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $arrow_forwardRent A/c Debit; Cash A/c Credit. For this Journal, which item will appear on the Credit side of Cash Account ledger? Oa. Discount received O b. Rent OC. Purchases O d. Cash receivedarrow_forward
- please answer this pleasearrow_forwardIn 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 periodarrow_forwardCompu/t/e the General Ledger, Account: Purchases Account: Sales returning allowancearrow_forward
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