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baherus [9]
1 year ago
9

On june​ 1, nicholson company purchased inventory on account with a cost of. Credit terms were​ 2/10, net 30. On june​ 2, nichol

son company returned percent of the inventory. Nicholson company uses the perpetual inventory system. What journal entry did nicholson company prepare on june​ 2?.
Business
1 answer:
alex41 [277]1 year ago
8 0

The Journal entry which Nicholson company will prepare on June​ 2 will be like when goods are returned the reverse entry is made which is

Accounts Payable A/c                                      Dr.       $480

Purchase Return / Inventory  A/c                     Cr.       $480

A journal entry is an act of recording any transaction, whether it is economic or not. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.

Accounting journal entries are transferred from the journals and posted to the general ledger in order to record financial transactions in the accounting system. Modern accounting software handles the majority of this process automatically, but it's crucial to understand what's going on since there are instances when manual entries will need to be made to adjust or correct account balances at the conclusion of an accounting month.

To learn more about Journal entry visit:  brainly.com/question/20421012

#SPJ4

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Answer:

Explicit, explicit and implicit

Explanation:

The accounting cost is the cost that generally includes the payment related to the wages, rent, price of the products etc

While on the other hand, the economic cost is the cost that involves both type of cost i.e. explicit and implicit. The implicit cost is generally the opportunity cost

This is the answer but the same is not provided in the given options

8 0
2 years ago
Which of the following is an internal event?
ludmilkaskok [199]
The answer is c. Internal events are kind of like a V.I.P. things while external events are more public.
5 0
3 years ago
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Given the following data for the economy, compute the value of GDP.
oksano4ka [1.4K]

Answer:

The value of GDP is 75

Explanation:

GDP is equal to Consumption + Investment + Government Spending + Net Exports (Exports minus Imports), where total Investment is equal to Fixed Investment plus the Change in Inventories.  

The change in GDP will therefore equal the change in Consumption + the change in Investment + the change in Government Spending + the change in Net Exports, where the change in Investment will equal the change in Fixed Investment plus the change in the Change in Inventories.

= Government purchases of goods and services  (10) + Consumption Expenditures  (70 )+ Exports  (5 ) - Imports  (12) + Change in Inventories  (-7 ) + Construction of new homes and apartments  (15 ) - Sales of existing homes and apartments  (22 ) + Government payments to retirees  (17 ) + Business Fixed Investment  (9)

= 75

5 0
3 years ago
Financial functions format calculated values as currency, with _______. Question 3 options: a) positive cash flow appearing in r
Vlada [557]

Answer:

d) negative cash flow appearing in red font.

Explanation:

Colour coding is a type of excel formatting for financial modelling.

Color coding allows anyone to immediately pick up your model and know what can be changed (assumptions) and what should not be altered (formulas).

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negative cash flow (Cash outflow) of the company appears in red font while positive cash flow (Cash inflow) of the company appears in green font.

3 0
3 years ago
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Lera25 [3.4K]

Answer:

So the depreciation in year 1 is $95,000

Explanation:

Depreciation is the accounting method that is used to allocate cost of an asset over its useful life. It is assumed that an asset losses values over a period and the salvage or terminal value is the value of the good after its useful life has ended.

Straight line method of depreciation assumes equal allocation of depreciation expense over the useful life of an asset.

In the given the asset value is $570,000 and the terminal value is $0

Using the formula

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Depreciation= (570,000-0)/6

Depreciation= $95,000 paid equally for 6 years

So the depreciation in year 1 is $95,000

4 0
3 years ago
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