Question

On March 30, Century Link recieved an invoice dated March 28 from ACME Manufacturing for 67...

On March 30, Century Link recieved an invoice dated March 28 from ACME Manufacturing for 67 televisions at a cost of $150 each. Century recieved a 15/7/4 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $127 freight. Terms were 2/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $195 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes.

What is the final payment?
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
On March 30, Century Television received an invoice dated March 28 from ACME Manufacturing for 43...
On March 30, Century Television received an invoice dated March 28 from ACME Manufacturing for 43 televisions at a cost of $125 each. Century received a 13/4/4 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $95 freight. Terms were 2/10 EOM. When Century received the goods, 3 sets were defective. Century returned these sets to ACME. On April 08, Century sent a $170 partial payment. Century will pay the balance on May 06. What is Century’s final...
On March 28, Jangles Corporation recieved a $21,700 invoice dated March 25. Cash discount terms were...
On March 28, Jangles Corporation recieved a $21,700 invoice dated March 25. Cash discount terms were 3/10, n/30. On April 01, Jangles sent an $8,680 partial payment. What credit should Jangles recieve? What is Jangles' outstanding balance?
Church Company completes these transactions and events during March of the current year (terms for all...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Mar. 1 Purchased $34,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to...
1.) Purchase-Related Transactions Warwick’s Co., a women's clothing store, purchased $23,000 of merchandise from a supplier...
1.) Purchase-Related Transactions Warwick’s Co., a women's clothing store, purchased $23,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $3,500 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Warwick’s Co.'s entry to record the purchase. b. Journalize Warwick’s Co.'s entry to record the merchandise return. c. Journalize Warwick’s Co.'s entry to record the payment. 2.) Purchase-Related Transactions Journalize entries for the following related...
6 Required information Serial Problem Business Solutions LO P1, P2, P3, P4 [The following information applies...
6 Required information Serial Problem Business Solutions LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2019....
Required information [The following information applies to the questions displayed below.] Santana Rey created Business Solutions...
Required information [The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2019. Santana Rey decided to add a fourth digit with a...
[The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October...
[The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October 1, 2017. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31, 2017. Santana Rey decided to add a fourth digit with a decimal point...
Purchase- Related Transaction The Stationery Company purchased merchandise on account from a supplier for $17,000 terms...
Purchase- Related Transaction The Stationery Company purchased merchandise on account from a supplier for $17,000 terms 2/10 n/30. The Stationery Company returned merchandise with invoice amount of $2, 200 and received full credit. a) If The Stationery Company pays invoice within the discount period, what is the amount of cash required for the payment? $____________. Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit...
PREPARE JOURNAL ENTRIES FOR THE FOLLOWING. 1. January 2: Mr. Burns opened up his new company...
PREPARE JOURNAL ENTRIES FOR THE FOLLOWING. 1. January 2: Mr. Burns opened up his new company and dissolved the old one. The balances of the accounts (with the exception of fixed assets and uncollectible) were transferred over from the old business. Mr. Burns decided that he needed to invest more money into the business in order to get operational. Mr. Burns invested $2,120,000 to create stock. 2. January 3: Mr. Burns bought a cookie making machine for $500,000 from Cookie...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT