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VMariaS [17]
4 years ago
13

Prepare the journal entries to record these transactions on blossom company's books using a periodic inventory system. (if no en

try is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when amount is entered. do not indent manually. record journal entries in the order presented in the problem.) (a) on march 2, blossom company purchased $860,500 of merchandise from sunland company, terms 2/10, n/30. (b) on march 6, blossom company returned $111,600 of the merchandise purchased on march 2. (c) on march 12, blossom company paid the balance due to sunland company. no. date account titles and explanation debit credit (a) (b) (c)
Business
1 answer:
Mariana [72]4 years ago
6 0

Since the company is following a periodic inventory system, it has to use temporary accounts to record sales and purchases.

Transaction A

Purchases – Dr 860500

Accounts payable 860500

Transaction B

Accounts payable - Dr $111,600

Purchase returns $111,600

Transaction C

Accounts payable - Dr 748900

Discount received 14,978

Cash 733,922

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Answer:

This has no effect on the period-end balance sheet.

Explanation:

A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

According to the question asked the balanced sheet was prepared before the pay period came so this effect will not affect the balance sheet.

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4 years ago
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3 years ago
Cindy is a baker and runs a large cupcake shop. She has already hired 11 employees and is thinking of hiring a 12th. Cindy estim
devlian [24]

Answer:

A: Yes

Explanation:

The additional worker would cost $100 per day i.e. Marginal Cost = $100

Whereas the Marginal Revenue = (2,750-2,600) = $150

Since Marginal revenue exceeds marginal cost by (150-100) = $50, Cindy should hire 12th worker.

4 0
3 years ago
Below are the year-end balance sheets for Wolken Enterprises:
konstantin123 [22]

Answer: Wolken issued new common stock in 2015.

Explanation:

From the information that have been provided in the question, we can see that in 2015, the common stock was 3,000,000 while in 2014, the common stock was 2,000,000. This shows that there was an increase of: (3,000,000 - 2,000,000) = 1,000,000 new common stock.

Wolkem did not have a negative me income in 2015 and also didn't issue long term debt in 2015 as he had the same amount of long term debt for 2014 and 2015 which was 2,400,000.

Therefore option C is the correct answer as Wolken issued new common stock in 2015.

4 0
4 years ago
Georgia, Inc. has collected the following data on one of its products. The direct materials quantity variance is: Direct materia
vazorg [7]

Answer:

$30,000 unfavorable

Explanation:

Provided Information,

Standard Material per unit = 4lbs

Rate per unit = $1 per lbs

Actual finished units = 30,000

Actual direct material used = 150,000 lbs

Standard Raw material for actual finished goods = 30,000 \times 4lbs = 120,000 lbs

Material quantity variance = (Standard quantity - Actual Quantity) \times Standard Rate

= (120,000 - 150,000) \times $1 per lbs

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Since value is negative because actual quantity used is more than standard quantity, the variance is unfavorable, therefore, material quantity variance = <u>$30,000 unfavorable</u>.

7 0
4 years ago
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