Ask Question
BusinessBusiness
12 October, 21:25

Hunter's paradise sells merchandize on account to outdoor haven for $3,280, terms 2/10, n/30. what should the journal entry be to record this transaction for hunter's paradise?

+2
Answers (1)
  1. 12 October, 23:01
    0
    These are payment terms in the accounting. The first term 2/10 means that if you can pay the amount after 10 days, you would be given a 2% discount. If not, that's what the second terms means. This means you have to pay the net or full amount within 30 days.

    So, if he can pay within 10 days, he will only have to give $3214.4. If not, then he would have to pay $3280 within 30 days.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Hunter's paradise sells merchandize on account to outdoor haven for $3,280, terms 2/10, n/30. what should the journal entry be to record ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Jackie has been offered positions by two cable companies. the first company pays a salary of $14,000 plus a commission of $100 for each cable package sold. the second pays a salary of $20,000 plus a commission of $25 for each cable package sold.
Answers (2)
Transactions for Jayne Company for the month of June are presented below. June 1 Issues common stock to investors In exchange for $5,000 cash. 2 Buys equipment on account for $1, 100. 3 Pays $740 to landlord for June rent.
Answers (1)
At the cost-minimizing combination of factors: Select one: a. the MPP of all factors will be equal b. the MFC of all factors will be equal c. the MRP of all factors will be equal d. the ratio of MPP to factor price will be the same for all factors
Answers (1)
No other transactions took place for Flax during the remainder of the year. The investment represents no more than 4% of ownership in Flax Corp. At December 31, Year 1, Flax is trading at $10 per share.
Answers (1)
When preparing the statement of cash flows by the indirect method, if accumulated depreciation increases the difference is
Answers (1)
New Questions in Business
XYZ began operations in 2018. The company reported $128,000 of depreciation expense on its income statement in 2018 and $84,000 in 2019. On its tax returns, the company deducted $192,000 for depreciation in 2018 and $112,000 in 2019.
Answers (1)
Discuss three traditional roles of the board of directors. Also, identify and discuss the most urgent governance issue impacting your team company's board - what are they doing to manage this important issue?
Answers (1)
Which of the following statements comparing the European System of Central Banks and the Federal Reserve System is TRUE?
Answers (1)
What are installment accounts?
Answers (1)
During the last two centuries, after adjustment for inflation, a. corporate bonds have yielded an average annual real return of approximately 7 percent, compared to an average real return of about 3 percent for corporate stocks. b.
Answers (1)
Home » Business » Hunter's paradise sells merchandize on account to outdoor haven for $3,280, terms 2/10, n/30. what should the journal entry be to record this transaction for hunter's paradise?
Sign Up Forgot Password?