Answer:
a) $1,000
Explanation:
Early Settlement Discount
This form of quotation is common with suppliers offering their customers deferred payment arrangement in a sale contract. Usually, under this arrangement customers are allowed to purchase goods on credit and settle their acccount at a specified later date.
However, to encourage customers to pay up their outstanding earlier than expected, suppliers do offer early settlement discount as incentives to induce prompt payment.
A quotation of 2/10, n/30
This implies that the customer is a given a 30-day period from the date of purchase within which he is expected to settle his account. However, if he does so within the next 10 days of purchase he will be given a 2% discount.
<em>Applying this to the question, the purchase date is August 1, the the latest date for which account is settle to qualify for early settlement discount will be 11 days i.e (1+10) .</em>
Since the payment will be made on August 12, no cash discount will received. Therefore, a payment of gross amount of $1,000 would be credited to the cash account.
After recording the transaction in journal you must record it on General Ledger.
Answer:
See explanation section.
Explanation:
June 1 Petty Cash $450
Cash $450
To record opening of petty cash.
12 Cash $11,381
Cash short and Over $14
Sales $11,367
To record the sales and finding the cash short and over.
30 Store Supplies $50
Merchandise Inventory $108
Office Supplies $106
Miscellaneous Administrative Expense $146
Cash Short and Over $6
Cash $416
To record the expenses cash short and over.
30 Cash $21,860
Cash Short and Over $19
Sales $21,879
To record the sales and finding the cash short and over.
30 Petty Cash $113
Cash $113
To record the increase of petty cash.
Toiletry - Mouth wash, Snack food :- Peanuts, Adidas, Rich dad Poor dad by Robert Kiyosaki, Computer program R, Video game :- Fifa EA sports.
Explanation:
- Mouth wash target market is to feel fresh while speaking.
- Peanuts An athletics to get that extra energy at Rugby.
- Adidas believing in sports and everybody loves that brand.
- Rich dad poor dad how to become rich and convert ideas of business.
- R programmer is a statistical tool for analyzing data for inferences.
- EA sports is the most important part of sports Football is every growing.
- Bring in new flavors,changing the taste of snacks, famous athletes.
- Explain people who have been successful after reading the books.
- Only way to appeal other markets buy understanding statistics.
