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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                                        

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5 0
3 years ago
Here are incomplete financial statements for BLOSSOM, Inc. Calculate the missing amounts
Otrada [13]

Answer:

(A) net income: 20,000

(B) COGS = 55,000

(C) Common Stock = 30,000

Explanation:

(A) with the RE statemtn we sovle for RE

net income = ending RE - beginning RE + dividends

net income = 27,000 - 12,000 + 5,000 = 20,000

(B) With the net income we solve for COGS

COGS= revenues - net income - salaries and wages

COGS = 85,000 - 20,000 - 10,000 = 55,000

(C) now we solve for common stock

liab + equity = total liab and stockholders equity

account payable + common stock + RE = total liab and stockholders equity

5,000 + CS + 27,000 = 62,000

CS = 62,000 - 27,000 - 5,000 = 30,000

5 0
3 years ago
What is one advantage corporations have over other types of businesses?
Artist 52 [7]

Answer: Corporations limit risk and liability for shareholders.

Explanation:

Apex

8 0
3 years ago
Read 2 more answers
The standard time for producing one unit of work in a job paying $12.75 per hour was set at twelve minutes. The piece rate would
aalyn [17]

Answer:

The right answer is option (A).

Explanation:

According to the scenario, given data is :

Time required for one unit = 12 Min

Payment for job =  $12.75 / Hour

So, payment for job per minute = $12.75 / 60 = $0.2125 / minute

Hence, Rate per piece = rate/minute × time required for one unit

= $0.2125 × 12

= $2.55

Hence the most appropriate answer is option (A).

7 0
3 years ago
Haskins Products sells 2,000 kayaks per year at a sales price of $470 per unit. Haskins sells in a highly competitive market and
AysviL [449]

Answer:

target fixed​ costs is $ 420000

Explanation:

Given data

sells 2,000

sales price of $470 per unit.

product cost at $720,000

variable costs are $300,000

to find out

target fixed​ costs

solution

we know here product cost and variable cost

so target fixed​ costs is product cost - variable costs

so we put all these value to find out target fixed cost

target fixed​ costs = product cost - variable costs

target fixed​ costs = 720000 - 300000

target fixed​ costs is $ 420000

4 0
3 years ago
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