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solniwko [45]
3 years ago
14

Assume that Blossom Company received the balance due from Ayayai Co. on January 2 of the following year instead of December 13.

Prepare the journal entry to record the receipt of payment on January 2.
Business
1 answer:
melomori [17]3 years ago
5 0

Answer:

See explanation

Explanation:

If Blossom Company received on December 13 (Assuming perpetual inventory system was used), the journal entry to record the receipt -

Debit     Cash                     $466,970

Debit     Sales Discount     $9,530

Credit    Accounts receivable   $476,500

Giving 2% discount to the customer after the sales return and allowances because the customer paid the amount within the terms 2/10, n/30.

As the customer failed to pay on December 13 and paid on January 2, the company did not receive the sales discount. And the following journal entry will be required -

Debit      Cash                $476,500

Credit     Accounts receivable      $476,500

After deducting the sales returns, Blossom company will receive the payment.

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If workers leave a country to seek out better opportunities in another country, then this will move the original economy up alon
Alona [7]

Answer: Shift the short-run aggregate supply curve of the original country to the left.

Explanation:

Workers are an input in the production of goods and services. If workers in an economy reduce in number, this would mean that there would be less workers able to produce goods and services in the country. This will invariably lead to a decrease in the amount of goods and services supplied and when there is a decrease in supply, the Short-Run Aggregate Supply curve will shift to the left to reflect this.

4 0
3 years ago
How is production related to supply
Mnenie [13.5K]

Answer:

A. higher production results in a greater supply

Explanation:

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4 years ago
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Due to ____, market forces should realign the relationship between the interest rate differential of two currencies and the forw
xxTIMURxx [149]

Answer:

Covered Interest Arbitrage

Explanation:

The Covered Interest Arbitrage is a term that refers to arbitrage trading approach in which a stockholder take the chance to gain advantage from the disparity in interest rate between two nations.

The trading strategy helps in its verifiability, quantifiability, consistency, and objectivity

It is designed to profit the investor from the differences in interest rates between two countries, when buying and selling foreign currencies.

When a market is small or there's a high level of competition, there's a possibility that the earnings on covered interest rate arbitrage won't yield much.

6 0
3 years ago
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Consider the market for meekers in the imaginary economy of Meekertown. In the absence of international trade, the domestic pric
LenKa [72]

Answer:

Export

True

False

True

Explanation:

Free trade is a form of trade policy where there are no restrictions to imports or exports of goods and services.

The price of meekers is $30 in Meekertown and $40 In the world. Because meeker's are cheaper in Meekertown, it means that Meekertown is efficient in the production of meekers. As a result, they would export meekers to the rest of the world. It would be cost efficient for the rest of the world to import from Meekertown.

Consumers in Meekertown are worse of because of the trade because the price of Meekers would rise.

Producers are better off because they would earn more profits from the sale of Meekers at the world price.

Free trade increases total surplus because of efficient production. If a country is inefficient in production, it would import . This would increase consumer surplus and if it is efficient in production, it would export increasing producer surplus.

I hope my answer helps you

7 0
4 years ago
Temporary investmentsa. are reported as current assetsb. include cash equivalentsc. do not include equity securitiesd. All of th
gulaghasi [49]

Answer:

D. All of the above

Explanation:

Temporary investments are investments carried out by owners of funds that wants to earn interest from their excess funds that is only available for a short term. The owners of such fund prefer to earn little interest by investing in near cash or cash equivalent investment instead of leaving his fund in an interest-free condition. Example of temporary investment is certificate of deposit and some fixed deposits instrument available for the short term.

Temporary investments are reported as current assets in the balance sheet of a business.

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3 years ago
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