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

  Economic order quantity model

The Economic Order Quantity (EOQ) model is helpful in determining accurate inventory decisions. Discuss the major inventory costs that are used in determining the EOQ.

  Ending finished-goods inventory cost under variable costing

What is the ending finished-goods inventory cost under absorption costing? What is the ending finished-goods inventory cost under variable costing?

  Prepare journal entry to record retirement of the bonds

Pet Inc. decides, since interest rates were low that it was time to retire bonds with a maturity value of $1,000,000. The bonds were callable at 100 but the market price right now is 92. Pet Inc. decides the best course of action would be to purchase..

  Why companies required to prepare a statement of cash flows

Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?

  What is the firms dividend growth rate

The common stock of EBM Corporation is $100 per share. The expected dividend on its stock in the current period is $5, and the firm's cost of common stock is 12%. What is the firm's dividend growth rate (assume that the growth rate is constant)?

  Present value of the given annuities

What is the present value of the following annuities? a. $2,500 a year for 10 years discounted back to the presentat 7 percent b. $70 a year for 3 years discounted back to the present at3 percent

  Calculate the amount of interest expense

On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..

  Types of adjustments applicable to category

Distinguish between the two categories of adjusting entries, and identify the types of adjustments applicable to each category.

  Computing-journalizing payroll amounts

Compute Welch's gross pay, payroll deductions, and net pay for the full year 2012. Round all amounts to the nearest dollar. Compute United's total 2012 payroll expense for Welch.

  Risk and return-bond income-capital gain

John Haven purchased a bond for $9,500. The bond pays $300 interest every six months. If John decides to sell the bond after 18 months for $10,000 what would be his:

  Compute noncontrolling interest in the subsidiary income

On January 1, 2011, Sledge had common stock of $120,000 and retained earnings of $260,000. During that year, Sledge reported sales of $130,000, cost of goods sold of $70,000, and operating expenses of $40,000.

  Assume that andy would have elected to itemize

Andy had AGI of $80,000 for 2011. He was injured in a rock-climbing accident and paid $5,200 for hospital expenses and $2,800 for doctor bills.

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