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LuckyWell [14K]
3 years ago
15

On May 12, 2015, Falwell Computing sold five computers to Computing Plus for $10,000, subject to terms 3/10, n30. Falwell uses t

he net method of accounting for sales discounts.Required:1. Prepare the journal entry to record the sale.2. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on May 20, 2015.3. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on June 5, 2015.
Business
1 answer:
Olenka [21]3 years ago
3 0

Explanation:

The journal entries are as follows

1. Account receivable Dr $9,700

        To Sales revenue $9,700

(Being the sale is recorded)

It is computed below:

= $10,000 - $10,000 × 3%

= $10,000 - $300

= $9,700

2. Cash Dr $9,700

         To Account receivable $9,700

(Being the receipt of the payment is recorded)

3. Cash Dr $10,000

         To Account receivable $9,700

          To Sales discount forfeited $300

(Being the receipt of the payment is recorded)

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Quitman Enterprises sells its business language dictionary to college students throughout the United States. Joseph Quitman, the
Goryan [66]

Answer: (E) Market development

Explanation:

The market development is one of the type of marketing growth strategy in which it helps in developing the various types of new segments for targeting  the new customers for the purpose of buying the various types of products.

The main objective of the market development growth strategy is selling the various types of current products in the new geographical market.

According to the given question, the Quitman enterprises is one an organization that selling the language dictionary to the students in the united state and the company also wants to startup the business in the international level.

Therefore, Ouitman pursing the market development growth strategy.      

3 0
4 years ago
Help me please I need this for my next class
mr_godi [17]
Construct Protective systems and evaluate soil conditions and provide safe access in and out of the evacuation in and inspect the site daily at the start of each shift and provide protection if water accumulation is a problem
5 0
3 years ago
On June 15, a food wholesaler sold 100 cases of canned soup to Happy Foods for $30 per case with terms of 2/10, n/30. On June 17
Brilliant_brown [7]

Answer:

Explanation:

The journal entries are shown below:

On June 17

Food wholesaler A/c Dr $600       (20 cases × $30)

    To Purchase return $600

(Being returned goods are recorded)

Food wholesaler A/c Dr $600  $2,352

   To Bank A/c                                               $2,352

(Being payment is made)

(Being cash received recorded)

The computation is shown below:

= (Credit purchase - returned goods ) - (Credit purchase - returned goods ) × percentage given

= (100 case × $30 - $600)  -  (100 case × $30 - $600) × 2%

= ($3,000 - $600) - ($3,000 - $600) × 2%

= $2,400 - $48

= $2,352

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

6 0
4 years ago
During a year which of the three latitudes experiences the greatest variation in average daily insolation at the top of the atmo
defon

Answer: 90°

Explanation:

Here is the complete question:

During a year, which of the three latitudes you graphed (0⁰, 45⁰ N, and 90⁰ N), which of the three latitudes experiences the GREATEST variation in average daily insolation at the top of the atmosphere?

Latitude is an angle that ranges from the Equator at 0° the poles at 90°. Latitude is a geographic coordinate which simply specifies a point's north–south position position on the surface of the Earth.

Based on the question, the latitudes that experiences the greatest variation in average daily insolation at the top of the atmosphere is 90°.

8 0
3 years ago
Calculate the Price Elasticity of Demand (PED) for diamond rings if there is a price increase from $10,000 to $12,000 and quanti
Vadim26 [7]

Answer:

-0.578 and inelastic

Explanation:

The computation of the price elasticity of demand using mid point formula is shown below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of price)  

where,  

Change in quantity demanded would be

= Q2 - Q1

= 90,000 - 100,000

= 10,000

And, average of quantity demanded is

= (90,000 + 100,000) ÷ 2

= 95,000

Change in price would be

= P2 - P1

= $12,000 - $10,000

= $2,000   0.1052  0.1818

And, average of price is

= ($10,000 + $12,000) ÷ 2

= $11,000

So, after solving this, the price is -0.578

This reflects the inelastic for diamond rings

7 0
4 years ago
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