Please answer the question correctly. Thank you. The journal entry to record the purchase of equipment for a P100,000 cash downpayment and a balance of P400,000 due in 30 days would include:O a debit to Equipment for P100,000 and a credit to Cash for P100,000.a debit to Equipment for P500,000 and a credit to Cash for P500,000.O a debit to Equipment for P100,000 and a credit to Accounts Payable for P400.000.O a debit to Equipment for P500,000, a credit to Cash for P100,000, and a credit to AccountsPayable for P400,000.

Introduction:- Company purchases equipment P500,000 Cash paid P100,000 Balance payment in 30 days…

The journal entry to record the purchase of equipment for a P100,000 cash down payment and a balance of P400,000 due in 30 days would include: O a debit to Equipment for P100,000 and a credit to Cash for P100,000. O a debit to Equipment for P500,000 and a credit to Cash for P500,000. a debit to Equipment for P100,000 and a credit to Accounts Payable for P400,000. O a debit to Equipment for P500,000, a credit to Cash for P100,000, and a credit to Accounts Payable for P400,000.

The journal entry to record the purchase of equipment for a P100,000 cash down payment and a balance of P400,000 due in 30 days would include: O a debit to Equipment for P100,000 and a credit to Cash for P100,000. O a debit to Equipment for P500,000 and a credit to Cash for P500,000. a debit to Equipment for P100,000 and a credit to Accounts Payable for P400,000. O a debit to Equipment for P500,000, a credit to Cash for P100,000, and a credit to Accounts Payable for P400,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

See similar textbooks

Similar questions

A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
PLEASE SHOW ALL WORK 6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment.Amount credited = Amount paidComplement of cash discount rate = $11,500 7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the invoice at the end of the discount period. Express the rate with 2 decimal places. 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice date, what amount should you pay? 9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:
The activity in the credit card account of Mara for one billing period shows the following transactions: November 18 purchase of P 4,500.00; November 25 purchase of P23,000.00; December 3 payment of P30,000.00 and December 10 purchase of P8,430.00. (1.) Find the average daily balance on the next billing date of December 15 if the previous balance was P 5,900.00 due on November 15. Given the finance charge of 2.25% on the daily balance. (b) Find the finance charge and the balance owned on December 15. The AST Enterprise is currently selling stocks at P 2, 300.00 and with a dividend of P150. What is the current yield of stocks.
The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)
Make it into a journal entry: A note was issued in the amount of P500,000 for a loan from BPI.
IP Company has a preliminary cash balance of $25,000 and an agreement with the bank that it will keep a minimum balance of $20,000. IP Company has a beginning loan balance of $12,000. IP Company's ending loan balance is?
In the same credit card, for the month of December, the customer plans to purchase on Dec 05 an item worth PhP 15,000 and make periodic payments of PhP 4,000 every Monday thereafter. What will be the O/S Balance on January 01, 2021?
Find the APR (rounded to the nearest tenth of a percent) for the loan.Purchase a living room set for $3,100 at 12% add-on interest for 4 years. Use the editor to format your answer
A company collects an honored note with a maturity date of 24 months from establishment, a 10%interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of thehonored note at maturity date?A. Interest Revenue, Interest Expense, CashB. Interest Receivable, Cash, Notes ReceivableC. Interest Revenue, Interest Receivable, Cash, Notes ReceivableD. Notes Receivable, Interest Revenue, Cash, Interest Expense
A man approaches a Loan Agency for P100,000 to be paid in 24 monthly instalments. The agency advertises an interest rate of 1.5% per month. They proceed to calculate the amount of his monthly payment as follows: Amount requested P100,000 Credit investigation P500 Credit risk insurance P1,000 Total P101,500 Interest = P101,500(24)(0.015) = P36,540 Total owed = P36,540 + P101,500 = P138,040 Payment = P138,040 / 24 = P5,751.67 What is the effective rate of interest of the loan?
2. An interest computed on the maturity value of the loan and is deducted from that amount at loan date to determine the net amount to be received by the borrower. a. Proceeds b. Bank discount c. Principal d. Interest rate 3. Used to find the number of days as numerator to determine the time by assuming that each months has 30 days. Actual time a. b. Approximate time C. Time concept d. Loan time Troy borrowed Php271,050 at simple interest of 12.21% for 2 years. Compute for the interest and maturity value of the loan. 4. Interest a. 33,590.50 b. 66,160.14 c. 33,095.05 d. 66,190.41 5. Maturity value a. 337,240.41 b. 304,640.50 C. 337,210.14 d. 304,145.05
Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10, n/30 if the bill was paid April 26. Draw the “timeline” stated the initial date, the due date, and the day receives cash discount.