1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
velikii [3]
3 years ago
6

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods so

ld is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles
Business
1 answer:
Crazy boy [7]3 years ago
8 0

Explanation:

On the books of Shore Co

Cash A/c Dr $111,560

Sales discount A/c $2,240           ($11,2000 x 2%)

              To Accounts receivable A/c $113,800           ($112,000 + $1,800)

(Being cash is received)

On the books of Blue star

Accounts payable A/c Dr $113,800    ($112,000 + $1,800)

               To Merchandise inventory A/c $2,240              ($11,2000 x 2%)

                To Cash A/c $111,560

(Being cash is paid)

You might be interested in
1. Why does Sutherland argue that businesses need to think about the small stuff rather than the big, splashy things?
riadik2000 [5.3K]

Hello. You did not enter the text to which this question refers. For that reason, the answers may have inaccuracies in accuracy, but I hope it helped you.

1. Because little things are the basis for big things to happen. The little things are the details, which we often overlook, but which are extremely important for the smooth running of a company. Big, flashy things can be positive factors, but these things need to be composed of details that are small things that bring great results and need to be considered carefully.

2. Because they are unnoticed, but active. When we do not pay attention to them, they act without administration and regulation and can assume very disadvantageous positions, so it is necessary to note and regulate them to act according to the necessary control.

3. My mom runs a handbag store and runs events every season to showcase new trends. The event is a great thing, but it is full of small things (the details) that are of great importance for the success of the event. Among these small things, one that I would like to change is the cooling of the environment. As we live in a hot climate, we need to cool our warehouse during the event. We use fans, but I recognize that this detail should change and that change would bring more customers. That's because the fan messes up the customers' hair, making them uncomfortable. This is a small thing, but very important.

7 0
2 years ago
One primary difference between services and the production of goods is that services are consumed _____ whereas goods can be ___
Zigmanuir [339]

Answer:

B. Immediately; stored

Explanation:

One primary difference between services and the production of goods is that services are consumed <u>immediately</u> whereas goods can be <u>stored</u>.

There are several differences in production and consumption of goods and services:

  • Goods are Tangible as it can be touched, however, services are intangible as it cannot touched but it can realized.
  • Goods can be stored for later use, however, services cannot be stored but need to be consumed immediately on real time.
  • Goods can be weighed and measured on scale, however, services can  evaluated on basis of satisfaction level.

8 0
2 years ago
A company has decided that it no longer needs to extensively count and inspect the products it buys from a particular supplier.
agasfer [191]

Answer: False

Explanation:

The VOLUME CONSOLIDATION Stage is where a company attempts to reduce the number of suppliers that it has and consolidates the volume of sales it does through them.

This strategy helps in having a better relationship with suppliers as well as earning a claim on their business which would go a long way in price negotiation.

3 0
2 years ago
2008 1 Mar Started business with $1,000 cash.<br>credit or debit​
SSSSS [86.1K]

Answer:

The cash a/c is debited as it is an asset for the business and the capital a/c is credited as it is a liability for the business according to the business entity concept.

3 0
11 months ago
In which of the following cases is it most likely that an increase in the size of a tax will decrease tax revenue? Answers: A) T
DiKsa [7]

Answer:

The correct answer is option D.

Explanation:

An increase in the size of tax is likely to increase the tax revenue when the price elasticity of supply, as well as price elasticity of demand, are both large.  

The imposition of tax will cause an increase in the price of the product. If the price elasticity of demand is higher, an increase in the price will lead to a more than proportionate decrease in demand.  

At the same time, high price elasticity of supply means that when the tax is imposed the sellers will be able to reduce quantity more easily.  

So when less output is produced and demanded the tax revenue will also be lower.

6 0
3 years ago
Other questions:
  • Xavier, a recent college graduate, is thinking of investing in a home health care business. he believes this will be a profitabl
    13·1 answer
  • Monthly sales are​ $530,000. Warranty costs are estimated at​ 3% of monthly sales. Warranties are honored with replacement produ
    12·1 answer
  • LC Corp. has an old machine with operating costs of $164,200 per year and a net book value of $23,000. LC is looking at two repl
    14·1 answer
  • Suppose a study shows that the demand for old navy jeans old navy jeans is more elastic than the demand for all jeans jeans. wha
    14·1 answer
  • Preparing adjusting entries LO P1, P3, P4
    6·1 answer
  • Kinslow Manufacturing Company paid a dividend yesterday of $2.50 per share. The dividend is expected to grow at a constant rate
    10·1 answer
  • At the beginning of 2021, Angel Corporation began offering a two-year warranty on its products. The warranty program was expecte
    5·1 answer
  • Selected information from Jacklyn Hyde Corporation's accounting records and financial statements for 2021 is as follows ($ in mi
    5·1 answer
  • The effects of legislation on human resource professionals is important because: Multiple choice question. it seldom changes and
    11·1 answer
  • 9. You were approved for your 30-year mortgage with a 4% interest rate and monthly payments. What is your effective annual rate
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!