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rusak2 [61]
3 years ago
5

Nov. 5 Purchased 1,100 units of product at a cost of $40 per unit. Terms of the sale are 5/10, n/60; the invoice is dated Novemb

er 5.
Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit.
Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7.
Prepare the journal entries to record each of the above purchases transactions of a merchandising company. Assume a perpetual inventory system.
Business
1 answer:
grin007 [14]3 years ago
4 0

Answer:

Explanation:

November 5 - Purchase = 1100

Unit cost = $40

Payable = (1,100*40) 44000

November 7

Returns - 25 defective units = 25*40 =1000

Terms of sale = 5/10 , n/60

If invoices are paid within 10 days , a discount of 5% is given.

Therefore payment on November 15 attracts a discount of 5% of the net purchase

Journal entries

Date                      Description            Debit       Credit

November 5            Inventory            44,000

                          Accounts payable                      44,000

November 7        Accounts payable     1000

                                Inventory                                  1000

November 15    Accounts payable      43,000

                             Inventory (discount)                     2,150

                                  Cash                                        40,850

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"Providing welfare benefits" government policies pursues the economic goal of equity.

<u>Option:</u> B

<u>Explanation:</u>

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Without a strong and efficient marketing channel system, merchandise isn't available when customers want it. True False
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Answer:

TRUE

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  • Channel representatives collect demand and supply information to make the services available on the marketplace.

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2 years ago
Tommy’s Tile Service is planning on purchasing new tile cleaning equipment that will improve their ability to remove tough stain
sergejj [24]

Answer:

1. $132,800

2. $531,200

3. $1,071,200

Explanation:

The break-even point is the level of sales at which the business incur no profit no loss.Fixed and variable costs are covered at this level of sales. Use following formula of break-even to calculate the fixed cost.

Break-even point = Fixed cost / Contribution margin ratio

$487,200 = Fixed cost / 25%

Fixed Cost = $487,200 x 25% = $121,800

1.

Revised Fixed cost = $121,800 + $11,000 = $132,800

2.

New Break-even point = $132,800 / 25% = $531,200

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Kraven Corp. borrows $100,000 by signing on a 1-year, 8% promissory note from General Finance Company and assigns $120,000 of it
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Answer and Explanation:

The journal entry is shown below:

Cash Dr $98,800

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       To Liability - Financing Arrangement $100,000

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