Question: Omega Restaurant received an invoice dated July 22 from Industrial Kitchen Equipment for $3691, with terms 2/10, 1/20, n/45. Omega made payments of $1100 on

Omega Restaurant received an invoice dated July 22 from Industrial Kitchen Equipment for $3691, with terms 2/10, 1/20, n/45. Omega made payments of $1100 on August 1, $900 on August 10, and $800 on August 31. What amount was still owed on September 1?

Step by Step Solution

★★★★★

3.40 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Total amount credi... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

711-B-A-C-I (707).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Ballard Jewellers received an invoice dated August 22 from Safeguard Security Systems for $2856.57 with terms 2 /10, 1/20, n/45. Ballard made payments of $900 on 2 September 1, $850 on September 10,...

Preparing journal entries for merchandising activities-perpetual system July 1 Purchased merchandise from Borden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated...

Import Exclusives Ltd. received an invoice dated May 20 from Dansk Specialties of Copenhagen with terms 5/20 R.O.G. for 100 teak trays at $34.30 each; 25 teak ice buckets at $63.60 each; 40 teak...

Omega Restaurant received an invoice dated July 22 from Industrial Kitchen Equipment for $3,738, with terms 2/10, 1/20, n/45. Omega made payments of $1,100 on August 1, $900 on August 10, and $700 on...

An item purchased by retailer has a list price of $145 and is subject to trade discounts of 15% and 10%. The item was sold for $175 by the retailer. What is the rate of markup based on selling price?...

1.Omega restaurant received an invoice dated July 22 from Industrial Kitchen Equipment for $3691, with terms 2/10, 1/20, n/45. Omega made payments of $1100 on August 1, $900 on August 10, and $800 on...

Omega Restaurant received an invoice dated July 22 from Industrial Kitchen Equipment for $3,759, with terms 2/10, 1/20, n/45. Omega made payments of $1,200 on August 1, $900 on August 10, and $800 on...

(a) A wholesaler lists an item for $58.75 and gives 20% trade discount. What is the net price of the item? (b) The wholesaler gives another discount (that is in addition to 20% trade discount) to...

Omega Restaurant received an invoice dated July 22 fromIndustrial Kitchen Equipment for $3,691, with terms 2/10, 1/20,n/45. Omega made payments of $1,100 on August 1, $900 on August 10,and $800 on 2...

Find all critical points for f(x, y) = 3-12x + 6y.

Melson & Purdork LLP Melson and Purdork (M&P) is a Licensed Public Accounting firm in Thunder Bay, Ontario. M&P provides assurance and non-assurance services to a wide variety of clients...

Select the correct order for call route Route Group > > Route Pattern > > Route List > > Gateway Route List > > Route Group > > Route Pattern > > Gateway Route Pattern > > Route List > > > Route...

A company has the following current assets and liabilities at 31 October 20X8: $000 Current assets Inventories 970 Receivables 380 Bank 40 1,390 Current liabilities Payables 420 When measured against...

a. How long will it take monthly payments of $400 to repay a $50,000 loan if the interest rate on the loan is 8% compounded semiannually? b. How much will the time to repay the loan be reduced if the...

$3500 will be contributed to an RRSP at the end of every six months for 20 years. What effective rate of return must the plan earn if it is to be worth $250,000 at the end of the 20 gears?

Ernie's Electronics sells an HD LED television priced at $2395 for $100 down and payments of $100 per month, including interest at 9.6% compounded monthly. How long after the date of purchase will...

A retail business spends a significant amount of time manually logging inventory. Which technology can the business implement to track inventory more efficiently and accurately? WSN O RFID O Wi-Fi O...

In your business you realize that there is a risk of being sued for a default in your product. You have conducted a risk assessment and have decided to ignore the default and just deal with any...

James Fromholtz is considering whether to invest in a newly formed investment fund. The fund's investment objective is to acquire home mortgage securities at what it hopes will be bargain prices. The...