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ICE Princess25 [194]
3 years ago
15

Record the following transactions of Fronke’s Fashions in a general journal assuming that they use the periodic system.

Business
1 answer:
Mrrafil [7]3 years ago
3 0

Explanation:

The Journal entry is given below:-

1. Purchase Dr,                       $1,280

         To cash                                      $1,280

(being merchandise is purchased)

2. Cash Dr,                                 $115

         To Purchase return                    $115

(Being merchandise is returned)

3. Purchase Dr,                           $668

    Freight In Dr,                          $43

           To Account payable                 $771

(being Purchase on credit)

4. Account payable                     $50

            To Purchase return                   $50

(Being purchase return is recorded)

5. Account payable                      $661

         To cash                                         $661

(Being cash is paid)

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Explanation:

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Compute the present value of $1,150 paid in three years using the following discount rates: 6 percent in the first year, 7 percent in the second year, and 8 percent in the third year.

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The rate of increase for these automobiles between the two time periods is  10%

<h3>What is automobiles?</h3>

Automobile is the wheeled vehicle usually having four wheels and generally used for the transportation purposes. For example :- car, buses, trucks, bike etc.

In the above case, the average cost of the automobile is $12000 in 2009 but now it has increased to $ 13200. For the calculation of the increased rate of the auto mobile following formula is used as follows:-

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Learn more about increase rate here:

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