When an owner records a credit for $650 for revenue earned but not yet recieved, the amount of the debit should be

DS Unlimited has the following transactions during August.

m_a_m_a [10]

Answer:

See the journal entries below.

Explanation:

The journal entry will look as follows:

Date Account and explanation Debit ($) Credit ($)

Aug 6 Inventory (50 * $100) 5,000

Account payable 5,000

(To record inventory purchased on account.)

Aug 7 Inventory 300

Cash 300

(To record payment of freight charges associated with the August 6 purchase.)

Aug 10 Account payable (5 * $100) 500

Inventory 500

(To record the returns of defective five game devices to GameGirl.)

Aug 14 Account payable (w.1) 4,500

Cash (balancing figure) 4,455

Inventory (w.2) 45

(To record the payment of the full amount due to GameGirl.)

Aug 23 Account receivable (30 * $120) 3,600

Sales revenue 3,600

Cost of goods sold 3,170

Inventory 3170

(To record the Sales and cost of 30 game devices purchased on August 6.)

Workings:

w.1. Account payable = Purchases on account on August 6 - Defective inventory returned on August 10 = $5,000 - $500 = $4,500

w.2. Inventory = Discount received on account payable for paying within 10 days = w.1 * 1% = $4,500 * 1% =$45

7 0

2 years ago

_____ uses an iterative process that repeats the design, development, and testing steps as needed, based on feedback from users.

Alecsey [184]

Answer: Rapid Application Development (RAD)

Explanation:

Rapid Application Development (RAD) is a method of developing software that tries more to develop a working model first and then adjusts as it receives feedback from users. It essentially is evolving every time because instead of planning for what is needed ahead of time, it simply makes a product and changes it as needed to fit the actual needs of the customers.

5 0

3 years ago

When Benjamin purchased a camera at Best Buy, the cashier asked him for his home zip code. Which of the following approaches was

Anna11 [10]

Answer:

The correct answer is E) Customer spotting .

Explanation:

The detection of needs in the sale is the third step, of the six that must be taken to increase the possibilities of selling.

The detection of needs consists specifically in asking your client a series of questions that you have to have prepared in advance, in order to discover:

What are the real needs they have
If the products or services you have in your portfolio are suitable for what you need.

Not carrying out a correct detection of needs forces you to walk blindly and thus lose many chances of achieving success.

Keep in mind, that it is in this step where it is most important that you pay attention and listen to what the client has to say.

4 0

3 years ago

Suppose a farmer in Georgia begins to grow peaches. He uses $1,000,000 in savings to purchase land, he rents equipment for $7

Mazyrski [523]

Answer:

Economic profit = $300,000

Explanation:

Economic profit is the difference between the sales revenue and the total of implicit cost and explicit cost

Implicit cost are opportunity costs. For the farmer, these include

Interest on capital forfeited and salaries forfeited

= (22%× 1,000,000) + 40,000

= 260,000

Total cost = Implicit +explicit costs

= 260,000 + 260,000 +70,000 +120,000

Economic profit =750000- (260,000 +70,000 +120,000)

= $300,000

Note that the cost of land is not included because it a capital cost

8 0

3 years ago

On November 3, the spot price for cotton was $0.81/lb., and the February futures price was $0.83/lb. On November 3, Levi Strauss

bezimeni [28]

Answer:

C : $3,000,000

Explanation:

The Levi Strauss has sold futures at the price of $0.83/lb. The spot price for cotton is $0.81/lb. The difference between spot and exchange price is 0.02/lb ($0.83/lb - $0.81/lb). On November 30, The future prices of cotton raised to 0.85/lb. The average spot of the inventory when purchased was 0.58/lb. To record the inventory in balance sheet we will use average spot plus difference of spot and exchange price $0.58/lb + $0.02/lb = $0.60/lb. The total amount which will be reported in balance sheet will be 200 futures contacts * 25,000lbs * $060/lb = $3,000,000.

4 0

3 years ago