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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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Answer:

D) $14,000

Explanation:

Description       Estimated life       Cost        Amortization per year

Sales office           10 years         $47,000           $4,700

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total                                                                      $14,000

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3 years ago
The manager's primary concern is to ensure that his subordinates complete the work accordingly and their performance is at a hig
Monica [59]

Answer:

The correct answer is letter "A": task.

Explanation:

Austrian industrial and organizational investigator Fred E. Fiedler (<em>1922-2017</em>) published his Contingency Theory to describe what causes effectiveness in leaders according to the situation in which they are. According to Fiedler, the task-oriented leader places special attention on the achievement of goals. This type of leaders are usually strict and follow rigid schedules requiring employees to push their limits.

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3 years ago
Kingsbury Manufacturing has net sales revenue of $850,000, cost of goods sold of $344,600, and all other expenses of $328,300. T
gladu [14]

Answer:

56.46%

Explanation:

The computation of the gross profit percentage is shown below

Gross profit percentage is

= (Sales - cost of goods sold) ÷ (Sales) × 100

where,

Sales is $850,000

And, the cost of goods sold is $344,600

Now placing these values to the above formula

So, the gross profit percentage is

= ($850,000 - $344,600) ÷ ($850,000) × 100

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