Answer:
There is three dots click there there is report option click there and send report
Answer:
a. Dr Inventory $10,000
Cr Accounts payable $10,000
b. Dr Accounts payable $10,000
Cr Cash $9,800
Cr Inventory $200
Explanation:
Preparation of the Journal entries Under a perpetual inventory system,
a. Dr Inventory $10,000
Cr Accounts payable $10,000
( To record purchase of merchandise)
b. Dr Accounts payable $10,000
Cr Cash $9,800
($10,000-$200)
Cr Inventory $200
(2%*$10,000)
( To record payment for merchandise)
Discount amount = Amount due x Discount percentage
Discount amount= 10,000 x 2/10
Discount amount= $200
We are very sorry we will need proof of your purchases that month so we can change it. When can you make an appointment with us.
Answer:
Mixed economic system
Explanation:
A mixed economy is an economy systems that combine both the attributes of capitalism and socialism. That is some of enterprises of the economy are owned and controlled by the government while the rest are left in the hands of private individuals. In some instances, both of them participate in a sector of the economy. For example, in the Nigeria's electricity sector, the federal government generates electricity while private individuals distribute it.
Further explanation for a better understanding:
Basically, there three types of economic system: capitalism, socialism and mixed economy.
Capitalism is an economic system in which the control of trade and industry is in the hands of private individuals. That is, these private individuals are the owners of means of production and the profit that may be derived from them. It believes that the government should not have any hand in running the economy but just concentrate on politics. The main characteristic of the system is that price is used in allocating the resources of the economy.
Socialism is an economic system in which the control of trade and industry of country is left in the hand of the community as a whole which is the government. That is, the means of production, distribution, and exchange are owned and controlled by the government. The main characteristic of the system is that government determines how resources are allocated in the economy.
A mixed economy combines both capitalism and socialism as explained above.
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