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Harman [31]
2 years ago
14

On March 12, a company provides services on account to an individual Hospital for $9,100, terms 2/10, n/30. An individual does n

ot pay for services until March 31, missing the 2% sales discount.
Required:

For an individual Hospital, record the purchase of services on account on March 12 and the payment of cash on March 31.
Business
1 answer:
shutvik [7]2 years ago
3 0

To record the transactions with the individual hospital company, the following journal entries are made:

<h3>Journal Entries:</h3>

March 12: Debit Accounts Receivable $9,100

Credit Services Revenue $9,100

  • To record the sale of services on terms 2/10, n/30.

March 31: Debit Cash $9,100

Credit Accounts Receivable $9,100

  • To record the receipt of cash in full settlement.

<h3>Transaction Analysis:</h3>

March 12: Accounts Receivable $9,100 Sales Revenue $9,100

Terms 2/10, n/30

March 31: Cash $9,100 Accounts Receivable $9,100

Thus, the journal entries for the customer do not require the recognition of the 2% sales discount since the customer could not pay within the discount window.

Learn more about recording transactions at brainly.com/question/17201601

#SPJ1

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Explanation:

The Real GDP is defined as the Nominal GDP minus the inflation effect.

Real GDP provides a more accurate picture of economic growth than nominal GDP because it uses constant prices, making comparisons between years more meaningful by allowing for comparisons of the actual volume of goods and services without considering inflation.

Let's say you bought apples at 5dollars per pound in 2015. Imagining a country of 1000 people and considering everyone bought a pound apples and only apples in that year, the GDP comes out to be 1000*5 = 5000 dollars.

Now let's say inflation rate is 10 percent in 2016 which will increase the price to 5.5 dollars per pound. Also, in one year, 10 more people were added to the country (No of births - No of deaths = New people in that year), this brings out total population to around 1010.

Also, let's say that the sale of apples remained the same, so the GDP of 2016 comes out to be 1000*5.5 = 5500 dollars.

That's a whooping 10% increase in GDP, right?

But here the catch.

The GDP increased not because the demand increased, but because the price of the good increased.

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6 0
3 years ago
Which of the following would be​ true? A. Organizational culture never changes. B. Organizational culture is an evaluative rathe
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Answer:

The correct option is (C)

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Organizational culture is descriptive as it includes all rules and regulations, and expectations in detail. It is however not evaluative as it cannot be judged if anybody likes or dislikes it. Culture is only concerned about the perception about the characteristics of the organization.

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5 0
3 years ago
Read 2 more answers
Assume that the corporate tax rate is 34% and the personal tax rate is 30%. The founders of a newly formed business are debating
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Answer:

b. 23.8%

Explanation:

For computing the percentage difference, we have to compute the Pre-tax income of both corporations and the partnership

For corporations:

Pre-tax income = (1 - corporate tax rate) × (1 - personal tax rate)

                         = (1 - 0.34) × (1 - 0.30)

                         = 0.66 × 0.70

                         = 0.462 or 46.2%

For partnership:

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                         =  (1 - 0.30)

                         = 0.70 or 70%

So, the difference would be

= 70% - 46.2%

= 23.8%

5 0
3 years ago
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