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$5000 less 2% equals $4900 Company B makes the following journal entries Debit Cash 4900 Debit Sales (or Service) discounts $100 Credit Accounts Receivable $5000 Journal Entry 30 In this activity, you'll experiment with one of the two strategies intended to increase happiness The first was briefly described in the preceding text;"n/30" states that if the buyer does not pay the (full) invoice amount within the 10 days to qualify for the discount, then the net amount is due within 30 days after the sales invoice date The terms offered by the seller usually depend on the trade custom

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2/10 n/30 terms journal entry-Question A company sells merchandise on November 2 at a $4000 invoice price with terms of 2/10,n/30 The goods costSales 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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 Mullis company sold merchandise on account to a customer for $685, terms n/30 the journal entry to record this sale transaction would be a debit sales $685 and credit accounts receivable $685 b debit accounts receivable $685 and credit cash $685 c debit accounts receivable $685 and credit sales $685 dRecord the necessary journal entries April 2, Sold merchandise on account to Brown Company for $18,900, 1/10, n/30 The cost of the merchandise sold was $13,300 April 9, Sold merchandise for cash for $55,400 The cost of the merchandise sold was $33,0 April 8, received check from Brown Company April 30, purchased merchandise for cash $90,000 For example, if "$1000 1%/10 net 30" is written on a bill, the buyer can take a 1% discount ($1000 x 001 = $10) and make a payment of $990 within 10 days, or pay the entire $1000 within 30

The second is new Assignments similar to both of these have been employed with encouraging results in positive psychology classes at colleges On April 2, Landon sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 3/15, n/30 The journal entry to record the cost of goods sold would be asked in Business by Thermitsu accountingandtaxation;Journalize the following transaction Purchased merchandise from Taco Co, $13,650, terms FOB destination, 2/10, n/30 Account Payable Account Payable is

 FOB accounting deals with the treatment of freight charges and how they are recorded in the accounting system FOB means Free on Board and is an abbreviated term used in shipping It is important to understand the nature of the term accounting FOB, as it will affect how the freight charges are posted to the accounting recordsThe company uses the net method to record invoices The customer pays the balance due on November 30 Complete the journal entry to record the receipt of cash from the customer by selecting the account names from the dropdown menus and the;Merchandise 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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A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,400) to a customer on credit terms of 3/10, n/30 Complete the two journal entries to record the sales transaction by selecting the account names from the dropdown menus and entering the dollar amounts in the debit or credit columnsMullis Company sold merchandise on account to a customer for $1,045, terms n/30 The journal entry to record this sale transaction would be ________2/10 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

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Jello's Market purchased $1,000 of goods on account with terms of 2/10,n/30 They returned $0 of the goods due to defect the next day If Jello pays for the purchase within the discount period and uses the perpetual inventory system, the required journal entry to record the payment would1) A merchandiser received payment in full within the discount period on a $5,000 sales invoice, terms 2/15 n/30 The journal entry would include a A) debit to Cash for $5,000 B) credit to Accounts Receivable for $5,000 C) credit to Accounts Receivable for $5,900 D) credit to Sales Discounts for $100 Answer BView transaction list Journal entry worksheet < 1 > A seller uses a periodic inventory system, and on April 4, it sells $5,000 in merchandise on credit (when its cost is $2,400) to a customer on credit terms of 3/10, n/30 On April 5, the customer returns merchandise for a cash refund of $500 Note Enter debits before credits

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 Mullis Company sold merchandise on account to a customer for $625, terms n/30 The journal entry to record the collection on account would be asked in Business by Takashe A Debit Cash of $625 and credit Sales $625 B Debit Cash of $625 and credit Accounts Receivable $625Purchase Discount Transaction Journal Entries On CBS purchases 67 tablet computers at a cost of $60 each on credit Terms are 5/10, n/30, and invoice dated May 1 The following entry occurs On CBS pays their account in full The following entry occursPurchase Discount Transaction Journal Entries On CBS purchases 67 tablet computers at a cost of $60 each on credit The payment terms are 5/10, n/30, and the invoice is dated May 1 The following entry occurs On CBS pays their account in full The following entry occurs

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1) Merchandise with a sales price of $5,000 is sold on account with term 2/10, n/30 The journal entry to record the sale would include a a credit to Sales for $4,900 b debit to Cash for $5,000 c debit to Sales Discounts for $100Best Discount Store uses the perpetual system and had a sale on account to Julie Smith of $5,000 with terms 3/10, n /30 Ms Smith paid within the discount period The journal entry to record receiving payment from the sale on account would beCHAPTER 4&5 SB An invoice is referred to as a ______ invoice for a buyer and a _______ invoice for the seller On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10, n/30 The required journal entry to record Jo's Market customer's payment on July 6 would be Nice work!

