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- A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted on April 28. What amount is received as payment in full on May 4? $3,675 O $3.750 O $3,920 O $4,000A credit sale of $1,400 is made on July 15, terms 2/10, n/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? $1,400 16. $1,274 c. $1,350 d. $1,372 Assume that you are the seller. Prepare the journal entry for the July 24th payment received.a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…
- A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24? $3.332 O $3,440 • $3,528 O $3.600Bennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. Transaction Account Debit Credit 1. 2. Feedback Area Feedback Question Content Area b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. Transaction Account Debit Credit 1. 2.A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted on April 28. What amount is received as payment in full on May 4? O a) $3,920 O b) $4,000 O c) $3,750 d) $3,675
- PLEASE SHOW ALL WORK 6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment.Amount credited = Amount paidComplement of cash discount rate = $11,500 7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3. The entry to record the collection of the payment on may 8 would include a debit toA $1,000 sale is made on May 1 with terms 2/10, n/30.Items with a $100 selling price are returned on May 3.What amount, if received on May 9, will be consideredpayment in full?a. $700 c. $882b. $800 d. $900
- The assignment of accounts receivable journal entries are based on the following information:1. Accounts receivable 50,000 on 45 days terms2. Assignment fee of 1% (500)3. Initial advance of 80% (40,000)4. Cash received from customers 6,0005. Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395) For each of the transactions above, create a journal. You can use either Excel or Word for this assignmentnur suIund ue I Imu u COlmll atIuI s priče for paints with a total list price of $434. Round to the nearest cent. 250. 85 3. An invoice, dated May 8, for $549.38 has terms of 3/15, 2/20, 1/30, n/45. If you make a payment on June 3, what amount should you pay? Round to the nearest cent. 4. The list price of Road Thunder Speakers is $120. If the manufacturer offers trade discounts of 30/10 and terms of 3/15, n/30, find the net cost of the speakers assuming all discounts are taken. Round to the nearest cent. 5. An invoice is received from Westminster Office Machines for $492.90 with terms of 6/15, dated March 1. (Assume partial payments are accepted and granted cash discounts if paid within the discount périod.) If a partial payment of $155 is made on March 13, find the balance due on the invoice. Round to the nearest cent. Omachin cost 2,990 discount 30 /12/5 -299A company receiving payment of a $20,000 accounts receivable within 10 days with terms of 2/10, n/30, would record a sales discount of: Ca. 2% of $20,000 Ob. (100% -2%) x $20,000 Oc. (100 % - 10%) x $20,000 Od. 10% of $20,000