You are checking your wheels and rims for a pre-trip inspection. which of these statements is true?

Recording sales, returns, and discounts taken LO P2 Prepare journal entries to record each of the following sales transactions o

OLEGan [10]

Answer:

Apr. 1

J1

Trade Receivable $6,600 (debit)

Sales Revenue $6,600 (credit)

J2

Cost of Sales $3,960 (debit)

Merchandise $3,960 (credit)

Apr. 4

J1

Sales Revenue $740 (debit)

Trade Receivable $740 (credit)

J2

Merchandise $444 (debit)

Cost of Sales $444 (credit)

Apr. 8

J1

Trade Receivable $2,800 (debit)

Sales Revenue $2,800 (credit)

J2

Cost of Sales $1,960 (debit)

Merchandise $1,960 (credit)

Apr. 11

Cash $5,860 (debit)

Trade Receivable (credit)

Explanation:

Perpetual method of inventory keeps a record of cost of inventory after every sale.

Thus, for every sale transaction remember to recognize the Sales Revenue and the Cost of Sales that follow the sale.

For any returns, De-recognize the Sales Revenue - to the extend of the credit granted and also de-recognize the Cost of Sales to the extend of the value of Inventory returned.

4 0

3 years ago

Use the following information to answer the next two questions. Downey Company bought a delivery truck for $62,000 on January 1,

natita [175]

Answer and Explanation:

The computation of the depreciation expense and book value at the end of 2016 is shown below:

But before that first determine the cost of the asset which is

Cost of the asset is

= Purchase price + rear hydraulic lift + sales tax

= $62,000 + $8,000 + $3,000

= $73,000

Now the depreciation expense is

= ($73,000 - $8,000) ÷ (10 years)

= $6,500

ANd, the book value is

= $73,000 - $6,500 × 2

= $60,000

7 0

3 years ago

In general, it is a bad move for a company to produce more of a good or service if, by doing so,a. marginal cost exceeds margina

scoray [572]

Answer:

The correct option here is A) marginal cost exceeds marginal revenue

Explanation:

When a company is producing more goods and services, it becomes a bad move because at this point company's marginal cost starts exceeding the marginal revenue , which means with each additional units a company is producing it is losing profit on that unit, so it is better for a company to produce less and try to find that level of output where its marginal cost and revenue are equal because at that level, company would be able to make optimal profits.

7 0

3 years ago

______ are full-time salaried employees and are paid by the county or state (or by both) to represent defendants who do not have

rodikova [14]

They are public defenders.

4 0

2 years ago

Which of the following is a true statement about a marketing plan?

4vir4ik [10]

The right answer for the question that is being asked and shown above is that: " Changes to the marketing plan are acceptable, but only in the earliest stage." Marketing plans are business activities involved in accomplishing specific marketing objectives within a set time frame.

8 0

3 years ago