Journalize the following transaction Purchased merchandise from Taco Co, $13,650, terms FOB destination, 2/10, n/30 Account Payable Account Payable is2/10, n/30 If the vendor's invoice has terms of 2/10, n/30, the "2" represents 2%, the "10" represents 10 days, the "n" represents the word net and the "30" represents 30 days This means that the buyer can take an early payment discount of 2% of the amount owed if the amount is remitted within 10 days instead of the customary 30 daysCash discounts are described in credit terms (2/10, n/ 30) A reduced payment applies to the discount period (2/10, can only pay 2% less of principal amount within 10 days) Sellers can grant cash discount to encourage buyers to pay earlier A seller views a cash discount as a sales discount A buyer views a cash discount as a purpose discount
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What is 2/10 n/30
What is 2/10 n/30-Q5 A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30 On July 7, it returned $0 worth of merchandise On July 12, it paid the full amount due Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is2/10, n/30 means that customers will receive 2% discount if they settle accounts receivable within 10 days after the invoice date Customers have 30 days to settle the invoice, however, they will not receive discount if they pay after 10 th day of invoice date
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E52 (LO 2) Information related to Duffy Yachts is presented below Journalize purchase transactions**** 1 On April 5, purchased merchandise on account from Thomas Nautical Supply for £25,000, terms 2/10, net/30, FOB shipping point 2 On April 6, paid freight costs of £900 on merchandise purchased from Thomas 3 On April 7, purchased equipment on account for For example, the terms 2/10, n/30 means a 2% discount will be allowed if the payment is made within 10 days of the date of invoice, otherwise, the full amount is to be paid in 30 days Journal Entry for Cash Discount Cash discount is an expense for seller and income for buyer It is, therefore, debited in the books of seller and credited inComplete the journal entry to record the receipt of cash from the customer by selecting the account names from the dropdown menus and the Question A company sells merchandise on November 2 at a $4000 invoice price with terms of 2/10,n/30
Assignment Instructions Question – A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30 On July 7, it returned $0 worth of merchandise On July 28, it paid the full amount due Assuming the company uses a perpetual inventory system, and records purchases using the gross method, Compute the correct journal entry toBasics of Journal Entries Accounting Journal Entry Examples More Examples of Journal Entries Accounting Equation Double Entry Recording of Accounting Transactions Debit Accounts Intangibles Other than Goodwill InternalUse Software Website Development Costs 360 Property, Plant and Equipment2/10 n 30 journal entries vary depending on the accounting method used LIFO vs FIFO , accounting vs economic income , and many other matters make 2/10 n 30 accounting somewhat complicated Strong company policies must be in place to ensure smooth bookkeeping
Module Seven under 72 Module Seven Short Responses GC15 Lab Report for CHM45 In this experiment, insoluble cobalt carbonate CoCO3 is prepared by mixing solutions of cobalt chloride and sodium carbonate according to Equation 1She wants to evaluate the benefits of 2/10 net 30 terms of payment Details The invoice amount is $10,000 and 2/10 net 30 accounting is in place If paid within 10 days $10,000 X 98% = $9,800 due with in 10 days If paid within 30 days $10,000 is due Calculation Mary likes that she can receive a $0 value by paying her bill quickly Credit terms were 2/10, n/30 The inventory was sold on account for on jan 21 07 Credit terms were 1/10, n/30 The accounts payable was settled on jan 23, 07, and the accounts receivables were settled on jan 30, 07 Prepapre journal entries to record each of these transactions
Analyze And Record Transactions For The Sale Of Merchandise Using The Perpetual Inventory System Principles Of Accounting Volume 1 Financial Accounting
Morgan Inc Uses A Perpetual Inventory System And The Net Method Of Recording Purchases On May 12 A Merchandise Purchase Of 15 000 Was Made On Credit 2 10 N 30 The Journal Entry To
(2) Journal entries if periodic inventory method is used * 21,600 × 002 = $432 ** 21,600 432 = $21,168 « Prev March 25, returned 30 defective units from February 5 purchases to the supplier April 25 ,purchased for cash 500 units of merchandise at $ 19 per unit May 19 ,sold 750 units of merchandise for cash at a price of $0 per unit Q1 The entity sold merchandise at the sale price of $50,000 in cash The cost of merchandise sold was $30,000 Prepare a journal entry to record this transaction Journal Entry When merchandise is sold, two journal entries are recorded On Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30 The cost of the items sold is $4,000 Shilling uses the perpetual inventory system and the gross method The journal entry or entries
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Appendix Analyze And Record Transactions For Merchandise Purchases And Sales Using The Periodic Inventory System Principles Of Accounting Volume 1 Financial Accounting
Sales Discount Transaction Journal Entries On August 1, a customer purchases 56 tablet computers on credit Terms are 2/10, n/30, and invoice dated August 1 The following entries occur On August 10, the customer pays their account in full The following entry occurs Journal Entry 30 In this activity, you'll experiment with one of two strategies intended to increase happiness The first was briefly described in the preceding text;Saber Company uses the perpetual inventory system Saber purchased merchandise on account with an invoice price of $8,000, terms 2/10,n/eom If Saber returns merchandise with an invoice price of $2,000 to the supplier, what should the journal entry to record the return include?
