Answer:
The journal entry is shown below:
Explanation:
The journal entry which is to be recorded on the date of payment is as:
Cash A/c...........................................................Dr $2,009
Sales Discount A/c.........................................Dr $41
Accounts Receivable- Hubbard Incorporated A/c..........Cr $2,050
As the goods sold by company, so they received cash and any increase in assets account is debited. Therefore, the cash account is debited. And the company also offered discount which is also debited and the account of accounts receivable is credited.
Working Note:
Amount of cash received = (Sold merchandise amount - Return goods amount) - 2% on amount
= ($2,400 - $350) - 2% on amount
= $2,050 - 2% × $2,050
= $2,050 - 41
= $2,009
Answer:
Null hypothesis: The mean price of restaurant meal is the same as fixing a comparable meal at home.
Alternate hypothesis: The mean price of restaurant meal is less than fixing a comparable meal at home.
Explanation:
A null hypothesis is a statement from a population parameter which is either rejected or accepted (fail to reject) upon testing.
An alternate hypothesis is also a statement from the population parameter that negates the null hypothesis and is accepted if the null hypothesis is proven false.
Answer:
$2,280 increase
Explanation:
The computation of the change in net operating income is shown below:
= Increase in monthly sales unit × contribution margin per unit - increased monthly advertising
= 140 units × $52 - $5,000
= $7,280 - $5,000
= $2,280
Since this comes in a positive figure that results in increased in monthly net operating income we simply considered the change in monthly sales unit, monthly advertising, and the contribution margin per unit
Answer:
C
Explanation:
The short term amount due (within the next fiscal year) is classified in the current liability section while the amounts due in years 2-5 would be reported in the long term section. Interest is always an expense and never reported on the balance sheet.
Answer:
The clause is an illegal provision.
Explanation:
An illegal provision is a clause or condition that is unenforceable by it's very nature. Kevin owns all the legal interest in the apartment. Jon has no legal interest in the apartment.
A legal interest refers to the right to legally possess and use a property. This right is enforceable under the law.
If Jon as a broker co-owns the apartment, then the clause or provision he inserted becomes legal. Given that he doesn't, the clause is void <em>ab initio.</em>
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