What is the correct entry to record the payment

Assignment Help Accounting Basics
Reference no: EM133126085

Question - ABC Company offers customers credit terms of 2/10, n/30. ABC Company is located in Ontario where HST is 13%. The invoice subtotal was $1,000. What is the correct entry to record the payment receipt assuming the customer received the early payment discount?

Reference no: EM133126085

Questions Cloud

How much interest revenue will the company report : Ace Company accepts $9,000, 12-month note receivable. For 2020, the company reports interest revenue of $240. How much interest revenue will the company report
Improve the global disparity between the rich and the poor : Explain the suggestions to improve the global disparity between the rich and the poor.
What is the annual rate of return that mark savings account : Mark's savings account has $50,000 today. In 5 years, the account is worth $64,000. What is the annual rate of return that Mark's savings account
Stackelberg equilibrium quantities and price : Suppose that Stark Real Estate (S) and Rogers Properties (R) are competing in a Stackelberg competition, where Rogers Properties (R) gets to move first. All of
What is the correct entry to record the payment : The invoice subtotal was $1,000. What is the correct entry to record the payment receipt assuming the customer received the early payment discount
How much is owed to the company from customers : March 1: Winston invested $75,000 in the business, which in turn issued its common shares to him. How much is owed to the company from customers
Calculating present and future values : Explain the variations on the calculations of these values and What considerations are made when determining which method you use to calculate present
Hypothetical employees at the firm : Suppose Devesh decides to expand his (100% self-owned) Indian-based software consulting firm by opening an office in Palo Alto, California (in Silicon Valley).
What is break-even point in unit sales and in dollar sales : The company's fixed expenses are $411,600 per year. The company plans to sell 29,300 units this year. What is break-even point in unit sales and in dollar sales

Reviews

Write a Review

Accounting Basics Questions & Answers

  Long-term investment for the dividend income

Resolute intends to hold onto the Trevis shares as a long-term investment for the dividend income. Resolute uses the fair value through profit or loss model.

  What is JUP WACC

Assume JUP has debt with a book value of $20 million, trading at 120% of par value. What is JUP's WACC if the firm's marginal tax rate is 35%

  Recognise the laws relating to companies in australia

Recognise the laws relating to companies in Australia and examine the duties, rights and responsibilities of company officers

  Discuss any Federal income tax ramifications

Assuming that David's basis in his S corporation stock is $270,000 on the distribution date, discuss any Federal income tax ramifications

  What was the contribution margin percentage

What was the contribution margin percentage? What monthly sales volume (in dollars) would be needed to break-even? What was the margin of safety for March?

  Tuition reimbursement implementation report

Tuition Reimbursement Implementation Report

  Discuss the performance of the stock

Go to Yahoo! Finance or another source and pick a stock to track for the last year. Discuss the performance of the stock over the last year.

  Notes payable interest accrual and payment

Notes payable interest accrual and payment. Proco had an account payable of $84,000 due to Shirmoo, Inc., one of its suppliers.

  What control weaknesses are apparent

A branch office Insurance Company consists of a branch manager and 5 clerical assistants. What control weaknesses are apparent

  Amount of gross profit of turner corporation

Turner corporation acquired two inventory items at a lump-sum cost 0f $50,000. the acquisition included 3,000 units of product jt, and 7000 units of product b2. jt normally sells for $15 per unit, and b2 for $5 per unit. if tuner sells 1,000 units..

  What amount of consolidated net income allocated

During 2022, Saki-Saki had revenues of $2,700,000 and expenses of $2,100,000. What amount of consolidated net income for 2022 should be allocated to Reddong's

  What amounts should be recorded for the accounts

Alpha Company collected payment from Worldwide Express on July 21. What amounts should be recorded for the following accounts for the July 21 collection

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd