College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 10, Problem 4MC
To determine
Find the correct option, the option that indicates the correct amount of debit to Bank Credit Card Expense.
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10. A bank note is discounted at 6% in order to take advantage of the cash discount
On an invoice for $8,080.00 plus shipping charge of $42.00. The credit terms
Are 2/15, n/45.
$_
c. What is the face value of the loan?
d. How much did the bank earn on this transaction?
$.
e.
How much was saved?
$.
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10. A bank note is discounted at 6% in order to take advantage of the cash discount
On an invoice for $8,080.00 plus shipping charge of $42.00. The credit terms
Are 2/15, n/45.
a. What is the cash discount?
$ _
Calculate the proceeds needed to pay the invoice in full taking advantage
Of the cash discount:
b.
Cullumber Inc. assigns $4728000 of its accounts receivables as collateral for a $3.30 million loan with a bank. The bank assesses a 3%
finance charge on the loan amount and charges interest on the note at 6%. What would be the journal entry to record this transaction?
O Debit Cash for $3201000, debit Interest Expense for $99000, and credit Accounts Receivable for $3300000
O Debit Cash for $3003000, debit Interest Expense for $297000, and credit Notes Payable for $3300000
O Debit Cash for $1890800, debit Interest Expense for $99000, debit Due from Bank for $1428000, and credit Accounts
Receivable for $4728000
O Debit Cash for $3201000, debit Interest Expense for $99000, and credit Notes Payable for $3300000
Chapter 10 Solutions
College Accounting, Chapters 1-27
Ch. 10 - Prob. 1TFCh. 10 - All sales, for cash or on credit, can be recorded...Ch. 10 - Sales Tax Payable is a liability account that is...Ch. 10 - Prob. 4TFCh. 10 - Prob. 5TFCh. 10 - A credit sale of 250 plus a 6% sales tax would...Ch. 10 - When 25 of merchandise is returned for a credit on...Ch. 10 - Prob. 3MCCh. 10 - Prob. 4MCCh. 10 - Prob. 5MC
Ch. 10 - Prob. 1CECh. 10 - Prepare journal entries for the following sales...Ch. 10 - Prob. 3CECh. 10 - On March 24, MS Companys Accounts Receivable...Ch. 10 - Prob. 1RQCh. 10 - What is the purpose of a credit memo?Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - What steps are followed in posting cash receipts...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - Prob. 9RQCh. 10 - Prob. 1SEACh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEACh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEACh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - Prob. 7SEACh. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS J. K. Bijan owns a retail...Ch. 10 - Prob. 11SPACh. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Sourk...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - Prob. 1SEBCh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEBCh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEBCh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS T. M. Maxwell owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Color Florists, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - You and your spouse have separate charge accounts...Ch. 10 - Prob. 1ECCh. 10 - Geoff and Sandy Harland own and operate Wayward...Ch. 10 - Enter the following transactions in a general...
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