A purchase on account with a cost of $750 on Jan 2 with the terms 2/10...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A purchase on account with a cost of $750 on Jan 2 with the terms 2/10 n/30 was made. The entry to record the payment on Jan 8 would include A. Debit to Accounts Payable for $735. B. Debit to Accounts Payable for $750. C. Debit to Purchases Discounts for $15. D. Debit to Cash for $735. A purchase on account with a cost of $750 on Jan 2 with the terms 2/10 n/30 was made. The entry to record the payment on Jan 8 would include A. Debit to Accounts Payable for $735. B. Debit to Accounts Payable for $750. C. Debit to Purchases Discounts for $15. D. Debit to Cash for $735.
Expert Answer:
Answer rating: 100% (QA)
The terms 210 n30 refer to a common credit term used in business and imply that if the payment is ma... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The Christy Corporation had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other information about specific...
-
Journal Entries NEW Jan 1 Simon invested $60,000 cash into the business by purchasing capital stock at $10.00 par value. Jan 2 The Company borrowed $100,000 on a short-term 90 day, 12.0% note...
-
At times we can generate a regression equation to explain outcomes. For example, an employees salary can often be explained by their pay grade, appraisal rating, education level, etc. What variables...
-
In Problem 10, assume the cost factors given have not changed. A marketing representative of NEW-SPEC, a firm that specializes in providing manual inspection processes for other firms, approached...
-
Willow Window Washing Services prepares adjustments monthly and shows the following selected accounts on its December 31, 2020, unadjusted trial balance: Required Prepare the required monthly...
-
Identify the internal and external documentation available to an auditor to test cutoff.
-
FedEx is the worlds leading express-distribution company. In addition to the worlds largest fleet of allcargo aircraft, the company has more than 654 aircraft and 51,000 vehicles and trailers that...
-
BIG Construction (BC) is building a bridge for $40 million at a total cost of $34 million over the next three years. The company uses percentage of completion method to recognize revenue. Below is a...
-
The primary purpose of the reformer is to convert methane and water to carbon monoxide and hydrogen (Equation 13.1). The extent of this reaction is limited by chemical equilibrium. where Subscript...
-
An inductor and resistor are connected in parallel to a 160 - V , 80- Hz line. The resistor has a resistance of 5 0 ohms, and the inductor has an inductance of 0 . 2 H . What is the impedance of the...
-
You are given the following information with respect to a bond: ( i ) face value: 1 0 0 ( ii ) term to maturity: 1 . 5 years ( iii ) annual coupon rate: 5 % payable semiannually You are also given:...
-
Pat's Pots is a company that makes pottery. She uses only two inputs to make the pots she produces and sells. Those two inputs are pot-making machines (capital) and potters (labor). The production...
-
4. Non-Renewable Resources under Perfect Competition Suppose you're the manager for a oil drilling operation, which will be in operation for the next two years (after which it will close). Based on...
-
. Johnson Industries finances its projects with 4 0 % debt and 1 0 % preferred stock and 5 0 % common stock. The company issues bonds at a yield of to maturity of 8 . 4 % . The cost of preferred...
-
3. Sally's Shirts Ltd. sells shirts at a price of $22 each. Sally's fixed and variable production costs are indicated in the following table: Units of Output Fixed Variable per Day Costs Costs 0 $200...
-
Write an Essay on International Entrepreneurship Content Instructions The assignment is about the global phenomena of migrant/immigrant/refugee entrepreneurship, which is among the most common but...
-
Proposals have been made to ?sail? spacecraft to the outer solar system using the pressure of sunlight, or even to propel interstellar spacecraft with high-powered, Earth-based lasers. Sailing...
-
Find the sum. 2 + 5 + 8 + ... + 41
-
Find a vector orthogonal to both u and v.
-
If z = tan /2 , show that cos = 1 z 2 /1 + z 2 .
-
(a) Among 880 smart phones sold by a retailer, 72 required repairs under the warranty. Estimate the probability that a new phone, which has just been sold, will require repairs under the warranty....
-
A car rental agency has 19 compact cars and 12 intermediate-size cars. If four of the cars are randomly selected for a safety check, what is the probability of getting two of each kind?
-
With reference to Exercise 3.34, suppose that the questionnaire filled in by one of the 150 persons is to be double-checked. If it is chosen in such a way that each questionnaire has a probability of...
Study smarter with the SolutionInn App