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Alex
1 year ago
15

Record the following transactions for Lett Company. (Credit account titles are automatically indented when the amount is entered

. Do not indent manually.) 1. On August 4, Lett sold merchandise on account to Smiley Company for $610, terms 2/10, n/30. 2. On August 7, Lett granted Smiley a sales allowance and reduced the cost of the merchandise by $60 because some of the goods were slightly damaged. 3. On August 12, Smiley paid the account in full.
Business
1 answer:
Tanya [424]1 year ago
7 0

A transaction is any monetary business event that impacts a business's financial statements.

<h3>The journal entries </h3>

The journal entries are as follows

On August 4

Account Receivable $610

 To Sales Revenue   $610

(Being the goods sold on credit basis is recorded)

On August 7

Sales Return and Allowances $60

  To Accounts Receivable $60

(Being the sales allowance is recorded)

On August 12

Sales Discount   $11  

Cash $539

 To Accounts Receivable $550

(Being the amount paid is recorded after considering the 2% discount

To learn more about financial statements visit the link

brainly.com/question/14951563

#SPJ4

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The ability to attract and manage _________may be the most important skill a strategic leader must have.
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Answer:

Human Capital

Explanation:

A leader must be able to control a team (human capital), lead it, and push them to obtain the results needed.

6 0
1 year ago
A year ago, Jasper Inc. sold 20-year bonds at par with a coupon rate of 4.5 percent and semiannual payments. The face value of e
scoray [572]

Answer:

= $877.32

Explanation:

<em>The value of the bond is the present value(PV) of the future cash receipts expected from the bond. The value is equal to present values of interest payment plus the redemption value (RV).</em>

<em>Value of Bond = PV of interest + PV of RV</em>

The value of bond for Jasper Inc can be worked out as follows:

Step 1

<em>PV of interest payments</em>

<em>Semi annul interest paymen</em>t

= 4.5% × 1000 × 1/2

= 22.5

<em>Semi-annual yield</em> = 5.6/2 = 2.8% per six months

<em>Total period to maturity (in months)</em>

= (2 × 19) = 38 periods  <em> (Note it was sold a year ago)</em>

<em>PV of interest = </em>

<em> </em>22.5 × (1- (1+0.028)^(-38)/0.028)

= 22.5 ×23.20871226

= 522.196

Step 2

<em>PV of Redemption Value</em>

= 1,000 × (1.056)^(-19)

= 355.128

<em>Price of bond</em>

=  522.19 + 355.12

= $877.32

<em />

                               

5 0
3 years ago
What serves as an incentive for entrepreneurs
nordsb [41]
Profit is the answer
3 0
3 years ago
Read 2 more answers
In divisional income statements prepared for Lemons Company, the Payroll Department costs are allocated to user divisions on the
AlladinOne [14]

Answer:

Lemons Company

a. Total amount of payroll checks = 920

amount of purchase requisitions = 12,500

b-a                  Residential      Commercial     Government  Total

Payroll         $32,832               $19,152          $10,944        $62,928

b-b  Purchasing

 Costs        $17,688                 $4,717              $7,075      $29,480

c. Residential's service department charge is __higher__ than the other two divisions because Residential is a user of service department services. Residential has many employees on a weekly payroll, which translates into a __higher__ number of payroll transactions.

Explanation:

a) Data and Calculations:

Cost of the Payroll Department = $62,928

Cost of the Purchasing Department = $29,480

                               Residential      Commercial     Government  Total

                                                                                     Contract

Sales                      $2,000,000     $3,250,000      $2,900,000 $8,150,000

Weekly payroll

(52 weeks per year)      400                     250                     150            800

Monthly payroll                 80                       30                        10             120

Total                               480                      280                     160            920

Number of purchase

 requisitions per year 7,500                 3,000                 2,000        12,500

a. Total amount of payroll checks = 920 (800 + 120)

Total amount of purchase requisitions = 12,500

b-a                  Residential      Commercial     Government  Total

Payroll         $32,832               $19,152          $10,944        $62,928

         (480/920 * $62,928) (280/920 * $62,928)  (160/920 * $62,928)

b-b  Purchasing

 Costs        $17,688                 $4,717              $7,075      $29,480

      (7,500/12,500 * $29,480) (2,000/12,500 * $29,480) (3,000/12,500 * $29,480)

Total         $50,520              $23,869         $18,019       $92,408

Percentage 54.7%                  25.8%              19.5%         100%

4 0
3 years ago
Six-year-old julie performs on an intelligence test at the same level as an average 8-year-old. julie's mental age is
docker41 [41]

Julie’s mental age is 8 years old. Mental age is the age of a person based on his or her intelligence. Mental age is computed based on the result of the intelligence test and the psychologist assessment to the person. 

6 0
3 years ago
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