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Create journal entries for the following transactions 1 Purchased merchandise on account from Walker Supply for $60, terms 1/10, n/30 2 Sold merchandise onA Credit to Inventory of $2,000 b Credit to inventory of $1,000 July 1 Your Name Drug Store purchased medical supplies intended for sale for $1, from Vendor X Terms of sale 2/10, n/30, FOB Destination The freight charges = $5000 The journal entry is a debit to ___________ ( Gl Account name ) ?
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2/10 or 1/10 n/30 are discounts that offer an incentive for a customer to pay for purchases in a timely manner A company offering terms of 2/10 is offering a discount of 2% provided that the invoice is paid within 10 days This amounts to aJan's Jams makes a credit sale for $300 with terms of 2/10,n/30 The cost of the merchandise is $0 The required journal entry to record the sale and the cost of the sale is Business Answer Comment 1 answer Naily 24 1 year ago 7 0 Answer The complete journal entry would be Account Debit Credit Sales Revenue $300 Hunter's paradise sells merchandize on account to outdoor haven for $3,280, terms 2/10, n/30 what should the journal entry be to record this transaction
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30 An item of merchandise with a list price of P 100 was purchased with a trade discount of 40% and credit terms of 2/10, n/30 If the vendor is paid within the discount period, the journal entry tc record the payment would be 41 Page Scanned by CamScannerGoods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30 On July 18 a $0 credit memo is received from the supplier for damaged goods Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory systemMerchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30 The journal entry to record the sale would include a a debit to Cash for $5,000 b debit to Customer Refunds Payable for $100 c credit to Sales for $4,900 d debit to Accounts Receivable for $4,0
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Sales Discount Transaction Journal Entries On August 1, a customer purchases 56 tablet computers on credit The payment terms are 2/10, n/30, and the invoice is dated August 1 The following entries occur On August 10, the customer pays their account in full The following entryThe term 2/10, n/30 is a typical credit term and means the following "2" shows the discount percentage offered by the seller "10" indicates the number of days (from the invoice date) within which the buyer should pay the invoice in order to receive the discountFor example, the credit terms for credit sales may be 2/10, net 30 This means that the amount is due in 30 days (net 30) However, if the customer pays within 10 days, a
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He Following Are Selected Transactions Of Andreu Company Andreu Prepares Finan Cial Statements Quarterly Jan Purchased Merchandise On Account From Diego Company 30 000 Terms 2 10 N 30 Andreu Uses The Perpetual Inventory System
Sales Discount Example For example, if a business sells goods to the value of 2,000 on 25/10, n/30 terms, it means that the full amount is due within 30 days but a 25% sales discount can be taken if payment is made within 10 days The sales discount in this example is calculated as follows Sales price = 2,000 Sales discount % = 25% SalesRecall from Merchandising Transactions, that credit terms of 2/10, n/30 signal the payment terms and discount, and FOB shipping point establishes the point of merchandise ownership, the responsibility during transit, and which entity pays shipping charges Therefore, 2/10, n/30 means Sierra Sports has ten days to pay its balance due to receiveA company purchased $3,700 of merchandise on July 5 with terms 2/10, n/30 On July 7, it returned $850 worth of merchandise On July 12, it paid the full amount due Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is
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A) Accounts Payable, debit, $000;No Date General Journal;Sales Discount Transaction Journal Entries On August 1, a customer purchases 56 tablet computers on credit The payment terms are 2/10, n/30, and the invoice is dated August 1 The following entries occur On August 10, the customer pays their account in full The following entry
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The most common discount term is 2/10, n/30 This means that if the vendor pays within 10 days of the invoice, it will get a 2 percent discount Otherwise, the net amount is due within 30 days The gross method assumes that the discount will not be taken and records the purchase without regard to the discount Let's take a look at an example40% and credit terms of 3/10, n/30 The vendor was paid within the discount period From the buyer's standpoint, which is the correct journal entry to record the payment? The following journal entry would be made in the books of Metro company to record the purchase of merchandise * Net of discount ($500 × 15) – $25 discount (2) On the same day, Metro company pays $3 for freight and $100 for insurance The following journal entry would be made to record the payment of freightin and insurance expenses (3)
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Analyze And Record Transactions For The Sale Of Merchandise Using The Perpetual Inventory System Principles Of Accounting Volume 1 Financial Accounting
Question Knowledge Check 01 A buyer uses a periodic inventory system, and on December 5, it purchases $4,000 of merchandise on credit terms of 2/10,n/30 Complete the journal entry by selecting the account names from the dropdown menus and entering the dollar amounts in the debitor credit columns The journal entries required to record the purchase of merchandise under both the cases are discussed below When Merchandise Are Purchased for Cash If merchandise are purchased for cash, the accounts involved in the transaction are the purchases account and cash account The purchases account is debited and the cash account is creditedPurchases Discount, credit, $8600;
Prepare Journal Entries To Record Each Of The Following Sales Transactions Of A Merchandising Company The C Homeworklib
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Net 30 terms or n/30 means that payment in full is due 30 days after the date of the invoice Net 30 terms are often combined with a cash discount for early settlement For example 2% 10 days, net 30 terms or 2/10, n/30 means, that a 2% discount can be taken if payment is made with 10 days, otherwise the full amount is due within 30 daysThe second is new Assignments similar to both of these have been employed with encouraging results in positive psychology classes at colleges
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