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mars1129 [50]
3 years ago
7

On march 12, masterson company, inc. sold merchandise in the amount of $7,800 to forsythe company, with credit terms of 2/10, n/

30. the cost of the items sold is $4,500. masterson uses the gross method of accounting for sales and a perpetual inventory system. on march 15, forsythe was given an allowance of $600 on defective merchandise that had a cost of $350. forsythe pays the invoice on march 20, and takes the appropriate discount. the journal entry that masterson makes on march 20 is:
Business
1 answer:
Lostsunrise [7]3 years ago
5 0

Answer:

Journal Entries

Explanation:

The Journal Entry is shown below:-

Sales Returns and Allowances Dr,   $600

              To  Accounts Receivable            $600

(Being allowance is recorded)

Inventory Dr,                                      $350

          To Cost of Goods Sold                    $350

(Being defective merchandise is recorded)

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A corporation issued $580000, 10%, 5-year bonds on January 1, 2020 for $626400, which reflects an effective-interest rate of 7%.
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Answer:

The correct answer is option (B).

Explanation:

According to the scenario, the given data are as follows:

For Jan.1,2020 value = $626,400

Interest rate = 7%

So, we can calculate the amount of bond interest expense by using following formula:

Interest Expense = Carrying Value × Market Interest Rate

By putting the value of following

Interest expense = $626,400 × 7%

= $626,400 × 0.07

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Hence, the amount of bond interest expense to be recognized on December 31, 2020, is $43,838.

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See attached file

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A conversion strategy whereby an organization uses the new system with select users/parts of the organization until issues are r
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Answer:

A) Pilot strategy

Explanation:

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This could also be a kind of experimentation to evaluate the feasibility of a system before deciding upon it's final implementation.

If the system under consideration matches the desired results, the organization proceeds with it's full implementation in the entire organization.

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Explain the utility of statistics as a manegerial tool​
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3 years ago
You are analyzing an investment property. You forecast the effective gross income to be $396,000. The operating expenses for thi
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Answer:

<em> $220,000</em>

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3 years ago
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