On April 25, The business sold merchandise for 55.000 TL (including 10% VAT) FOB Destination. The customer writes a check for 50.000 TL and signs a 9-month note with an annual interest rate of 6% for 5.000 TL. Which of the following journal entries would be made on April 25? a. 50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT b. 50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 50.000 TL credit to 600-DS; 5.000 TL credit to 391-R.VAT c. 50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT d. 50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 55.000 TL credit to 600-DS

Q: A credit card bill for $655 was due on April 14. Purchases of $155.56 were made on April 19. The…

A: A credit card bill for $655 was due on April 14April 19 purchase=$155.56Charge on April…

Q: Shady Tree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: How much cash is the company expected to receive on maturi

A: The company sold merchandise for ₱45,094  ₱10,000 down payment is already received so the remaining…

Q: FDN Trading sold merchandise for P50,000 less 10 on terms P10,000 down payment and the balance…

A: Notes Receivable - Notes Receivable is the promissory note issued by the individual owing some…

Q: A credit sale of $2800 is made on July 15, terms 4/10, net/30, on which a return of $200 is granted…

A: Net Receivables = Credit sales made - Sales return = $2800 - $200 = $2600

Q: Christine's bill of P5 000 was due on September 10. A purchase of P 3 000 was made on September 15…

A: Firstly, average daily balance is calculated as below: result:

Q: The following note transactions occurred during the year for Zuber Company: On November 25, Zuber…

A: Counting of days of accrual Porter's note From November 25 to December 31st = 5 +31 = 36 days  Bank…

Q: A 90-day, 10% note for $10,000 dated March 15 is received from a customer on account. The face value…

A: The face Value of the note is the amount at which the note is issued. It is the Principal Amount.

Q: The IM Broke Co., has the following collection pattern for its accounts receivable: 40% in the month…

A: Entities often prepare for its expected collections from total sales made, where it can able to get…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: Given that, Opening balance of accounts receivables = P500000 Sales for the month of Jan = P1200000…

Q: A charge account had a balance of $979 on May 5. A purchase of $222 was made on May 17, and a…

A: From May 5 to May 17, the balance of account is $979 for 12 days.From May 17 to May 20 the balance…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: The budget is prepared to estimate the requirements for the future period.

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Amount of cash received = Face value of the Note - Discount amount where, Discount amount = Face…

Q: MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS 4) Bank Credit Memorandum states…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: On July 31, 20A, ABC company discounted at the bank, a customer's 1,200,000, 6-month 10% notes…

A: Notes payable are signed arrangements (promissory notes) between two parties whereby one offered to…

Q: On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The…

A: Notes payable are the asset of the firm where a borrower gives a written promise to lender to pay…

Q: On June 22, The business sold merchandise for 11.000 TL (including 10% VAT) FOB Destination. The…

A: Notes: Notes can be defined as a promise made by the borrower to the lender for making the payment…

Q: The payment schedule of purchases made on account is as follows: 75% during the month of purchase,…

A: Payment for credit purchases in December = 10% of October + 15% of November + 75% of December

Q: McDowell Industries sells on terms of 3/10, net 30. Total sales for the year are $912,500; 40% of…

A: Note:  This question has five subparts. The first three have been answered below.

Q: Within 10 days following a sale, a company receives payment of a $20,000 account receivable with…

A: Sales discount = Accounts receivable x rate of discount

Q: A 60-day, 9% note for $32,400, dated May 1, is received from a customer on account. The maturity…

A: The maturity value of note can be calculated by using this equation  Maturity value…

Q: The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the…

A: Solution-  = $340000 * 4%  = 13600 Interest is calculated by applying Interest rate to the principle…

Q: On October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The…

A: The selling of assets is recorded by debiting to notes receivable and crediting the machinery…

Q: McDowell Industries sells on terms of 3/10, net 30. All sales for the year are on credit amount to…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: JAB Consulting received a promissory note of $13,500 at 99% simple interest for 15 months from one…

A: Notes Receivables - Notes Receivable is the promissory note given by the customer for the amount due…

Q: Houston Company receives a six-month note from a customer. The note has a face amount of $8,000 and…

A: Interest Rate: It is a portion of the principal amount that is charged by a lender for the use of…

Q: 5. On November 10, a customer's credit card had a balance of P12,300. Purchases of P2,450 and P5,600…

A: The finance charge on the credit card is the interest charges for the usage of the credit card.

Q: Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On…

A: Interest on Notes = Face value of Notes x rate of interest x time = $110,000 x 12% x 60/360 = $2,200

Q: On June 29, a retailer buys goods worthy P3,000. To take advantage of a 5% cash discount, the…

A: Calculations are as follows.

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…

A: Discount on notes payable = Amount of note payable x discount rate = $90000 x 6% = $5400

Q: A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…

A: Formula used: Net sales = Sales - Sales returns. Deduction of sales returns from sales value derives…

Q: October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Warranty expense refers to the expense which is linked with the repair of defective product, refund…

Q: ABC Company accepted a P400,000 face value, 6-month, 10 percent note dated May 15 from a customer.…

A: The discounted note receivable is getting money from bank against customers' note receivable.

Q: The credit terms offered to a customer by a business firm are 2/10, n/30, which means that the…

A: Credit term refers to a payment term mentioned in the invoice which stated the timing and payment of…

Q: Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Merchandise costing $539 is sold for 1848 on terms 2/10, n/30. If the buyer pays within the discount…

A: Accounts receivables:  It implies to the amount that has been owed by the customers from the…

Q: A 60-day, 5% note for $7,800, dated April 15, is received from a customer on account. The face value…

A: Definition: Receivables: Receivables refer to an amount to be received in future. General…

Q: On March 19 Gunderson’s Hardware received a $20,800 invoice dated March 15. Cash discount terms were…

A: The question is based on the concept of Financial Accounting.

Q: On June 43, Trade Bank loaned a customer $30,000 on a 60-day, 10% note, temiting the face value less…

A: WORKING : PARTICULARS AMOUNT ($) FACE VALUE OF NOTES RECEIVABLE  $30,000 INTEREST RATE  10%…

Q: On June 04, FDN Company sold merchandise to ABC Company and accepted a 90-day, 12% P90,000 note.…

A: calculation of cash received upon discounting are as follows

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Formula: Discount amount = face value amount x Discount rate

Q: Sylvestor Systems borrows $ 110,000 cash on May 15 by signing a 60-day, 12%, 110,000 note 1. On what…

A: 1. On July 14th the note mature.

Q: A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted…

A: Here terms 2/10, n/30 means 2% discount will be given if payment is made within 10 days.  And final…

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2018. The note,…

A: Prepare journal entries.

Q: ShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

A: The question is based on the concept of Financial Accounting.