Question

THE Company sold goods to a customer on account for $700. The credit terms were 4/20,...

THE Company sold goods to a customer on account for $700.
The credit terms were 4/20, n/50. The customer paid for
one-half of the merchandise within the discount period
and paid for the other one-half of the merchandise after
the discount period.

Calculate the total amount of cash paid by the customer
to THE Company.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1) company A sold merchandise for $450 on account to the syrio snow. the terms were...
1) company A sold merchandise for $450 on account to the syrio snow. the terms were 2/10, n/30. company A uses the net method to account for sales and the cost for the merchandise was $180. The journal entry would include a ... ( round the final answer to the nearest dollar ) 4) The total revenues of $6800, total expenses of $3900 and dividends of $600 were recorded in the closing entries. The net change in retained earnings for...
During Year 2, the company experienced the following events: Purchased inventory that cost $5,400 on account...
During Year 2, the company experienced the following events: Purchased inventory that cost $5,400 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $490 were paid in cash. Returned $450 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. Paid the amount due on its account payable to Ross Company within the cash discount period. Sold inventory...
On July 15, a company purchases on account goods costing $1,900, with credit terms of 2/10,...
On July 15, a company purchases on account goods costing $1,900, with credit terms of 2/10, n/30. On July 18, the company receives a $400 credit memo from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period assuming a periodic inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented...
The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold...
The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in cash. The goods cost Bear’s $300. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear’s $2,500. 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $6,000 (total); terms 3/10, n/30....
The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold...
The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $390 sales price in cash. The goods cost Bear’s $410. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $3,900 (total); terms 3/10, n/30. The goods cost Bear’s $2,450. 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $5,900 (total); terms 3/10, n/30....
The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold...
The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $400 (total) sales price in cash. The goods cost Bear’s $300. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear’s $2,500. 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $6,000 (total); terms 3/10,...
1. Gore Inc. sold $7,200 of merchandise on account, terms 2/10,n/30. If the customer paid the...
1. Gore Inc. sold $7,200 of merchandise on account, terms 2/10,n/30. If the customer paid the amount owed within the discount period, the entry to record the receipt of cash would include a: debit to cash of $7,200 debit to sales discount of $144 credit to accounts receivable of $144 credit to accounts payable of $7,056       2.   Cost of goods sold:             A) Is another term for sales.             B)   Is the term used for the cost of buying...
On April 1, 2020, merchandise subject to terms 2/10, n/30 was sold on account to a...
On April 1, 2020, merchandise subject to terms 2/10, n/30 was sold on account to a customer for $27,000. On April 4, the customer returned $8,000 of the goods and the seller issued a credit memorandum for that amount. This return occurred prior to payment by the customer. What is the amount of cash required to be paid by the customer if payment is made on April 8, 2020? a. $ 18,460. b. $ 18,620. c. $ 19,000. d. $...
Wiseman Company purchased merchandise on account from a supplier for $85,000, terms 1/10, n/30. Wiseman Company...
Wiseman Company purchased merchandise on account from a supplier for $85,000, terms 1/10, n/30. Wiseman Company returned $9,800 of the merchandise and received full credit. A) If Wiseman Company pays the invoice within the discount period, what is the amount of cash required for the payment? B) What account is debited by Wiseman Company to record the return?
At the beginning of 2018, the Redd Company had the following balances in its accounts:   ...
At the beginning of 2018, the Redd Company had the following balances in its accounts:    Cash $ 8,600 Inventory 2,600 Common stock 8,100 Retained earnings 3,100    During 2018, the company experienced the following events: Purchased inventory that cost $6,100 on account from Redd Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $560 were paid in cash. Returned $350 of the inventory that it had purchased because the inventory was damaged in...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT