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diamong [38]
3 years ago
8

resented below is information from Perez Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with term

s 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales. 10 Perez received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Perez for its purchase of July 17. Prepare the necessary journal entries for Perez Computers
Business
1 answer:
Licemer1 [7]3 years ago
4 0

Answer:

Journal entries

Explanation:

The journal entries are as follows

On July 1      

Accounts receivable $20,000  

            To Sales revenue  $20,000

(Being the sales is recorded)

On July 10

Cash $194,00  

Sales discount $600        ($20,000 × 3%)

         To Accounts receivable   $20,000

(Being the sale is recorded)

On July 17

Accounts receivable $200,000  

            To Sales revenue  $200,000

(Being the sales is recorded)

On July 30

Cash $200,000  

          To    Accounts receivable  $200,000

(Being the amount received is recorded)

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alisha [4.7K]

Answer:

the bad debt expense is $6,830

Explanation:

The computation of the bad debt expense is shown below:

= Estimated uncollectible amount + debit balance of allowance for doubtful accounts

= $6,300 + $530

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We simply added the above amount as it represent the bad debt amount

The same is to be considered  

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3 years ago
Differentiate between micro hydro power and hydro power. ​
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Explanation:

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3 years ago
Issuance of common stock for cash affects which basic element of financial statements? Revenues Equity Losses Liabilities
weeeeeb [17]

Answer:

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Explanation:

8 0
3 years ago
Alternative Financing Plans Frey Co. is considering the following alternative financing plans: Plan 1 Plan 2 Issue 10% bonds (at
Alja [10]

Answer:

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2nd Plan Earning per Share $ 2.30

<em>The Second Plan provides better earnings per share.</em>

Explanation:

1st Plan:

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Bonds Payable Interest:              <u>     (144,000)  </u>

Income before taxes                        864,000

Income tax expense                     <u>   (345,600)  </u>

Net Income                                        518,400

<u>Quantity of Common Stock:</u>

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Earing per share:

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Net Income                                        561,600

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Available for common stock            441,600

<u>Quantity of preferred Stock:</u>

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Dividends on Preferred Shares:

120,000 x $1 = 120,000

<u>Quantity of Common Stock:</u>

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Earing per share:

441,600 / 192,000 = $2.30

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3 years ago
How would inflation impact on a start up business?
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Answer:

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A startup business would have to pay more money to it's employees, spend more money on products, try and charge the same prices, and lose a lot of money. Essentially, more money would be going out than coming in.

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3 years ago
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