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
Diano4ka-milaya [45]
3 years ago
10

Recording purchases made for cash and on account. LO 8-1 Lewis Corporation engaged in the following transactions during June. DA

TE TRANSACTIONS 2019 June 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $1,065; terms n/30. 15 Recorded purchases for cash, $1,550. 30 Paid amount due to Salinas Company for the purchase on June 4. Record these transactions in a general journal.
Business
1 answer:
vampirchik [111]3 years ago
5 0

Answer:

(A) June 4

Inventory debit 1,065

Accounts Payable credit 1,065

(B) June 15

Inventory debit 1,550

Cash credit 1,550

(C) June 30

Accounts Payable debit 1,065

Cash credit 1,065

Explanation:

(A) there is no information or suggestion that Lweis will take the discount, we post as it was nominal, if later on it is paid within the discount period, we will recognize it. <u>No discount is recorded</u>

(B) Simple: increase the inventory receive and decrease cash by the amount paid.

(C) We settle the account payable for the nominal of the purchase.

It wasn't within the discount period. So <u>no discount is granted.</u>

You might be interested in
matt, a shareholder, can run for director by simply placing his name on the company's proxy statement. True or False?​
IgorLugansk [536]
False

Reason: A Shareholder cannot go for the director's by writing his name on the proxy Statement. Instead he has to place his name on the AGM or Annual General Meeting, where Shareholders meet, propose for their plans and Vote for The Company's Director.
6 0
3 years ago
Suppose the government increases the corporate income tax rate. this is
ExtremeBDS [4]
<span>part of a contractionary fiscal policy</span>
3 0
3 years ago
Who set up a trust in order to establish Standard Oil as a monopoly? (Points : 3) James Duke Henry Flagler Charles Dudley Warner
Finger [1]
John d Rockefeller owned standard oil
5 0
3 years ago
Read 2 more answers
Nonprice competition refers to:
umka21 [38]

Answer: Option C

Explanation: Non price competition can be defined as the business strategy under which one entity tries to distinguish its commodity offered from another entity in the market with the help of advertising and promotion etc.

Non price competition is generally seen in the oligopoly market structure. The difference between two products in an oligopoly having non price competition is based on the design or workmanship of the manufacturer.

6 0
3 years ago
The starting point of the build-borrow-or-buy framework is management's Multiple Choice 1. evaluation of the firm's existing int
Ierofanga [76]

Answer:

The correct answer is 3. identification of a strategic resource gap that will impede future growth.

Explanation:

The build-borrow-or-buy framework is adopted to develop the most appropriate strategy towards an organization's growth. It provides three alternatives to the management: build the asset itself, borrow it from an external organization, or simply buy it.

Sometimes, any one of these three options is applicable to an organization, but typically, a combination of these may be preferred by the management, thus adopting a multi-faceted approach.

The first step in the build-borrow-or-buy framework is to identify strategic resource gaps that could impede future growth using the organization's strategic planning process. This is because it is necessary to identify right at the beginning what resources the organization needs going into the future. If this gap is wrongly assessed, the organization, may under-estimate or over-estimate its existing resources, thus ending up with the wrong growth strategy.

7 0
3 years ago
Read 2 more answers
Other questions:
  • Fowler, Inc., just paid a dividend of $2.75 per share on its stock. The dividends are expected to grow at a constant rate of 6.5
    10·1 answer
  • According to Duffy-Deno (2003), when the price of broadband access capacity (the amount of information one can send over an Inte
    7·1 answer
  • This is the same as productivity, as it is quantity of goods or services produced in a given period, by a firm, industry, or cou
    9·2 answers
  • What is the goal of a press release?
    11·2 answers
  • Jim is researching different sources to fund his college education. Jim is torn between a federal loan and a private loan. With
    7·1 answer
  • Making a good purchasing decision requires
    10·1 answer
  • ) If Denmark wished to keep its exchange rate with the euro fixed, what monetary policy options are available to lower unemploym
    8·1 answer
  • True or False: Increasing the number of stocks in a portfolio reduces market risk.Consider two stock portfolios. Portfolio B con
    9·1 answer
  • OKRs can be executed in stages. The first stage would be keyed to a deadline and then then once the project is completed and run
    11·1 answer
  • From 2004 to 2006 the Fed raised the federal funds rate gradually in a series of steps. The Fed's purpose was to raise the prime
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!