Journal entry required to record the payment

Assignment Help Accounting Basics
Reference no: EM13259272

A business purchases $ 40,000 merchandise on credit terms 2/10, n 30 on June 6, 2009. If it pays for the merchandise on June 15, 2009 what is the journal entry required to record the payment.

Reference no: EM13259272

Questions Cloud

What is the total carrying cost : Should GHI change its policy and increase or decrease its order size? What is it in your calculations that would cause you to say this?
Explain how much heat is liberated in the reaction : how much heat is liberated in the reaction of 5.0g of Al and 20.0g of Fe2O3 producing extensively Fe and Al2O3
Problem related to prepaid insurance : The prepaid insurance involves a 3-year fire insurancepolicy that was purchased (and went into effect) on January 1,2007. By the end of the year, apportion of the insurance policy had been used up.
Compute the standard free energy change at 25c : For the reaction 3 C2H2(g) C6H6(l) at 25C, the standard enthalpy change is -631 kJ and the standard entropy change is -430 J/K. Calculate the standard free energy change at 25C.
Journal entry required to record the payment : A business purchases $ 40,000 merchandise on credit terms 2/10, n 30 on June 6, 2009. If it pays for the merchandise on June 15, 2009 what is the journal entry required to record the payment.
Calculate the core flux density of an ideal transformer : Considering an ideal transformer with impedance on the secondary, neglecting the winding resistances, leakage inductances and the core loss. N1/N2=3 For a voltage of 120V (rms) at a frequency of 60 Hz applied to winding 1
What is the intensity of the emering light : If unpolarized light of intensity l0 passes through an ideal polarizer, what is the intensity of the emering light
What is the resulting stock price of jkl : If JKL offers 12 million shares of its stock for the 20 million of MNO's stock that is outstanding, what is the resulting stock price of JKL after completing the acquisition?
Ending balance in stockholders : The income statement for August indicates net income of $50,000. The corporation also paid $10,000 in dividends during the same period. If there was no beginning balance in stockholders? equity, what is the ending balance in stockholders?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Audit tests regarded as a test of a control

Which of the following audit tests would be regarded as a test of a control? A) Test of the specific itmes making up the balance in a given general ledger account. B) Tests confirming receivables

  Problem related to break-even point

A company with sales of $100,000, variable expenses of $70,000, and fixed expenses of $50,000 will reach its break-even point if sales are increased by $20,000.

  Unit contribution margin problem

If fixed costs are $561,000 and the unit contribution margin is $8.00, what is the break-even point in units if variable costs are decreased by $.50 a unit?

  Refusing to deduct a donation on schedule a

What do you think about this thought process? How could you convince someone that they should deduct their charitable contributions?

  Managerial reporting of standard variance

Should this managerial reporting of standard variance practice be permitted to continue.

  Compute the number of flags sanchez

Sanchez Co. sells flags with team logos. Sanchez has fixed costs of $ $602,000 per year plus variable costs of $5.50 per flag. Each flag sells for $12.50.

  Financial statement columns and income statement

The adjusted trial balance columns of the worksheet for Porter Company are as follows-complete the worksheet by extending the balances to the financial statement columns and prepare an income statement?

  Asset retirement obligation journal entries

Prepare the journal entries to record the depot (consider a plant asset) and the asset retirement obligation for the depot on Jan 1, 2012. Based on an effectieve-interest rate of 6% the fair value of the asset retirement obligation on Jan 1, 2012 ..

  Disadvantages of the primary types of auditor

What are the advantages and disadvantages of the primary types of auditor? Please explain the advantages and disadvantages of each one.

  Trends and items of concern for the directors of fedex

Prepare an interpretative write up of your financial analysis, explaining trends and items of concern for the directors of FedEx. For each ratio, you should define the ratio, inform the directors about the change in the ratio from one year to the ..

  Cost assigned to ending inventory

Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d ) LIFO. (Do not round interim calculations. Round per unit costs to three decimals. Round your answ..

  Violation of the profession ethical standard

A violation of the profession's ethical standards most likely would have occurred when a CPA:

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