In economic analysis, the value of your next best option is the

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Pur

lilavasa [31]

Answer:

June 3 Purchased goods for $7,900 from Diamond Inc. with terms 2/10, n/30.

Merchandise $7,900 Debit

Accounts Payable $7,900 Credit

5 Returned goods costing $3,000 to Diamond Inc. for credit on account.

Accounts Payable $3,000 Debit

Merchandise $3,000 Credit

6 Purchased goods from Club Corp. for $1,950 with terms 2/10, n/30.

Merchandise $1,950 Debit

Accounts Payable $1,950 Credit

11 Paid the balance owed to Diamond Inc.

Accounts Payable $4,900 Debit

Merchandise $98 Credit

Cash $4,802 Credit

22 Paid Club Corp. in full.

Accounts Payable $1.950 Debit

Cash $1.950 Credit

Explanation:

First recorded the journal entry of the purchased merchandise.

June 3 Purchased goods for $7,900 from Diamond Inc. with terms 2/10, n/30.

Merchandise $7,900 Debit

Accounts Payable $7,900 Credit

When merchandise is returned, we make the opposite entry

5 Returned goods costing $3,000 to Diamond Inc. for credit on account.

Accounts Payable $3,000 Debit

Merchandise $3,000 Credit

It's recorded again the journal entry of the purchased merchandise.

6 Purchased goods from Club Corp. for $1,950 with terms 2/10, n/30.

Merchandise $1,950 Debit

Accounts Payable $1,950 Credit

When the balance is paid it's necessary to register de discount availabe becuase the payment was within 10 days, 2/10.

11 Paid the balance owed to Diamond Inc.

Accounts Payable $4,900 Debit

Merchandise $98 Credit

Cash $4,802 Credit

In the case of Club Corp the paid is in full because it's out of the discount period.

22 Paid Club Corp. in full.

Accounts Payable $1.950 Debit

Cash $1.950 Credit

7 0

2 years ago

Bramble Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 102000 subs

nirvana33 [79]

The answer is option A. a. Cash 900,000 Unearned

Subscription Revenue 900,000

On the part of the seller, the sale of 60,000

Magazines at $15 constitute liability.

Remember that cash has already been received by the company.

Hence, this amount is yet to be earned by the company that it is considered liability on the part of the seller.

Account Title Debit Credit

Cash 60,000 subscriptions * $15 $900,000

Unearned Subscription Revenue $900,000

Take note that the unearned subscription revenue is amortized to subscription revenue on a monthly or yearly basis.

Disclaimer:-your question is incomplete, please see below for complete question.

a. Cash 900,000 Unearned

Subscription Revenue 900,000

b. Prepaid Subscriptions 900,000

Cash 900,000 Subscriptions

c. Receivable 150,000

Unearned Subscription Revenue 150,000

d. Subscriptions Receivable 900,000

Subscription Revenue 900,000

Learn more about subscriptions here:-brainly.com/question/15301858

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4 0

1 year ago

Identify the possessive pronoun in the following sentence: "I love my new computer!"

Vanyuwa [196]

Answer:

A

Explanation:

5 0

2 years ago

Trends among category killers such as Staples for office supplies and Best Buy for electronics include price matching and ______

tatiyna

Price matching and Shipping directly are trends office supplies and Best Buy offers, which can compete with ratailers online who sells similar products.

<h3>What is marketing?</h3>

Marketing refers to the process of getting people interested in a company's product or service. It is a process a company undertakes to promote the buying or selling of a product or service.

The essence is to create awareness of the product to potential buyers so that they can purchase the products.

Hence, trends among category killers such as Staples for office supplies and Best Buy for electronics include price matching and Shipping directly from any store rather than just warehouses

Learn more about marketing here : brainly.com/question/25369230

3 0

2 years ago

Jaiden is in 6th grade and plans to attend college. He has created a college preparation plan. 1. He will fill out the FAFSA for

zimovet [89]

Answer: All apply

Explanation:

8 0

3 years ago

Read 2 more answers