1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vlad1618 [11]
1 year ago
11

A merchandiser sold merchandise inventory on account. the journal entry to record a sales allowance in the books of the merchand

iser, using the perpetual inventory system would be:________
Business
1 answer:
mars1129 [50]1 year ago
4 0

The journal entry would be to debit the Sales allowance account and credit the merchandise account. This is because the sales allowance is an expense for the merchandiser so it will be debited and the person he is selling the merchandise to will be credited as the rule states to credit the receiver. These rules will be according to the golden rules of accounts.

So the journal entry will be Sales allowance a/c Dr.

                                     To    Merchandise a/c.

A perpetual inventory system is a computerized system to record inventory immediately. It is an automatic system and happens at the point of sale. By this method, the seller is able to keep aware of his inventory information immediately. This system uses computerized point-of-sale systems and enterprise asset management software.

This type of perpetual inventory system is usually used by grocers to keep an account of their goods. This makes their work much more efficient and easy.

1. Learn more about the perpetual inventory system here:

brainly.com/question/13720527    

2.  Learn more about enterprise asset management software here:          

brainly.com/question/14847973  

#SPJ4                                        

You might be interested in
You purchased 1,000 shares of the New Fund at a price of $20 per share at the beginning of the year. You paid a front-end load o
Mazyrski [523]

Answer:

6.37%

Explanation:

Rate of return

= (Aggregate investment value after one year - Investment value) / investment value   ----- equation 1

Cost of shares =number of shares* price per share

             = 1000* $20 =$20,000

Total amount invested = Purchasing cost /(1- front-end load)

               = $20,000 / (1-0.04)

                =$20,000 / 0.96 = $20,833.333

Investment value after one year

           = Total Investment*( 1+ price increase-expense ratio)

         = $20,000( 1 +0.12 -0.012)

          = $20,000(1.12-0.012) = $20,000 * 1.108 = $22,160

From equation 1 above

Rate of return = ($22,160 - $ 20,833.333) / $20,833.333

        $ 1,326.667 / $ 20,833.333

= 0.06368001701

  = 0.0637

Since rates of return are expressed as %, we multiply the result by 100 to get

  0.0637*100 =6.37%

My rate of return on the fund will be 6.37% if I sell the shares at the end of the year.

7 0
3 years ago
How to write an informal essay? ​
bekas [8.4K]

Select an appropriate topic.

Research and gather ideas about the subject.

Make a list of these important facts.

Create an outline that will organize your facts in a logical way.

Write the essay based on the outline you've created.

7 0
2 years ago
Read 2 more answers
Uniform Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on
kolbaska11 [484]

Answer:

The answer is

Dr: Notes Receivable $4,800

Dr: Interest Receivable $120

Cr: Sales $4,920

Explanation:

The yearly interest rate is 10%

So the interest rate for 90 days(assume 360 days make a year?

90/360 x 10%

2.5% is the interest rate for 90 days.

The interest payment for 90 days will be;

2.5% x $4,800

= $120

The entry will now be:

Dr: Notes Receivable $4,800

Dr: Interest Receivable $120

Cr: Sales $4,920

3 0
3 years ago
Define option price. Explain why the option price of a policy might differ from the expected surplus generated by the policy.
Nesterboy [21]

Explanation:

Options prices, known as premiums, are composed of the sum of its intrinsic and time value. Intrinsic value is the price difference between the current stock price and the strike price. An option's time value or extrinsic value of an option is the amount of premium above its intrinsic value.

8 0
2 years ago
Amy has opened a new startup company in web design. Within the first month of business, the startup agrees to maintain an accoun
lara31 [8.8K]

Answer:

<em>a) Trade can make everyone better off </em>

Explanation:

In business, it is common to see trades. If the startup agrees to maintain an accounting firm's website in EXCHANGE for the tax returns, that is called trading since you are giving one thing for another.

Hope this helps! :)

3 0
3 years ago
Other questions:
  • If Carly shows the interviewer that she is familiar with European Union regulations and knowledgeable about how people in German
    14·1 answer
  • Select the statement that does not support the narrow view of non-managerial employees' responsibilities to their employer, the
    10·1 answer
  • If Baldwin issued 1000 shares of common stock at last year's end price, the effect on the balance sheet would be:________
    11·1 answer
  • Peete Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should
    13·1 answer
  • Those interested in entrepreneurship volunteer their time with service organizations for all of the following EXCEPT.
    8·1 answer
  • Suppose that the marginal cost of mining gold is constant at $300 per ounce and the demand schedule is as follows:
    10·1 answer
  • When the direct write-off method is used, an entry for bad debt expense is required Multiple choice question. when each sale is
    12·1 answer
  • Which of the following are hybrid organizations that offer the same liability protection as a corporation but may be taxed as ei
    15·1 answer
  • A person making application, for themselves or another, to be insured under an insurance policy is called the:
    5·1 answer
  • ______ effect happens when the place a product was manufactured influences how consumers perceive the product.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!