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
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)

You might be interested in
How to find national survey of 2000 adult citizens of a nation found that 23​% dreaded​ valentine's day. the margin of error for
trasher [3.6K]
This means that the figure might be 6.2% percent of off and there is a 90% chance of the figure being correct to 6.2%
7 0
3 years ago
Porter Veterinary Services recently purchased several new stock trailers for their equine and bovine clients. The stock trailers
Elina [12.6K]

Answer: Financial

Explanation:

During the process of buying assets with longer life span, such as stock trailers, most organizations make use of cash gotten during financial activities to foot the bills, while cash accrued during operational activities are rather used to buy assets with shorter life span. Generally during the time of investing there is always decrease in excess cash as to supplying cash for some other activities.

4 0
3 years ago
Bond prices depend on the market rate of​ interest, stated rate of​ interest, and time. Determine whether the following bonds pa
Aleksandr-060686 [28]

Answer:

Determine whether the following bonds payable will be issued at face​ value, at a​ premium, or at a​ discount:

a.The market interest rate is​ 8%. Idaho issues bonds payable with a stated rate of​ 7.75%.

  • Bonds issued at discount because market rate is higher than the bond's coupon rate.

b.Austin issued​ 9% bonds payable when the market interest rate was​ 8.25%.

  • Bonds issued at premium because market rate is lower than the bond's coupon rate.

c.​Cleveland's Cars issued​ 10% bonds when the market interest rate was​ 10%.

  • Bonds issued at par because bond's coupon rate is equal to the market rate.

d.​Atlanta's Tourism issued bonds payable that pay the stated interest rate of​ 8.5%. At​ issuance, the market interest rate was​ 10.25%.

  • Bonds issued at discount because market rate is higher than the bond's coupon rate.

8 0
3 years ago
Which of the following is NOT an example that falls within the four major categories of business environment factors for today's
oksano4ka [1.4K]

Answer:

c. fewer government regulations

Explanation:

  • All except the fewer government regulations on the trade of the companies that affect the today's business environment and the word organization. The globalization and the increased play a major role in the collection of the internal and the external factors the customer needs and the expectations that affect the firm's price availability.
5 0
3 years ago
A debit: Multiple Choice Always decreases an account. Is the left-hand side of a T-account. Is the right-hand side of a T-accoun
In-s [12.5K]

Answer:

ggggg

Explanation:

5 0
3 years ago
Other questions:
  • Anne Teek works full time as the manager of her used furniture store in which she has invested $40,000. Last year, her total rev
    10·1 answer
  • why is it important to look at external sources of information when exploring product and service information​
    15·1 answer
  • An accrual refers to an event where the: 31)
    14·1 answer
  • Cathy's Coaster Company uses cork in all of the protective drink coasters that it manufactures. If Cathy's enters into an agreem
    15·1 answer
  • At the end of the next four years, a new machine is expected to generate net cash flows of $8,000, $12,000, $10,000, and $15,000
    7·1 answer
  • Account Title Debit Credit Cash $ 6,400 Accounts receivable 24,500 Office supplies 7,700 Trucks 186,000 Accumulated depreciation
    5·1 answer
  • Sui Generis, Inc. (SGI), designs and sells solar energy cells to research laboratories, commercial businesses, and individual co
    15·1 answer
  • Mariah Company has inventory at the end of the year with a historical cost of $ 95 comma 000. Mariah Company uses the perpetual
    8·1 answer
  • Flounder Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. The estimated fair
    12·1 answer
  • The federal funds rate is the interest rate that banks charge each other.<br><br>T or f
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!