Which of the following is not one of the four components of the business process

On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b. shi

IgorC [24]

Answer:

Journal entries for Arnold Company:

June 3, merchandise sold to Chester Company

Dr Accounts receivable 3,000

Cr Merchandise inventory 3,000

Dr Cost of goods sold XXX (not specified)

Cr Sales Revenue 3,000

June 12, payment received from Chester Company

Dr Cash 2,940

Dr Sales discounts 60 ($3,000 x 2%)

Cr Accounts receivable 3,000

Journal entries for Chester Company:

June 3, merchandise purchased from Arnold Company

Dr Merchandise inventory 3,000

Cr Accounts payable 3,000

June 8, shipping invoice received

Dr Merchandise inventory 90

Cr Accounts payable

June 12, payment made to Arnold Company

Dr Accounts payable 3,000

Cr Cash 2,940

Cr Purchase discounts 60

June 12, payment made to John Booth transport

Dr Accounts payable 90

Cr Cash 90

4 0

3 years ago

Identify the type of data (qualitative/quantitative) and the level of measurement for the following variable. Explain your choic

zubka84 [21]

Answer: Temperature is a quantitative data.

Explanation:

A quantitative data deals with number and object that can b e measured objectively. Temperature is a quantitative data because it can be measured in numbers. Numerical values that are countable are assigned to it. Temperature is a quantitative data because numerical values, found by either measuring or counting are used to describe the data. Monthly temperatures are assign ed numerical and countable values which can be measured objectively.

8 0

4 years ago

Morgan leasing Company signs an agreement on January 1, 2017, to lease equipment to Cole Company. The following information rela

Evgesh-ka [11]

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8 0

3 years ago

Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relatin

vovikov84 [41]

Answer and Explanation:

The journal entries are shown below:

A. Equipment $24,500 ($25,000 × 98%)

To Accounts Payable $24,500

(Being the equipment is purchase on account)

B. Equipment $24,545

Discount on Notes Payable $2,455

To Note Payable $27,000

(Being note payable is recorded)

C. New Equipment $24,500

Accumulated Depreciation $8,000

Loss on Equipment $3,500

To Cash $22,000

To Old Equipment $14,000

(Being equipment is recorded)

D. Equipment $24,000

To Common Stock $24,000

(Being equipment purchased)

5 0

3 years ago

(TCO 2) An object of interest to the end user is

emmasim [6.3K]

An object of interest to the end user is entity.

Explanation:

An entity is a real world object or thing that has an independent existence. Entity is distinguishable from the other objects. The attributes of an entity are the properties of the entity which make the entity distinguishable from the other objects.

The examples of entity are a car, a book or any other product. A set of an entity is known as the entity set. Entity may be an object with physical existence or it may be with a conceptual existence.

6 0

3 years ago