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White raven [17]
3 years ago
9

Juniper company uses a perpetual inventory system and the gross method of accounting for purchased. the company purchase $9,750

of merchandise on august 7 with terms 1/10, n/30. on august 11, it returned $1,500 worth of merchandise. on august 26, it paid the full amount due. the correct journal entry to record the merchandise return on august 11 is:
Business
2 answers:
dusya [7]3 years ago
8 0
Due to the return of merchandise Juniper Company needs to shift some numbers around to make sure the correct journal entry is in place. To do so, Juniper Company will debit $1,500 from Accounts Payable. Next, they will place a credit to of $1,500 to Merchandise Inventory. 
Ratling [72]3 years ago
3 0

Answer:

Correct journal entry is;

Dr Accounts payable $1,500

Cr Inventory $1,500

Explanation:

Using perpetual inventory system, purchase returns made by Juniper on August 11 will cause their actual inventory on hand and accounts payable less than to its record. As a result, Juniper should recognize the return by debiting accounts payable and crediting inventory in the amount of $1,500. Purchase return and allowances should be directly charged against inventory account in perpetual inventory system method.

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"A municipality has a tax rate of 18 mills. A piece of real property in the municipality is assessed at $180,000 and has a fair
White raven [17]

Answer:

$3,240

Explanation:

Calculation for the annual tax liability on the property

Using this formula

Annual tax liability= (Tax rate× Real property )

Where= Tax rate =18 million

Real property=180,000

Let plug in the formula

Annual tax liability=( .018x180000)

Annual tax liability=$3,240

Therefore the annual tax liability on the property is $3,240

5 0
3 years ago
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AveGali [126]

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4 0
3 years ago
Which of the following makes a true statement? Concurrent powers are those that are exclusive to the states, such as ratifying a
bearhunter [10]

Answer:

The answer is: Delegated powers are those that are exclusive to national government, like printing money.

Explanation:

Delegated powers are powers given to the federal (national) government and specifically outlined by the US Constitution (Article 1, Section 8). They outline the authority and limits of the three branches of the federal government (legislative, executive and judiciary). Some examples of delegated powers are power to declare war, lay and collect taxes, print and coin money, etc.

5 0
3 years ago
Which expense has to be incurred at the time of Production?<br> a)fixed<br> b)variable
Setler [38]
Both but fixed goes first so a is correct
7 0
2 years ago
Skysong, Inc. compiled the following financial information as of December 31, 2022:
kifflom [539]

Answer:

$459,000

Explanation:

The computation of the ending retained earning balance is shown below:

Ending retained earning balance is

= Opening retained earning balance + net income - dividend

where

Net income

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= $827,000 - $748,000

= $79,000

Now the ending retained earnings balance is

= $444,000 + $79,000 - $64,000

= $459,000

3 0
2 years ago
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