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We can loan up to $500 to Trussville occupants, in view of qualifying elements. On the off chance that endorsed, your credit will be expected on your next payday that falls in the vicinity of 10 and 31 days after you get your advance. Nitty gritty data with respect to expenses and reimbursement is accessible on our Rates and Terms page. As you consider whether an advance is proper for your prompt needs, you ought to likewise investigate other subsidizing alternatives. A payday credit is a genuine budgetary duty, and not an answer for long haul issues. Getting from a companion of relative may be a superior alternative.
Michael has negotiated wholesale contracts with Compaq. All payments are net 30. Michael wants to keep his cash flow up so he decides to extend a 2/10, n30 cash discount to all his customers. Ocb 1 Happy Liquidtors needs 6 new workstations and a server to connect their accounting department. Michael orders and receives the 6 workstations and the server from Compaq on account. The workstation cost $800 each and the server costs $2000 (record to Merchandise Inventory). Payment terms with Compaq net 30. Ocb 5 Delivered 6 workstations to happy Liquidators. Bill them $1000 for each workstation. $2500 for the server & $1000 for labor. Payments terms extended to Happy are 2/10, n30 for equipment and services. Don't forget to record Cost of Goods Sold. *What does net 30 and 2/10 mean? Which T account do the # go to? Thanks!
Net 30 means the bill is supposed to be paid in 30 days. That does not mean that you get the bill in th snail mail then pay it 30 days after you got it. Rather if the purchase was made on October 1st, the money must get to the seller no later than Oct 31 (30 days after the sale). 2/10 n30 means the money is still due in 30 days, but if it gets paid in 10 days, you can take a 2 percent discount. So let's suppose the purchase occurrd October-1 for something worth $ 1,000.00. Either pay in full so the money gets to the seller no later than October-31 (30 days after the sale) Trussville arrange to get the money to the seller no later than October-11 (10 days later) AND not have to pay the full $ 1,000.00 ... get to take a discount of 2 % or in this case $ 20.00, paying only $ 980.00. This 2% incentive is offered in hopes of some customers paying sooner, to get the discount, and thus have the money flowing in faster. In real life there's customers that don't pay for 6 months, then they take a 10% discount because they do not understand what 2/10 means. When an order is placed with Compaq, there's no entry just yet to General Ledger, although there will be activity in the Purchase Orders sub-system. When the work stations actually arrive, and are inspected to be satisfactory, there is an addition to inventory for whatever their value is, with an opposite entry to Uninvoiced Debts, which is to say a special account for the Accruals of moneys we owe for products received but not yet invoiced for. When the Compaq invoice arrives, the Payables get that debt entered, with the opposite entry to that special Uninvoiced Debts account. If Compaq charges more money that was anticipated, there is an account that gets the difference, which accumulates differences in moneys than what was agreed to, with the opposite entry difference going into the Payables. There may also be freight transportation charges, and insurance for the shipment. There will be General Ledger accounts to track totals spent on that, with the opposite entries going to whoever is to be paid for those extra charges. When the shipment is made to a customer of say a workstation that came from Compaq for $800.00 and is being resold for $1,000.00 At that point in time the inventory is reduced by $800.00 (the value of the inventory because that's what it cost from Compact, and the cost of goods sold gets the opposite $800.00 entry. Also, Sales gets $ 1,000.00 added, with the opposite entry going to Recievables. When a payment is made from a customer. let's use the example of the bill was $ 1,000.00 but they are paying $ 980.00 within the 10 day 2 % time period The $ 980.00 they paid increases cash in the bank account. The $1,000.00 that was in the accounts receivable is cancelled, and the $ 20.00 difference goes into an account for discounts taken by customers.