Supplement Recording Sales Discounts A sale is made for $8,000; terms are 2/10, n/30. At what amount
Question:
A sale is made for $8,000; terms are 2/10, n/30. At what amount should the sale be recorded under the gross method of recording sales discounts? Give the required entry. Also give the collection entry, assuming that it is during the discount period.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
An 8000 credit sale with terms 210 n30 should be recorded as follows Account...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Car Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2013, with payment of 10 million Korean won to be received on January 15, 2012. The following exchange rates applied:...
-
At what amount should the Brazilian subsidiary's euro note payable be reported on McCarthy's December 31, 2017, consolidated balance sheet? a. $84,000. b. $86,000. c. $92,000. d. $128,800. McCarthy,...
-
At what amount should the following assets be recorded on the financial statements as the year end 20X2? Justify your answers. A) A corn planter with a list price of $212,000 was acquired for a cash...
-
1) Identify the population and sample from the following statements: a) A survey conducted at NSU has found that out of 371 students, 52 are left-handed b) In a rescue shelter, the height and weight...
-
Capp Company purchased supplies of $120 on account. The accountant debited Inventory and credited Accounts Payable for $120. A week later, after this entry has been posted to the ledger, the...
-
What is the difference between profit and cash flow from operations?
-
Where do you expect the magnitude of the magnetic field due to a circular current loop to be greatest?
-
Table depicts the supply and demand schedules of gloves for Portugal, a small nation that is unable to affect the world price. On graph paper, draw the supply and demand schedules for gloves in...
-
(a) A mutual fund raised Rs. 150 lakhs on April 1, 2018 by issue of 15 lakh units at Rs. 10 per unit. The fund invested in several capital market instruments to build a portfolio of Rs. 140 lakhs,...
-
Design the black-box test suite for a program that accepts two strings and check if the first string is a substring of the second string and display number of times the first string occurs in the...
-
Matching Reconciling Items to the Bank Reconciliation Indicate whether the following items would be added (+) or subtracted () from the companys books or the bank statement during the construction of...
-
Applying the Revenue Principle At what point should revenue be recognized in each of the following independent cases? Case A. For Christmas presents, a Wendys restaurant sells coupon books for $15....
-
In Problems 1316, use the graphs of the functions given to solve each problem. f (x) = |x + 3|; g(x) = 6 (a) f (x) = g(x) (b) f (x) g(x) (c) f (x) > g(x) (-9, 6) g(x) = 6 -12 -8 -4 Yf(x) = lx + 31 8...
-
Build a small serial port device that lights LEDs based on the last character written to the serial port. Create a process that will light LEDs based on keyboard input.
-
To keep blood from pooling in their lower legs on plane trips, some people wear compression socks. These socks are sold by the pressure they apply; a typical rating is 20 mm Hg. Over what vertical...
-
Snorkelers breathe through tubes that extend above the surface of the water. In principle, a snorkeler could go deeper with a longer tube, but the extra pressure at the greater depth would make...
-
Consider the interactions involved when \((a)\) you use a TV remote control to change the channel, and \((b)\) you use your cell phone to text your friend. Classify each interaction as long range or...
-
You are designing an embedded system using a high-performance embedded processor with floating point as host. Does it make sense to add an accelerator to implement the floating-point function S = A...
-
What are the short-run effects on aggregate output and the inflation rate when the domestic currency appreciates or depreciates?
-
2.) Find the Laplace transform of f(t) 7e-St cos 2t +9 sinh2 2t. Use Laplace Table. %3D
-
Can you establish application-oriented business rules within the logical design of the database?
-
Your roommate is uncertain about the advantages of a promissory note. Compare the advantages of a note receivable with those of an account receivable.
-
How may the maturity date of a promissory note be stated?
-
Compute the missing amounts for each of the following notes. Total Interest $ 270 (d) Annual Principal Interest Rate (a) Time 60 days 6% 8% $30,000 $60,000 $50,000 3 years 5 months (c) (b) 11% $2,500...
-
What is typically not available for entry by an employee in an HRIS employee self-service application?
-
Paid Phoenix Insurance $50 for February renters insurance using company VISA credit card. Record as Renter Insurance Expense. What are the Accounts and Amounts Debited? What are the Accounts and...
-
Discuss employers' responsibilities for reporting workplace incidents that result in serious injury or illness. Include in your discussion the time frames for this reporting, whether or not you...
Study smarter with the SolutionInn App