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kap26 [50]
2 years ago
14

Cleveland Company purchased $2,700 of inventory on account from Pinto Industries on March 8th. The terms were 2/15, n/45. Clevel

and also paid freight charges of $200 on March 9th and returned $450 of the inventory on March 13th. Journalize the entry to record the payment of the invoice on April 5th.
Business
1 answer:
Gala2k [10]2 years ago
4 0

Solution:

Accounts Payable          $2900

Cash                                $2691

Inventory                         $209

Cleveland didn't pay during the discount period,  

So the amount due is $2,700 - 450 = $2,250

Cash was charged in freight charges prior to delivery of the invoice.

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3 years ago
In the Month of March, Digby Corporation received orders of 128 units at a price of $15.00 for their product Daze. Digby uses th
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Answer:

$1,290

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6 0
2 years ago
Gerritt wants to buy a car that costs $30,750. The interest rate on his loan is 5.65 percent compounded monthly and the loan is
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Answer:

$444.07

Explanation:

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N = the number of installments = 7*12 = 84

EMI = [30750*.0565/12* (1+(.0565/12))^84]/[(.0565/12))^84-1]

EMI = [30,750 * 0.0565  / 12 * 1.48374877204] / [1.48374877204 - 1]

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3 years ago
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