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Serhud [2]
3 years ago
7

Landon jewelers uses the perpetual inventory system. on april​ 2, landon sold merchandise with a cost of​ $2,500 for​ $7,000 to

a customer on account with terms of​ 3/15, n/30. the journal entry to record the cost of goods sold would​ be:
Business
1 answer:
german3 years ago
8 0

Answer:

Dr Cash $6,790

Dr Sales discount $210

Cr Accounts Receivable $7,000

Explanation:

Cost of goods sold by Landon Jewelers is $7,000

The cost is subject to 3/15, n/30 meaning that 3% will discount will be applicable if payment is made in 15 days. Where the balance is not paid within 15 days, it must however be paid within 30 days.

Since payment was made to Landon Jewelers within the 15 days grace, 3% deduction will be applicable to the payment.

Therefore Sales discount would be ;

= $7,000 × 3%

=$210

Balance paid in cash would be;

=$7,000 - $210

=$6,790

Journal entry for cost of goods sold would be;

Dr Cash $6,790

Dr Sales discount $210

Cr Accounts Receivable $7,000

Sales discount is an expense hence debited while the whole amount is credited to accounts receivable.

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Answer:

discount; 1.8%

Explanation:

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Let plug in the formula

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7 0
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Information regarding Maxwell’s direct labor cost for the month of January follows: Direct labor hourly rate paid $ 29.20 Total
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Answer:

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actual hours 11,700

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rate variance  $16,800.00

(standard\:rate-29.2) \times 11,700 = 16,700

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<u></u>

<u>Now we can solve for the labor efficiency variance:</u>

(standard\:hours-actual\:hours) \times standard \: rate = DL \: efficiency \: variance

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<u>efficiency variance  $6,128.00</u>

The diference is positive, sothe variance is favorable.

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3 years ago
According to Carl Jung, what are the two main ways that people process information?
nata0808 [166]
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The thinking type will rely on their analysis capabilities to process information, and make their decision based on their analysis projection

Meanwhile, the sensing type will rely on their 5 senses to process information, which mean they have to experience it first before they can make their decision
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