Heidi’s Accessories bought 50 necklaces for \$10 each on account. The invoice inc

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Heidi’s Accessories bought 50 necklaces for \$10 each on account. The invoice included a 6% sales tax and payment terms of 2/10, n/30. Five necklaces were returned prior to payment. The entry to record the return would include a debit to

 A. Accounts Payable for \$50.00. B. Accounts Payable for \$53.00. C. Purchases Returns and Allowances for \$50.00. D. Purchases Returns and Allowances for \$53.00
Jun 3rd, 2015

A. Accounts Payable for \$50.00.

note that The purchaser uses the debit memorandum to inform the seller about the return and to prepare a journal entry that decreases (debits) accounts payable and increases (credits) an account named purchases returns and allowances,

Jun 3rd, 2015

oh ok thanks

Jun 3rd, 2015

can u help me again

Jun 3rd, 2015

okay

Jun 3rd, 2015
Jackson purchased \$500 of goods and received credit terms of 2/10, n/30. How much did he pay if payment was made during the discount period?

 A. \$450 B. \$510 C. \$500 D. \$490

Jun 3rd, 2015

2/10,n/30." The first part of this term indicates that the customer is entitled to a 2% discount if they pay within 10 days.The latter part of the term indicates when full payment is due.

2% of 500= 10

500-10= \$490

Jun 3rd, 2015

thankx

Jun 3rd, 2015

You are welcome

Jun 3rd, 2015

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Jun 3rd, 2015
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Jun 3rd, 2015
Dec 5th, 2016
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