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Three documents required by Department of Trade and Industry when registering a private company

Alex Ar [27]

Identification
Incorporation document
Memorandum of Incorporation

4 0

3 years ago

Sep. 3 Purchased merchandise inventory on account from Shallin Wholesalers, $7,000. Terms 1/15, n/EOM, FOB shipping point.

myrzilka [38]

Answer:

Sep. 3

Dr Merchandise Inventory $7,000

Cr Accounts Payable—Shallin Wholesalers $7,000

Sep. 4

Dr Merchandise Inventory $55

Cr Cash $55

Sep. 4

Dr Merchandise Inventory $2,100

Cr Cash $2,100

Sep. 6

Dr Accounts Payable—Shallin Wholesalers $1,000

Cr Inventory $1,000

Sep. 8

Dr Accounts Receivable— Herenda Company $5,445

Cr Sales Revenue $5,445

Sep. 8

Dr Cost of Goods Sold $2,255

Cr Merchandise Inventory $2,255

Sep. 9

Dr Merchandise Inventory $10,000

Cr Accounts Payable—Tripp Wholesalers $10,000

Sep. 10

Dr Accounts Payable—Shallin Wholesalers $6,000

Cr Merchandise Inventory $60

Cr Cash $5,940

Sep. 12

Dr Cash $5,445

Accounts Receivable—Herenda Company $5,445

Sep. 13

Dr Accounts Payable—Tristan Wholesalers $100

Cr Merchandise Inventory $100

Sep. 15

Dr Accounts Receivable—Jesper Company $3,500

Cr Sales Revenue $3,500

Sep. 15

Dr Cost of Goods Sold $1,610

Cr Merchandise Inventory $1,610

Sep. 22

Dr Accounts Payable—Tristan Wholesalers $9,900

Cr Cash $9,900

Sep. 23

Dr Refunds Payable $800

Cr Accounts Receivable—Jesper Company $800

Sep. 23

Dr Merchandise Inventory $368

Cr Estimated Returns Inventory $368

Sep. 25

Dr Accounts Receivable—Smithson $1,995

Cr Sales Revenue $1,940

Cr Cash $55

Sep. 25

Dr Cost of Goods Sold $780

Cr Merchandise Inventory $780

Sep. 29

Dr Cash $1,995

Cr Accounts Receivable— Smithson $1,995

Sep. 30

Dr Cash $2,100

Cr Accounts Receivable—Jesper Company $2,100

Explanation:

Preparation of the journal entries

Sep. 3

Dr Merchandise Inventory $7,000

Cr Accounts Payable—Shallin Wholesalers $7,000

Sep. 4

Dr Merchandise Inventory $55

Cr Cash $55

Sep. 4

Dr Merchandise Inventory $2,100

Cr Cash $2,100

Sep. 6

Dr Accounts Payable—Shallin Wholesalers $1,000

Cr Inventory $1,000

Sep. 8

Dr Accounts Receivable— Herenda Company $5,445

Cr Sales Revenue $5,445

[$5,500-(1%*$5,500)]

Sep. 8

Dr Cost of Goods Sold $2,255

Cr Merchandise Inventory $2,255

Sep. 9

Dr Merchandise Inventory $10,000

Cr Accounts Payable—Tripp Wholesalers $10,000

Sep. 10

Dr Accounts Payable—Shallin Wholesalers $6,000

($7,000-$1,000)

Cr Merchandise Inventory $60

(1%*$6,000)

Cr Cash $5,940

($6,000-$60)

Sep. 12

Dr Cash $5,445

[$5,500-(1%*$5,500)]

Accounts Receivable—Herenda Company $5,445

Sep. 13

Dr Accounts Payable—Tristan Wholesalers $100

Cr Merchandise Inventory $100

Sep. 15

Dr Accounts Receivable—Jesper Company $3,500

Cr Sales Revenue $3,500

Sep. 15

Dr Cost of Goods Sold $1,610

Cr Merchandise Inventory $1,610

Sep. 22

Dr Accounts Payable—Tristan Wholesalers $9,900

Cr Cash $9,900

($10,000-$100)

Sep. 23

Dr Refunds Payable $800

Cr Accounts Receivable—Jesper Company $800

Sep. 23

Dr Merchandise Inventory $368

Cr Estimated Returns Inventory $368

Sep. 25

Dr Accounts Receivable—Smithson $1,995

($1,940+$55)

Cr Sales Revenue $1,940

[$2,000-(3%*$2,000)]

Cr Cash $55

Sep. 25

Dr Cost of Goods Sold $780

Cr Merchandise Inventory $780

Sep. 29

Dr Cash $1,995

($1,940+$55)

Cr Accounts Receivable— Smithson $1,995

Sep. 30

Dr Cash $2,100

Cr Accounts Receivable—Jesper Company $2,100

5 0

2 years ago

In a survey of a group of people, it was found that 60 0f them have

GalinKa [24]

Answer:

i) 15 ii) 177

Explanation:

Number of people with business = 60

Number of people with farming = 125

Number of people with government jobs = 45

Number of people with business only = 27

Number of people with government jobs only = 15

10 have business and government job only, 5 have government job and farming only.

i) Let x represent the number of people with all three jobs. Hence:

Number of people with government jobs = number of people with all three jobs + number of people with government and farming job + number of people with government and business + number of people with government job only

45 = x + 10 + 5 + 15

45 = x + 30

x = 15

15 people have all three profession.

ii)

Number of people with business jobs = number of people with all three jobs + number of people with business and farming job + number of people with government and business + number of people with business job only

60 = 15 + number of people with business and farming job + 10 + 27

number of people with business and farming job = 60 - 52 = 8

Number of people with farming jobs = number of people with all three jobs + number of people with business and farming job + number of people with government and farming + number of people with farming job only

125 = 15 + 8 + 5 + number of people with farming job only

number of people with farming job only = 125 - 28 = 97

Number of people surveyed = number of people with all three jobs + number of people with business and farming job + number of people with government and farming + number of people with farming job only + number of people with government and business + number of people with business job only + number of people with government job only

Number of people surveyed = 15 + 8 + 5 + 97 + 10 + 27 + 15

Number of people surveyed = 177

3 0

2 years ago

A shift in a PPC/PPF to the right (or outward) illustrates Growth which may be generated by __________________ (better utilizing

Elina [12.6K]

Answer:

The correct answer is economic growth.

Explanation:

A production possibility curve or frontier shows the different combinations or bundles of two goods that can be produced using limited resources. The curve is concave because of increasing opportunity cost.

An outward shift in the production possibility curve shows an increase in the level of production. This can happen because of two reasons ,

Increase in the quantity of resources available , and
Improvement in technology

Both of these factors will help in increasing the level of production. In other words, we can say that the outward shift in the production possibility curve shows economic growth.

8 0

3 years ago

In regard to firm growth, evidence shows that ________. service firms tend to generate sustained growth while manufacturing firm

JulijaS [17]

Answer:

At least during the last couple of decades, service firms tend to generate sustained growth while manufacturing firms do not.

Explanation:

The last president that recorded a steady manufacturing growth rate was Bill Clinton.

Service firms are growing steadily and probably will continue to do it. While manufacturing firms have been slowing down, their growth rate (if any) is not very large during the past few years and that tendency has increased with the new trade barriers imposed by our government during the last couple of years.

Another thing that helps the growth of service firms is that when manufacturing firms or agricultural firms grow, they need more services, so service firms will grow even more.

6 0

2 years ago