On October 1, 2022, Best Medical Clinic provided services on account to a customer for $7,000 with discount terms (credit terms) 2/10, n/30. I What journal entry should the clinic make to record the credit sale on October 1, 2022?
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- Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?Prepare the entries for transaction below and indicate what journal it is 21 august issued a $600 credit memo to ultracity co. For an allowance on good sold on august 19, 2020The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a ANSWER: credit to accounts receivable for $2400 Explain why this is the answer
- company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?Solve for the amount of discount and amount due.Invoice amt: $533.75Invoice date: Mar 7Terms: 2/10 - 20xGoods rec'd: Mar 9Date paid: Apr 61. How should the $25 Referral Credit be recorded in Runway’s incomestatement?2. When would Runway record the $25 Referral Credit? What are the journalentries Runway would record when the $25 Referral Credit is earned bythe Existing Customer? What are the journal entries Runway would recordwhen the $25 Referral Credit is redeemed against a $100 purchase madeby the Existing Customer?3. Runway is planning to adopt IFRSs in the near future. What is the relevantaccounting guidance it would follow under IFRSs?
- If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choicereading Youlube eBook Show Me How E Calculator Journalize the Tollowwing transactions in the accounts of Chanmplon Medical Co., a medical equipment company tnat uses thne direct write-off method of acCO uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $50,400. The cost of the merchandise sold was $27,200. July 7. Received $10,600 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $39,800 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 Nov. 2-reinstate Nov. 2-collection ( Previous Check My Work 00000
- 5.5 Prepare general journal entries for the discount and the payment. Steve Ponting Plumbing offer Harold Raven a discount of 2% if his account is paid within 7 days of the invoice date. On 8 October, services to Harold of $3,300 including GST were invoiced by Steve Pointing Plumbing on Invoice 123. Harold paid on 10 October, taking advantage of the discount offered. General Journal Date Particulars Debit CreditCalculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount of Terms of Partial Credit for Net Invoice Sale Payment Partial Payment Amount Due $8,303.00 2/10, n/30 $2,600 $ 52 $ 5,651 Need Heln? Read ItAssume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of 2/10 , n/30. The retailer paid OMR 10000 within 10 days. From the following given options, identify the journal entry recorded by the company for the first payment made by credit customer. a. Dr Cash A/C OMR 9800, Dr Sales discount A/C OMR 200 and Cr Accounts receivables A/C OMR 10000 b. Dr Cash A/C OMR 10000 and Cr Accounts receivables A/c OMR 10000 c. Dr Accounts receivables A/C OMR 10000 and Cr Cash A/C OMR 9800, Cr Sales Discount A/C OMR 200 d. None of the given options Clear my choice