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Serhud [2]
2 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:
german2 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:

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5 0
3 years ago
Larry holds 2,000 shares of common stock in a company that only has 20,000 shares outstanding. The company's stock currently is
weeeeeb [17]

Answer:

We have to find the value of Larry's investement before and after the issue of new shares, to see if Larry's worries are justified.

The current value of Larry's investment is:

2,000 x $41.00 = $82,000

To find the value of Larry's investment if the new shares are issued, we use the following formula:

Investment = ¨[[(Oustanding shares x price per share) + (New issue of shares x price per share)]/ Outsanding shares + new issue] x No. of shares held

Investment = [[(20,000 x 41.00) + (5,000 x 32.80)] / 20,000 + 50,000] x 2,000

Investment = 39.36 x 2,000

Investment = $78,720

Thus, if the new shares were issued, Larry's investment value in the company would fall from $82,000 to $78,720, confirming his reasons to be worried.

8 0
3 years ago
________ is the task of developing and maintaining an overall company strategy for long-run survival and growth. short-term plan
mr Goodwill [35]
Strategic planning is the task of developing and maintaining an overall company strategy for long-run survival and growth. 

In business, strategic planning is a vital step to succeed long-term. The steps involved in strategic planning define the companies overall goal/mission, direction for the company and how they are going to get there. 
8 0
2 years ago
Taft Industries had 250,000 shares of common stock outstanding before a stock split occurred and 500,000 shares outstanding afte
RSB [31]
Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.

If taft Industries had 250,000 shares of common stock outstanding before a stock split occurred and 500,000 shares outstanding after the stock split, the stock split was <span>2-or-1</span>
5 0
3 years ago
Landry Co. purchased $15,000 in inventory on April 1 under terms of 1/10, net 30. Landry missed the prompt payment deadline and
Vedmedyk [2.9K]

Answer:

Under the gross method

= $15,000

Under the net method

= $14,850

Explanation:

Data provided in the question:

Amount of inventory purchased = $15,000

terms of 1/10, net 30

Now,

Under the gross method,

The inventory is recorded at the price mentioned on invoice and only discounts taken are recognized

therefore,

Amount carried by inventory = Amount of inventory purchased

= $15,000

and,

Under the net method all the discounts will be taken

therefore,

Amount carried by inventory

= Amount of inventory purchased - Discount

= $15,000 - 1% of $15,000

= $15,000 - $150

= $14,850

7 0
3 years ago
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