What the journal entry to record payment on April

Assignment Help Accounting Basics
Reference no: EM132725658

Question - On April 1, a $5000 merchandise purchase was recorded under the gross method. The purchase was made on account and subject to credit terms of 2/10, n/30. What the journal entry to record payment on April 15?

Reference no: EM132725658

Questions Cloud

Determine the amount of the ending inventory balance : Determine the amount of the ending inventory balance that would appear on the December 31, year 1, balance sheet
What amount of depreciation expense should be reported : Pail Corporation, What amount of DEPRECIATION EXPENSE should be reported on the 12/31/19 consolidated Income Statement?
Achieve the central goals of the organization : From your perspective what are some of the recommendations that could be developed to achieve this goal? Explain
Command and control styles of management : Complex theorists advise organizational leaders to abandon command and control styles of management and instead set global performance targets
What the journal entry to record payment on April : On April 1, a $5000 merchandise purchase was recorded under the gross method. What the journal entry to record payment on April 15
Organizational chart of the management of organization : Choose and put together an organizational chart of the management of the organization.
Which is not a tax accounting election a new partnership : When preparing tax forms, which is not a tax accounting election a new partnership must make? Accounting method. / Tax-exempt status
Determine the budgeted payments for purchases of materials : New Ventures intends to start business on January 1. Determine budgeted payments for purchases of materials for each of the first three months of operations.
Four functional areas of business : Provide a total of four findings of fact; 1 from the following four functional areas of business:

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much did schiller pay in cash dividends

Schiller Company has stockholders" equity of $400,000 and net income of $72,000. It has a payout ratio of 18% and a return on assets ratio of 20%. How much did Schiller pay in cash dividends, and what were its average total assets?

  Prepare the adjusting journal entries for December

Prepare the adjusting journal entries for December 31, assuming adjusting entries are prepared only of year-end based on the adjusted balances

  Should roi be the only gauge a company uses to evaluate

should roi be the only gauge a company uses to evaluate investments? also is it wise for a company to lose money on one

  How do the departments operate

What are the potential overlapping responsibilities that require a segregation of duties with access to organizational value? How do the departments operate

  Record the taking of the loan on january

Record the taking of the loan on January 1, 2022, and relevant financial year-end entries on June 30, 2022

  What would total costs have been on the master budget

After selling 4,300 units during the period, Dole Corp. prepared a flexible budget that included $22,962. What would total costs have been on the master budget?

  Discuss about FASB and the New Leasing Standard

Discuss about FASB and the New Leasing Standard.describe any questions you might have about this assignment. If you do not have any questions

  What net differential profit from the sell alternative is

What The net differential profit or loss from the sell alternative is a? Keating Co. is considering disposing of equipment that cost $79,000

  What is its foreign tax credit for the year

DC, a Delaware corporation, owns 5 percent of the stock of FC, a country X corporation that is not engaged in a U.S. Trade/Business and whose other shareholders are foreign persons.

  Prepare the required journal entries for bridgeport co

Bridgeport Co. uses the gross method to record sales made on credit. Prepare the required journal entries for Bridgeport Co

  What effect does the rental activity have on her agi

Assuming Alexa receives $20,000 in gross rental receipts, What effect does the rental activity have on her AGI for the year

  What should be the net cash provided by operating activities

Based on the information given above, what should be the net cash provided by operating activities in the statement of cash flows

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