Business, 28.03.2020 03:59 nayelimoormann

Marshall purchases inventory for sale from Tidy Wholesalers for $8,500 with terms 1/10, n/30. 5 Marshall pays Express Transfer $45 for freight on the July 4 order. 7 Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30. 13 Marshall pays Tidy Wholesalers the balance due on both invoices. Required: Journalize the above transactions.

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Answer from: cathydaves

July 4.

Dr. Purchases $8,500

Cr . Tidy $8,500

Dr. Freight Charges $45

Cr. Express Transfer $45

July 5.

Dr. Express Transfer $45

Cr. Cash $45

July 7.

Dr. Purchases $11,985

Cr . Tidy $11,985

July 13.

Dr. Tidy $20,485

Cr. Cash $20,280

Cr, Discount Income $205

Explanation:

Credit terms of 1/10, n/30 means there is a discount of 2% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.

As the both payments are made within the discount period. So discount of 1% is availed by the Marshall.

Discount amount = ( $8,500 + $11,985 ) x 1% = $20,485 x 1% = $205

Payment Made = $20,485 - $205 = $20,280

Answer from: Quest

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

Answer from: Quest

One disadvantage is that you get shamed in stocks for falling asleep in church in new england

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Marshall purchases inventory for sale from Tidy Wholesalers for $8,500 with terms 1/10, n/30. 5 Mars...

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