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maks197457 [2]
3 years ago
11

A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $800 of that merchandise

. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:
Business
1 answer:
DedPeter [7]3 years ago
4 0

Answer:

$8,924

Explanation:

the journal entries should be:

June 15, merchandise purchased on account, terms 3/10, n/45

Dr Merchandise inventory 10,000

    Cr Accounts payable 10,000

June 20, defective merchandise returned

Dr Accounts payable 800

    Cr Merchandise inventory 800

June 24, invoice is paid within discount term

Dr Accounts payable 9,200

    Cr Cash 8,924

    Cr Purchase discount 276

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Answer:

the coefficient of elasticity is 0.5. Thus, demand is inelastic.

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price  

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.  

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.  

Price elasticity = 2/4 = 0.5

Because demand is less than1, big g has an inelastic demand.

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