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Stolb23 [73]
4 years ago
10

Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $26,600. What is the amount of

the sales discount allowable? a.$931 b.$266 c.$532 d.$798
Business
1 answer:
Alika [10]4 years ago
5 0

Answer:

c.$532

Explanation:

The term 2/10, n/30 means that there is a discount of 2% available id the payment is made within 10 days by the customer and net credit period is of 30 days.

Payment to be made = $26,600

As there is no payment received until now the maximum discount allowed is

Discount Allowed = $26,600 x 2% = $532

Customer can avail maximum of $532 of discount if they pay within 10 days.

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Hello please help ! (; <br><br><br> taxes are used for which of the following?
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3 years ago
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The business owner used $25000 from their personal savings account to but common stock in their company. what would be the journ
irina1246 [14]

The accounting entry is to Credit Cash for 25000 and Debit Common Stock for 25,000

<h3 /><h3>What is journal entry?</h3>

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Learn more about journal entry here : brainly.com/question/14279491

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7 0
2 years ago
Answer the following questions about prepaid​ expenses:
pochemuha

Answer:

the numbers are missing, so I looked for a similar question:

a. On ​1, Tree Service prepaid $7,200 for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.

Dr Rent expense 1,200 (= $7,200 / 6)

    Cr Prepaid rent 1,200

Balances:

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Rent expense 1,200

b. On ​1, Tree Service paid $1,050 for supplies. At ​31, has $400 of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.

Dr Supplies expense 650 (= $1,050 - $400)

    Cr Supplies 650

Balances:

Supplies 400

Supplies expense 650

c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

SAME AS QUESTION A

6 0
4 years ago
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