Answer:
Given that,
Units purchased = 10,000
Per unit price = $8
The journal entry is as follows:
On May 7,
Materials A/c Dr. $80,000
To Accounts payable $80,000
(To record the purchase)
Workings:
Materials = Units purchased by company × Raw material per unit price
= 10,000 × $8
= $80,000
answer and explanation :
A bad debt is a specifically-identified account receivable that will not be paid and so should be written off at once, while a doubtful debt is one that may become a bad debt in the future and which it may be necessary to create an allowance for doubtful accounts.
The world bank is not a real bank that gives people loans or where you can have a savings account. It is a body or an organization that monitors the work of all banks in the world that agree to join the system. It creates rules and regulations regarding money and fights things like money laundering and similar.
Answer and Explanation:
The journal entry is shown below:
Cash Dr (1,000 × $65) $65,000
To Sales revenue $59,000
To Deferred Revenue -Discount coupon $6,000
(1,000 × $100 × 30% × 20%)
(Being the sales revenue is recorded)
here the cash is debited as it increased the assets and credited the sales revenue and deferred revenue as it increased the revenue and liabilities
A customer who sold a bond at a loss must wait how long before he can buy back a substantially identical bond and not have the sale classified as a wash sale?
30 days.
