Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises with terms 3/15, n/30.
Question:
Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises with terms 3/15, n/30. Nevada records sales at gross.
Required:
1. Prepare the entries to record this sale in Nevada's journal.
2. Prepare the entry for Nevada's journal to record receipt of cash in payment for the sale within the discount period.
3. Prepare the entry for Nevada's journal to record receipt of cash in payment for the sale after the discount period.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (17 reviews)
1 Accounts Receivable 12500 Sales ...View the full answer
Answered By
Emel Khan
I have the ability to effectively communicate and demonstrate concepts to students. Through my practical application of the subject required, I am able to provide real-world examples and clarify complex ideas. This helps students to better understand and retain the information, leading to improved performance and confidence in their abilities. Additionally, my hands-on approach allows for interactive lessons and personalized instruction, catering to the individual needs and learning styles of each student.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
Question Posted:
Students also viewed these Accounting questions
-
The Eastman Corporation sells merchandise with a list price of $13,000 on February 1, 2007, with terms of 1/10, n/30. On February 10, 2007, payment was received on merchandise originally billed for...
-
Nevada Company provided services with a list price of $48,500 to Small Enterprises with terms 2/15, n/45. Nevada records sales at gross. Required: 1. Prepare the entries to record this sale in...
-
Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10, n/30. The seller prepaid freight costs of $100. Prior to payment, $1,600 of the merchandise is...
-
make a small case or use a situation/problem from real life. You will discuss this situation together with a discussion that works through a solution of your own to the problem posed. Problems or...
-
Calculate the annual cash dividends required to be paid for each of the following preferred stock issues: Required: a. $4,75 cumulative preferred, no par va1ue: 400,000 shares authorized. 325,000...
-
With respect to 1 kg of liquid water: (a) Initially at 0C, it is heated to 100C by contact with a heat reservoir at 100C. What is the entropy change of the water? Of the heat reservoir? What is S...
-
A trade association (or trade group) is an organization that firms in the same industry form to collect and disseminate trade information, offer legal and technical advice, furnish industry-related...
-
The Willow River Mining Company mines and ships coal. It has experienced the following demand for coal during the past eight years: Year Coat Sales (tons) 1 ...........4260 2 ...........4510 3...
-
6. An annular disk of mass M, inner radius a and outer radius b is placed on a horizontal surface with coefficient of friction , as shown in the figure. At some time, an impulse Jox is applied at a...
-
Some people argue that organizations need to put in place mechanisms to prevent informal leaders from imposing their own agenda on others. Do you agree? Why or why not?
-
Citron Mechanical Systems makes all sales on credit, with terms 2/10, n/30. During 2009, the list price (prediscount) of goods sold was $498,500. Customers paid $350,000 (list price) of these sales...
-
Rubin Enterprises had the following sales-related transactions on a recent day: a. List price of goods sold on credit was $14,700; terms 3/15, n/45. b. Cash sales were $1,150. c. Goods with a list...
-
The Springfield Clinic is owned and operated by ten local doctors as a partnership. Recently, a paralyzed patient sued the clinic for malpractice, for a total of $20 million. The clinic carries...
-
For each of the following, identify which inputs into the production function changed and their effects on economic growth. a. The government passes a new program that encourages more employers to...
-
You are considering investing $2,000 in the stock market. If you invest, there is a 30% probability that your investment will be worth $3,000 and a 70% probability that your investment will be worth...
-
Nicolas Cage, an award winning and prolific actor, once had a net worth of about $150 million (he earned $40 million in 2009 alone!). By 2011, he had to sell off much of his collection of homes,...
-
Describe some cognitive or behavioral limitations you have experienced when making consumption decisions and how these limitations can lead to hand-to-mouth consumption. Why is it easier to forecast...
-
Describe some of the historical similarities and differences between recessions. For example, do they always have the same duration and severity? What about expansions?
-
Estimate the line integrals of \(f(x, y)\) and \(\mathbf{F}(x, y)\) along the quarter-circle (oriented counterclockwise) in Figure 19 using the values at the three sample points along each path....
-
One study found that the elderly who do not have children dissave at about the same rate as the elderly who do have children. What might this finding imply about the reason the elderly do not dissave...
-
Implement an external sort based on replacement selection and multiway merging as described in this chapter. Test your program both on files with small records and on files with large records. For...
-
The worksheet for Adams Company shows the following in the financial statement columns. J.Q.Adams, Drawing.... $22,000 J.Q.Adams, Capital.... 70,000 Net income....... 29,000 Prepare the closing...
-
Javier Vasquez recently received the following information related to Vasquez Company??s December 31, 2010, balance sheet. Prepare the assets section of Vasquez Company??s classified balancesheet....
-
The following accounts were taken from the financial statements of Crofoot Company. ______ Interest revenue ______ J. Crofoot, Capital ______ Utilities payable ______ Accumulated depreciation ______...
-
Describe the process of depth-first search (DFS) and provide a Python implementation to traverse a graph using DFS.
-
A number like 197 is called a **Fare prime** because when all of its digits are rotated (197, 971 and 719), each new number is also prime. Help me a code that can find all fare primes up to a...
-
Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise...
Study smarter with the SolutionInn App