User Account

All Pages

What the journal entry to record the payment on june

Assignment Help Accounting Basics
Reference no: EM132676707

Problem 1: Buyer Co. regularly buys shirts from Vendor Company and is allowed trade discounts of 20% and 10% from the list price. Buyer purchased shirts from Vendor on May 27 and received an invoice with a list price of P100,000 and payment terms 2/10, n/30. If Buyer uses the net method of recording purchases, the journal entry to record the payment on June 8 will include

Group of answer choices

Option 1: A debit to Accounts payable of P72,000.

Option 2: A debit to Purchase Discounts Lost of P1,440.

Option 3: A credit to Purchase Discounts of P1,440.

Option 4: A credit to Cash of P70,560.

Reference no: EM132676707

Questions Cloud

Which is generally not an internal control activity : Which is generally not internal control activity? The treasurer signs and mails the checks. / Payroll is always vouchered. / Large checks require two signatures
What is the new bottleneck time of the system : Supposed that a second drilling machine is added, and it takes the same time as the original drilling machine. What is the new bottleneck time of the system?
Which documentation is required assuming client acceptance : Which of the following documentation is required, assuming client acceptance? Engagement letter. / Decision tree. / Flowchart.
How do you apply pcc in your current practice : Describe the dimensions of Patient-Centered Care and how do you apply PCC in your current practice. Effective communications between health care providers.
What the journal entry to record the payment on june : Buyer Co. regularly buys shirts from Vendor, If Buyer uses net method of recording purchases, the journal entry to record the payment on June 8 will include.
Explain why a quality improvement initiative is needed : Explain why a quality improvement initiative is needed in this area and the expected outcome. Discuss how the results of previous research demonstrate support.
Make sheffield prepares financial statements : Make Sheffield prepares financial statements in accordance with IFRS. Equipment (cost of $21,500 and accumulated depreciation of $8,080) was sold for $11,800.
Would the database be useful to your colleagues : Using proper APA formatting, cite the peer-reviewed article you selected that pertains to your practice area and is of particular interest to you and identify.
List three factors that are important in selecting activity : List three factors that are important in selecting activity drivers. Explain why they are important, using examples of activity drivers for a bank

Reviews

Write a Review

Accounting Basics Questions & Answers

  Mary willis is the advertising manager for bargain shoe

mary willis is the advertising manager for bargain shoe store. she is currently working on a major promotional

  How much will the company need to borrow during july

If the company has a policy of maintaining an end of the month cash balance of $50,000, how much will the company need to borrow during July

  Explain why the cost of treatment may fall over time

Explain why the cost of treatment may fall over time, and how this may influence decisions as to whether or not to adopt a new treatment that is more effective

  What is the amount of the porters investment interest

Mickey and Jenny Porter file a joint tax return, and they itemize deductions. What is the amount of the Porters' investment interest expense deduction for year

  Calculate the amount of gross profit shown on abc company

Calculate the amount of gross profit shown on ABC Company's income statement for May using the weighted average method.

  What are the benefits and costs of sarbanes-oxley

What are the benefits and costs of Sarbanes-Oxley? Should Sarbanes-Oxley be reformed? What provisions would you include in a revised Sarbanes-Oxley

  What is the correct amount of his self- employment tax

During the tax year 2018, he had a net profit of $ 150,000. What is the correct amount of his self- employment tax

  What would be the diluted earnings per share

Assuming the income tax rate was 30%, what would be the diluted earnings per share for the year ended December 31, 2018? Show all computations

  Minium required rate of return of 10 and is considering in

1 fixed cost are 800000 and the verable cost are 75 of unit selling price what is the break even point.2 minium

  Discuss financial reports of not-for-profit organizations

Contrast and compare these with the users the FASB believes are the external users for the financial reports of not-for-profit organizations

  Oxnard industries produces a product that requires 26

oxnard industries produces a product that requires 2.6 pounds of materials per unit. the allowance for waste and

  What amounts can collin and christine deduct for interest

What amounts can Collin and Christine deduct for interest if they estimate that their AGI will be $132,000 absent any deductions for AGI

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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