FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ZB Company has the terms 2/10, net 30 with its customers, and uses the gross method to record transactions. ZB Company made a $4,000 sale

ZB Company has the terms 2/10, net 30 with its customers, and uses the gross method to record transactions. ZB Company made a $4,000 sale on account to a customer, who paid their balance off within the discount period. What is the correct journal entry for collecting cash from the customer?  

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The correct journal entry for ZB Company to collect cash from the customer within the discount perio... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

5th Canadian edition

9781259105692, 978-1259103285

More Books

Students also viewed these Accounting questions

Question

Major Project - Andrew Best - Best Business Solutions Incorporated (BBSI) Andrew Best was a very inquisitive child growing up. He was a great student in school and always asked a lot of questions....

Answered: 1 week ago

Question

★★★★★
The Christy Corporation had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other information about specific...

Answered: 1 week ago

Question

★★★★★
The Rachel's Enterprises Solutions had the following balance sheet as of December 31, 2020. The transactions for the first three months of 2021 are also presented along with other information about...

Answered: 1 week ago

Question

★★★★★
Jim Redman purchased a car from Bill Branch Chevrolet. However, the car had been reported stolen and Jim was unable to secure a good title. Redman sued Bill Branch Chevrolet on the breach of the...

Answered: 1 week ago

Question

★★★★★
Discuss how a hierarchical organization of the Internet has made it possible to scale to millions of users.

Answered: 1 week ago

Question

★★★★★
"I know how important it is to check references before hiring a job applicant, but I never feel like I'm getting good information from applicants' former employers. I always get off the phone with a...

Answered: 1 week ago

Question

★★★★★
2.18 Utility Bills in Southern Ontario The monthly utility bills for a household in Windsor, Ontario, were recorded for 12 consecutive months starting in January 2012: a. Calculate the range of the...

Answered: 1 week ago

Question

★★★★★
Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On November 1, 2011, Yarnell sold a $5,000 system to Ross...

Answered: 1 week ago

Question

★★★★★
Evaluate the current and quick ratios as a trend analysis (year-over-year) and when compared to the industry averages. What do these numbers tell us about the companys liquidity position? Use the...

Answered: 1 week ago

Question

★★★★★
E2-12 (Preparing a statement of cash flows) From the following transactions prepare a statement of cash flows for Lana and Sons in the proper form. The company began the year with a cash balance of...

Answered: 1 week ago

Question

★★★★★
Gym Equipment (Pty) Ltd (GEPL) sells gym equipment. It is a registered value added tax (VAT) vendor and e-files its VAT returns. The following information is relevant for the VAT period ended 30...

Answered: 1 week ago

Question

★★★★★
A group of faculty was interested in predicting the average incoming SAT scores of students, based on their high school GPA. What is the correct type of test that should be used to analyze this data?...

Answered: 1 week ago

Question

★★★★★
Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2023, the business pays $60,000 of W-2 wages, has $150,000 of...

Answered: 1 week ago

Question

★★★★★
Autumn wants to start a business. She has two goals. First, she doesn't have much money but she's ready to get business up and running with the least possible hassle and expense. Second, she wants to...

Answered: 1 week ago

Question

★★★★★
Tracy, an owner of an S corporation, has beginning basis of $13,000 in stock of the 5 corporation. During the year, Tracy contributed an additional $4,000 to partially offset the share of the S...

Answered: 1 week ago

Question

★★★★★
A Mexican company that supplies concrete and building materials is expanding its markets outside of its own country. The company is targeting the three additional countries of Guatemala, Nicaragua,...

Answered: 1 week ago

Question

★★★★★
Your computer is running version 0 . 4 . 0 0 of a software program. Assuming this software follows a sequential numbering trend, which of the following versions of the software are more up - to -...

Answered: 1 week ago

Question

★★★★★
Below is a sample of the data in the file NFLAttendance which contains the 32 teams in the National Football League, their conference affiliation, their division, and their average home attendance....

Answered: 1 week ago

Question

★★★★★
Sandro Spina is the president of TemPro Inc., a company that provides temporary employees for not-for- profit companies. TemPro has been operating for five years; its revenues are increasing with...

Answered: 1 week ago

Question

★★★★★
Danier Leather Inc. is a Canadian company that designs, manufactures, and markets quality leather and suede products for both women and men. The following note and information were reported in a...

Answered: 1 week ago

Question

★★★★★
On January 1, 2013, Ontec Corporation sold and issued $ 100 million, five- year, 10 percent bonds. The bond interest is payable annually each December 31. Assume three separate and independent...

Answered: 1 week ago

Question

★★★★★
13. Which lobe of the cerebral cortex includes the primary motor cortexpg109

Answered: 1 week ago

Question

★★★★★
8. Which area is the main source of input to the cerebral cortexpg109 The drug phenylephrine is sometimes prescribed for people suffering from a sudden loss of blood pressure or other medical...

Answered: 1 week ago

Question

★★★★★
11. Which lobe of the cerebral cortex includes the primary somatosensory cortexpg109

Answered: 1 week ago

Previous Question Next Question