Answer:
1) October 1:
1.1
Debit Cost of Goods sold $3,600
Credit Merchandise $3,600
1.2
Debit Cash $6,000
Credit Revenue $6,000
2) October 7
2.1.
Debit Revenue $670
Credit Cash $670
2.2.
Debit Merchandise $402
Credit Cost of Goods sold $402
Explanation:
1. October 1: when sold goods, the company recorded Cost of Goods sold and revenue:
1.1
Debit Cost of Goods sold $3,600
Credit Merchandise $3,600
1.2
Debit Cash $6,000
Credit Revenue $6,000
2. October 7
The percentage of revenue that merchandise returned = $670/$6,000 = 11.17%
Assume a constant gross profit ratio for all items sold.
Cost of returned merchandise = $3,600 x 11.17% = $402
2.1.
Debit Revenue $670
Credit Cash $670
2.2.
Debit Merchandise $402
Credit Cost of Goods sold $402
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Answer:
b. your demand for peanut butter increases today.
Explanation:
If the price of a commodity would increase at a later date, consumers would increase demand for the good today. Consumers would be willing to buy as much as they can at the lower price. This would shift the demand curve to the right.
Answer:
profit sharing
Explanation:
profit-sharing plan can be regarded as retirement plan which is designed to let an employee to have a share in the profits of a firm. In this particular plan some percentage of the profit made by the company,firm can be received by the employee using the quarterly or annual earnings of the employee as the basis.
Answer:
D. the price level is likely to rise as GDP rises.
Explanation:
The aggregate demand measures all the goods produced in an economy at a given price in a particular period.
When the aggregate demand increases, the aggregate demand curve shifts to the right. When aggregate demand increases, aggregate demand exceeds aggregate supply and aggregate price and output would increase.
