Answer:
The cash paid on May 8 is: $5,880
Explanation:
Credit terms of 2/10, net 30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.
The company purchased $6,500 of merchandise on May 1. On May 6, it returned $500 of that merchandise.
The balance owed for merchandise = $6,500 - $500 = $6,000
On May 8, it paid the balance owed for merchandise, taking any discount it is entitled to.
The company took the appropriate discount:
2% x $6,000 = $120
The cash paid = $6,000 - $120 = $5,880
Answer:
A. includes a chronological summary of all transactions posted to individual patient ledgers/accounts on a specific day
Answer:
Debit : Cash $2,400
Debit : Account Receivables $3,300
Credit : Revenue $5,700
Explanation:
Revenue is recognized when a firm transfers the control of goods or services not when paid.
So this journal must both recognize the Assets in Cash and Assets in Trade Receivables since control for the services has already been transferred.
The journal entry at the end of the month to record this transaction would be :
Debit : Cash $2,400
Debit : Account Receivables $3,300
Credit : Revenue $5,700
Answer:
B sell some
Explanation:
in a scenario where it is dropping, it doesn't mean it won't come back up. So you would sell some but keep a few so if it went up you still make profit
