Answer:
The answer is given as below;
Explanation:
Opening inventory $8,000
Purchases $96,000
Less: return outwards ($6,200)
Add; Freight in $1,100
Less: Closing Inventory ($17,300)
Cost of Goods Sold $81,600
Answer:
The Journal entries with their narration is shown below:-
Explanation:
The Journal entry is shown below:-
1. Account receivable Dr, $29,400
To Sales revenue $29,400
(Being Sales revenue is recorded)
2. Sales return and allowance Dr, $2,200
To Account receivable $2,200
(Being Sales return is recorded)
3. Cash Dr, $26,928
($29,400 - $2,200) × 99%
Sales discount Dr, $272
To Account receivable $27,200
($29,400 - $2,200)
(Being cash is recorded)
Answer:
Increase expenditure or cut taxes to increase aggregate demand.
Explanation:
A recessionary gap is a macroeconomic term which portrays an economy working at a level underneath its full-employment equilibrium. Under a recessionary gap condition, the degree of real gross domestic product (GDP) is lower than the degree of full employment, which puts descending pressure on prices over the long haul.
Answer:
Incurred but unpaid
Explanation:
When wages and salaries are incurred by an entity and paid, the entries required are debit Wages and Salaries expense, credit cash account. However, when the expense is incurred but cash is yet to be paid, this represents a liability to the organization and as such, an accrual is required. The entries to be posted are debit Wages and salaries expense (in the income statement), credit Accrued wages and salaries (in the balance sheet).
