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

Accounting
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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




Jun 3rd, 2015

Thank you for the opportunity to help you with your question!

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,

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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?

 
 
 


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

the answer is D...........................................

Jun 3rd, 2015

thankx

Jun 3rd, 2015

You are welcome

Jun 3rd, 2015

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