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Merchandise with a sales price of $1,000 is sold on account with term 1/10, n/30 The journal entry to record the sale would include a a debit to Cash for $10 b debit to Sales Discounts, $10 c credit to Accounts Payable, $1,000 d **credit to Sales Revenue, $1,000 (correct answer) Can you help explain why this is the correct answer? Journal Entries for Trade Credit There are two methods of accounting for discounts Net method and Gross method Let us consider the following example A customer of Company A, realizing that the company is offering credit terms of 2/10 net 30, decides to make a purchase of $1,000 The net method and gross method journal entries are providedCreate journal entries for the following transactions 1 Purchased merchandise on account from Walker Supply for $60, terms 1/10, n/30 2 Sold merchandise on

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 Mar05 Purchased merchandise worth $21,600;Best Discount Store uses the perpetual system and had a sale on account to Julie Smith of $5,000 with terms 3/10, n /30 Ms Smith paid within the discount period The journal entry to record receiving payment from the sale on account would be The amount of discount of $150 (03 * 5,000) was already taken off of Accounts Receivable and ServiceOn 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 that Shilling will make on May 1 is

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The second is new Assignments similar to both of these have been employed with encouraging results in positive psychology classes at colleges such as the University ofJournal Entries Doubleentry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account This lesson will cover how to create journal entries from business transactions Journal entries are the way we capture the activity of our businessWhat does 2/10, n/30 Mean?

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  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;Results of Journal Entry Cash balance decreases by $1,500 > Decrease in Assets Intangibles Other than Goodwill InternalUse Software Website Development Costs 360 Property, Plant and Equipment 360 Real Estate Sales 410 Company A purchases $5000 in inventory from Company B Terms of the sale are 2/10 n/30 Within ten days Company A remits the invoice;

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This information relates to Cullumber Co On April 5, purchased merchandise from Oriole Company for $26,600, terms 4/10, n/30 On April 6, paid freight costs ofWhen a vendor invoice includes terms of 1/10, n/30, the "1" represents 1% of the amount owed, the "10" represents 10 days, the "n" represents the word net, and the "30" represents 30 days The terms 1/10, n/30 indicate that the buyer may take an early payment discount of 1% of the amount owed if the amount owed is remitted within 10 days instead of the normal 30 daysYou just studied 52 terms!

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Landon Jewelers uses the perpetual inventory system On April 2, Landon sold merchandise with a2/10, n/30 or 2/10, N 30 refer to the accounting term in which seller provides the cash discount to customers This kind of discount terms will place on the issued invoice It encourages the customers to pay the outstanding amount before the deadline 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 in

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1 Merchandise with a sales price of $6,000 is sold on account with term 2/10, n/30 The journal entry to record the sale would include a a debit to Cash for $6,000Credit terms were 2/, n/45 Mar08 Returned merchandise to vendor worth $5,000 (gross) Mar Payment made for merchandise purchased on March 5 The company uses gross method of recording purchases Required Prepare journal entries to record the above transactions assuming the UnitedHow to Record a Credit Sale with Credit Terms Consider the same example above – Company A selling goods to John on credit for $10,000, due on However, let us consider the effect of the credit terms 2/10 net 30 on this purchase The journal entries would be as follows

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Transcribed image text Knowledge Check 01 A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,400) to a customer on credit terms of 3/10, n/30 Complete the two journal entries to record the sales transaction by selecting the account names from the dropdown menus and entering the dollar amounts in the debit or credit columnsReview the following transactions, and prepare any necessary journal entries for Renovation Goods On Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $300 per square foot from a supplier, on credit Terms of the purchase are 2/10, n/30 from the invoice date of May 12

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