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
alexandr402 [8]
3 years ago
9

Slinky Company purchased merchandise on June 10, 2021, at a price of $26,000, subject to credit terms of 4/10, n/30. Slinky uses

the net method for recording purchases and uses a perpetual inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.
Business
1 answer:
vampirchik [111]3 years ago
4 0

Answer:

The answer is given below;

Explanation:

June 10.

Inventory    (26,000*.96)                Dr.$24,960

Accounts Payable                                                   Cr.$24,960

2.If payment is made on June 18,2021

Accounts Payable           Dr.$24,960

 Bank                                Cr.$24,960

3. If payment is made on July 8,2021

    Inventory  (26,000-24,960) Dr.$1,040

   Accounts Payable                  Cr.$1,040

    Accounts Payable (1,040+24,960) Dr.$26,000

    Bank                                                 Cr.$26,000

As the credit period of 10 days  for discount was not availed, therefore full amount payment will be made.

You might be interested in
The Edward City Council approved and adopted the budget for its general fund for the fiscal year beginning on January 1, Year 2.
Gala2k [10]

Answer:

A.No entry is required

B.No entry is required

C.No entry is required

D.No entry is required

Explanation:

The Edward City Council

1. Record the journal entries for November 1, Year 1, if any.

No Entry Required

2. Record the journal entries for November 30, Year 1, if any.

No Entry Required

3. Record the journal entries for December 1, Year 1, if any.

No Entry Required

4. Record the journal entries for January 1, Year 2, if any.

No Entry Required

4 0
3 years ago
The Coase theory suggests that private markets may not be able to solve the problem of externalities
olga nikolaevna [1]

Answer: A. When the number of interested parties is large and bargaining costs are high.

Explanation:

The Coase Theorem is a legal and economical theory used to describe competitive markets. When the competitive markets are high, bargaining costs are high because each company is is fighting for use of the production and distribution channels. There are efficient input and output levels in a competitive market.

3 0
3 years ago
Is the yield to maturity on a bond the same thing as the required return? Is YTM the same thing as the coupon rate? Suppose toda
kiruha [24]

Answer:

Explanation:

The yield to maturity on a bond is the same thing as the required return. The YTM and the coupon rate is a totally different thing. The coupon rate is the interest which is computed on the principal amount whereas yield to maturity is a rate which is held at the maturity and its rate is also generated in maturity date.  

So, in the given case, the Coupon rate is 10% and the YTM is 8% as it reflects the maturity i.e two years from now

6 0
3 years ago
A student is looking at a bacterial specimen using the oil immersion lens, but has forgotten to put immersion oil on the slide.
Reika [66]

Answer:

A student is looking at a bacterial specimen using the oil immersion lens, but has forgotten to put immersion oil on the slide. The specimen will appear larger than it would if immersion oil was used.

somewhat fuzzy and have poor resolution.

Explanation:

Oil immersion enhances visibility, once it is not there it will make the image to be viewed somewhat fuzzy and have poor resolution.

5 0
3 years ago
Can someone help me please?
creativ13 [48]
What's is this about
5 0
3 years ago
Other questions:
  • One of Sanjay's work responsibilities is to check inspection stations periodically to monitor the quality of the products throug
    9·1 answer
  • The value of U.S. imports is Multiple Choice
    13·1 answer
  • Most organizations spend more time and money on the systems ________ phase than on any of the other phases. Group of answer choi
    14·1 answer
  • The manager of a bank branch is concerned about the number of mistakes the tellers were making, so he started manipulating diffe
    11·1 answer
  • Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a p
    14·1 answer
  • A reduction in U.S net exports would shift U.S. aggregate demand a. leftward. In an attempt to stabilize the economy, the govern
    14·1 answer
  • How to calculate marginal tax rate effective tax rate and average ​
    15·1 answer
  • Not all the items in your office supply store are evenly distributed as far as demand is concerned, so you decide to forecast de
    6·1 answer
  • Pharoah Company has accumulated the following budget data for the year 2020. 1. Sales: 31,410 units, unit selling price $89. 2.
    6·1 answer
  • Using the fixed-time-period inventory model, and given an average daily demand of 75 units, 10 days between inventory reviews, 2
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!