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3 years ago

Mayfair Co. completed the following transactions and uses a perpetual inventory system in June.

Business

1 answer:

9966 [12]3 years ago

8 0

Answer:

Journal Entries

Explanation:

The Journal entry is shown below:-

June 4

Accounts receivable Dr, $650

To Sales $550

(Being sale of merchandise on credit is recorded)

June 4

Cost of goods sold Dr, $400

To Merchandise inventory $400

(Being cost of goods sold is recorded)

June 5

Cash Dr, $6,693

Credit card expenses $207

(6,900 × 3%)

To Sales $6,900

(Being sale of merchandise is recorded)

June 5

Cost of goods sold Dr, $4,200

To Merchandise inventory $4,200

(Being cost of goods sold is recorded)

June 6

Accounts receivable - access Dr, $5,733

Credit card expenses Dr, $117

($5,850 × 2%)

To Sales $5,850

June 6

Cost of goods sold Dr, $3,800

To Merchandise inventory $3,800

(Being cost of goods sold is recorded)

June 8

Accounts receivable - access Dr, $4,263

Credit card expenses Dr, $87

($4,350 × 2%)

To Sales $4,350

(Being sale of merchandise on credit is recorded)

June 8

Cost of goods sold Dr, $2,900

To Merchandise inventory $2,900

(Being cost of goods sold is recorded)

June 13

Allowance for doubtful accounts Dr, $429

To Accounts receivable $429

(Being written off amount is recorded)

June 18

Cash Dr, $650

To Accounts receivable $650

(Being payment for the purchase is recorded)

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A project professional has just been assigned manager of a project to develop a new advertising campaign for an established prod

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Answer:

Establish project priorities

Explanation:

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PLEASE! I need help :): will mark brainliest! Describe Sinek's Golden Circle. What does he use this for? Sinek argues that "peop

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Explanation:

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3 years ago

Consider the following financial statement information for the Hop Corporation:

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Answer: Operating cycle = 84.70 days

Cash cycle = 41 days

Explanation:

Beginning inventory = $11,100

Ending Inventory = $12,100

Average inventory = ($11100 + $12100)/2 = 11600

Average Accounts receivable = (6,100 + 6,400)/2 = 6250

Average Accounts payable = (8,300 + 8,700)/2 = 8500

Day sales in inventory = Average inventory × 365 / Cost of goods sold

= 11600 × 365 / 71000 = 59.63 days

Average collection period = Average receivable × 365 / Credit sales

= 6250 × 365 /91000 = 25.07 days

Average payment period = 43.70 days

Therefore, operating cycle will be:

= Day sales in inventory + Average collection period

= 59.63 days + 25.07 days

= 84.70 days

Cash cycle = Operating cycle - Average payment period

= 84.70 - 43.70

= 41 days

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3 years ago

Corporate financing comes ultimately from:_______

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Corporate financing comes ultimately from savings by households and foreign investors.

Option b

Explanation:

The respective government will formulate the corporate financing policy according to the economic need of the country. The economic policies will also device the rules and regulations for the corporate financing either in the way of banking institution or by foreign investment.

Corporate financing done by the banking institution will have the contribution from savings of households and another type of funding is foreign investment which is carried out by joint venture agreement. This way the country’s economy will mainly depends on corporate financing.

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