Answer:
C. Credit Merchandise Inventory $7
D. Debit Accounts Payable $350
E. Credit Cash $343
Explanation:
Based on the information given we were told the company made purchased of the amount of $400 of merchandise which include a terms of 2/15, n/40 and On May 3 the company returned the amount of $50 of merchandise due to defect which means that if the purchase was been paid for within the discount period the correct required journal entry for X-Mart to record the payment will be :
Credit Merchandise Inventory $7
[(2%*400)-(2%-50)]
=$8-$1
=$7
Debit Accounts Payable $350
($400-$50)
=$350
Credit Cash $343
($400-$50)-[(2%*400)-(2%-50)]
=$350-($8-$1)
=$350-$7
=$343
Answer and Explanation:
Please find answer and explanation attached
Answer:
Weighted-Average Process-Costing Method
Explanation:
The weighted average process costing method is a method for costing which helps to find out the average cost per unit by considering the total amount with the total number of units
Based on the cost per equivalent unit, it allocates the cost to the units completed and transferred out and for the ending work in process inventory so that the chances of accurate unit could be high
Business entity assumption is required to maxim to record the building at $500,000.
<h3>
What is Business entity assumption?</h3>
Business entity assumption, also known as separate entity assumption or the economic entity concept, is an accounting principle that argues that all businesses must maintain their financial records independently of their owners and other businesses. All revenue generated by the company's operations must be reported as revenue, and all expenses must be those directly related to the maxim. Any owner's personal expenses shouldn't be charged to the business. Due to the precise separation of the Business entity assumption, the firm may be examined for tax and profitability using accurate financial data rather than a maxim combination of personal and business money.
To learn more about Business entity from the given link
brainly.com/question/14117518
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From this list, none are really the perfect solution to have a clear presentation but most likely it would be: C. Using a large font, since it will allow viewers from a long distance to be able to understand better.
