Question
In: Accounting
A sales invoice included the following information: merchandiseprice, $49,800; transportation, $1,900; terms 2/10, n/30, FOB...
A sales invoice included the following information: merchandise price, $49,800; transportation, $1,900; terms 2/10, n/30, FOB destination. Assuming that merchandise that cost $3,100 is returned before it has been paid for, that the transportation is paid by the seller, and that the invoice is paid within the discount period, what is the amount of cash that buyer pays the seller?
Solutions
Expert Solution
Final amount due = Cost of goods purchased - Cost of goods returned
= 49,800 - 3,100
= $46,700
Discount amount = Final amount due x Discount percentage
= 46,700 x 2/100
= $934
Cash payment to be made = Final amount due - Discount amount
= 46,700 - 934
= $45,766
ekkarill92 answered 2 years agoRelated Solutions
A sales invoice included the following information: merchandise price, $66,300; transportation, $2,800; terms 1/10, n/30, FOB...
A sales invoice included the following information: merchandise
price, $66,300; transportation, $2,800; terms 1/10, n/30, FOB
shipping. Assuming that merchandise that cost $3,600 is returned
before it has been paid for, that the transportation is prepaid by
the seller, and that the invoice is paid within the discount
period, what is the amount of cash that buyer pays the seller?
Merchandise with an invoice price of $16,100 is sold subject to terms of 2/10, n/30, FOB...
Merchandise with an invoice price of $16,100 is sold subject to
terms of 2/10, n/30, FOB shipping. The seller prepaid $151 for the
cost of transportation. How much does the seller record in the
Sales account at the time of the sale?
June 2Romeo received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB...
June 2Romeo received an $18,000 invoice from one of its
suppliers. Terms
were 2/10 n/30, FOB shipping point.
3Romeo paid the freight bill amounting to $2,000.
4Romeo returned $2,500 of the merchandise billed on June 2
because it
was defective.
5Romeo sold $8,000 of merchandise on account, terms 3/15
n/30.
The cost of the merchandise sold was $5,100.
10Romeo paid the invoice dated June 2, less the return and the
discount.
15A customer returned $2,500 of merchandise sold on June...
June 2Romeo received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB...
June 2Romeo received an $18,000 invoice from one of its
suppliers. Terms
were 2/10 n/30, FOB shipping point.
3Romeo paid the freight bill amounting to $2,000.
4Romeo returned $2,500 of the merchandise billed on June 2
because it
was defective.
5Romeo sold $8,000 of merchandise on account, terms 3/15
n/30.
The cost of the merchandise sold was $5,100.
10Romeo paid the invoice dated June 2, less the return and the
discount.
15A customer returned $2,500 of merchandise sold on June...
CASH DISCOUNT 6. A manufacturer sends an invoice dated Nov. 1 with terms 2/10, n/30 in...
CASH DISCOUNT
6. A manufacturer sends an invoice dated Nov. 1
with terms 2/10, n/30 in the
amount of $950. If the invoice is paid
on or before Nov. 11, what amount is
paid? If you don’t take advantage of
the discount and the invoice is paid by
Dec. 1, what amount is paid?
The Scientific Store received an invoice for $6710.00 dated July 13, terms 5/10, 2/30, n/90, for...
The Scientific Store received an invoice for $6710.00 dated July
13, terms 5/10, 2/30,
n/90, for a shipment of skis. Calculate the partial payments made
20 July to reduce the
balance to $4000.00 Round to nearest 100th.
Written please.
Dec. 3 Carla Vista Company sold merchandise to Thomas Co. for $31,000, terms 2/10, n/30, FOB...
Dec. 3
Carla Vista Company sold merchandise to Thomas Co. for $31,000,
terms 2/10, n/30, FOB destination. This merchandise cost Carla
Vista Company $18,600.
4
The correct company paid freight charges of $610.
8
Carla Vista Company sold merchandise to Frito Warehouse Store
for $12,300, terms 2/10, n/30, FOB shipping point. The merchandise
cost Carla Vista Company $6,888.
9
The correct company paid freight charges of $150.
13
Carla Vista Company received the balance due from Thomas
Co.
29
Carla...
What do the following credit terms mean? 1. n/30 2. 2/10, n/30 3. n/10 EOM 4....
What do the following credit terms mean? 1. n/30 2. 2/10, n/30
3. n/10 EOM 4. n/20 5. 1/10, n/20 6. 3/5, n/30 7. n/15 EOM Have you
seen any of these in your work place?
May 8- Sold merchandise on account to Rustans, P11,000, VAT included. Terms: 2/10, n/30.
May 8- Sold merchandise on account to
Rustans, P11,000, VAT included. Terms: 2/10,
n/30.
8 May 2002
Accounts Receivable
11,000
Sales
10,000
Output
Tax
1,000
(Sales made
on credit to Rustans)
18- Received a check from Rustans for the amount owed on the May
8 sale.
18
Cash
8624
Sales
Discount
160
Output
Tax
16
Accounts
Receivable
8800
(Payment
collected on May 8 within 10 days)
my question is about the transaction 18.. is it the right
journal entries??
A company purchased $11,900 of merchandise on June 15 with terms of 2/10, n/45, and FOB...
A company purchased $11,900 of merchandise on June 15 with terms
of 2/10, n/45, and FOB shipping point. The freight charge, $1,450,
was added to the invoice amount. On June 20, it returned $2,320 of
that merchandise. On June 24, it paid the balance owed for the
merchandise taking any discount it is entitled to. The cash paid on
June 24 equals:
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Compare the MOSFET, JFET , and BJT and identify the reasons these devices behave differently. What...
- How would you use SAS Enterprise Miner to create a neural network model of your example?
- Explain the use of neural networking modeling in predictive analytics.
- Current Market Mix of Netflix, as detail as possible, please.
- This is all one question, thank you so much in advance! You must evaluate a proposal...
- X Company is considering the purchase of a new processor that costs $200,000. Shipping and setup...
- There are a large number of tasks involved in information technology and programming, and many of...
ADVERTISEMENT