Answer:
Dr merchandise inventory $3,500
Cr accounts payable $3,500
Dr accounts payable $600
Cr purchases returns and allowances $600
Dr accounts payable($3,500-$600) $2,900
Cr cash $2,900
Explanation:
The purchase of goods worth $3,500 means that merchandise inventory is debited with $3,500 while accounts payable is credited with the same amount.
Upon returning goods worth $600,purchases returns and allowances is credited while accounts payable is debited.
When payment is made, cash is credited while accounts payable is debited to show that the outstanding debt has been paid
Answer:
A. A market economy is determined by consumers and a command economy is determined by central authority.
Explanation:
A market economy is driven by customers in the form of demand and the sellers in market supply to satisfy the demand.
Command economy is driven by command, customers do not decide what to demand and when, only central authority supplies what they see fit.
Answer:
Journal Entries
Apr 08 Debit Bank $5,760 Debit Service charges $240 Credit Revenue $6,000
Debit Cost of goods sold $4,434 Credit Inventory $4,434
Apr 12 Debit Accounts Receivable $7,020 Debit Service charges $180 Credit Revenue $7,200
Debit Cost of goods sold $4,666 Credit Inventory $4,666
Apr 20 Debit Bank $7,020 Credit Accounts Receivable $7,020
Explanation:
Judging by the last transaction, The business first requires deposits from Continental card's bank hence the receiving of check at a later stage.
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