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Dennis_Churaev [7]
4 years ago
13

On July​ 1, Corrao Company purchased $ 1 comma 500 of inventory on account with credit terms of 3​/10, net 30. Corrao Company us

es the perpetual inventory system. On July​ 5, Corrao Company paid the amount due. What journal entry did they prepare on July​ 5?
Business
1 answer:
svet-max [94.6K]4 years ago
8 0

Answer:

Under the terms of 3/10, net 30, C Company will get a discount of $3 if it pays for the inventory purchased within 10 days from the date of purchase.

Therefore, the journal entry is as follows:

Accounts Payable A/c   Dr. $1,500

To Inventory                                     $3                          

To cash                                             $1,497

(To record the payment of due amount)

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An awareness of the impact of today's actions on tomorrow's costs is a concept that underlies which of the following notions? Se
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Answer:

The correct answer is A. Life-cycle costs

Explanation:

In the life cycle of costs, all the costs associated with the production of a good or the provision of a service over a given period of time interfere. For this reason, professionals in charge of this area should consider not only the information directly related to production, but also the costs associated with the maintenance of the product during its useful life.

5 0
4 years ago
ABC Company's production budget for October is based on 500 units. Standard unit cost for raw materials is $130 per unit ($10 pe
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Answer and Explanation:

The computation is shown below;

a. Raw material price variance is

= (standard price - actual price) × actual quantity

= ($10 - $11) × ($69,300 ÷ $11)

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b. The raw material usage variance is

= (Standard quantity - actual quantity) × standard price

= (525 × 13 - 6,300) × $10

= $5,250 favorable

In this way it should be calculated

3 0
3 years ago
Rashid, the CEO of Top Productions, said to his new vice president of accounting, "In the past I had resistance to new ideas by
STALIN [3.7K]

Answer:

The correct answer is (e)

Explanation:

Strategy implementation is an integral part of business activities. It is the responsibility of managers to keep an eye on all the process and make sure that all strategies are properly implemented. So, selling middle and supervisory manager on changes to overcome their resistance is often a necessary part of strategy implementation. It’s their duty to handle the resistance from employees and other staff members.

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3 years ago
What phrase could a licensee use in advertising that would not discriminate on the basis of familial status
Artist 52 [7]

Senior discount is the phrase that a licensee could use in advertising that would not discriminate.

A familial status discrimination is known to occurs when the landlord, manager  or property owner treats someone very differently.

The other options clearly discriminate the familial status.

Hence, the Senior discount is the phrase that a licensee could use in advertising that would not discriminate.

Therefore, the Option is correct.

Missing options <em>"Couples only Empty nesters No bicycles allowed Senior discount"</em>

<em />

Read more about Discount

<em>brainly.com/question/912869</em>

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3 years ago
Lance wrote four checks last month, and these were the only transactions for his checking account. According to his check regist
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Hope This Helps

8 0
4 years ago
Read 2 more answers
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