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frutty [35]
2 years ago
15

Blossom Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: (Credit account t

itles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) June 11 Purchased merchandise on account, $19,000, terms 2/10, n/30. 15 Returned part of June 11 purchase, $750, and received credit on account. 30 Prepared the adjusting entry required for financial statements.
Business
1 answer:
xz_007 [3.2K]2 years ago
7 0

Answer:

See the explanation below

Explanation:

Blossom Co. Journal Entries

Date            Details                            DR ($)               CR ($)

June 11        Purchases                      19,000

                   Accounts payable                                 19,000    

                  <em> Being the purchase of merchandise on account</em>

June 15       Account payable                750

                   Return outward                                         750        

                   <em>Being the return of a part of the merchandise purchased</em>

Note:

Blossom Co. returned the goods within 10 days, the full amount of the good returned will be charged to the accounts receivable.

Also, assuming that Blossom Co. within 10 days, it will enjoy 2% discount on the outstanding accounts payable and this will be calculated and recorded as follows:

Cash paid within 10 days = (19,000 - 750) × 98% = 17,885  

Date            Details                            DR ($)               CR ($)

                   Account payable            17,885  

                   Cash                                                          17,885        

                   <em>Being cash paid for the merchandise purchased</em>

However, if it pays after 10 days, the transactions will be as follows:

Cash paid after 10 days but on or before 30th day = 19,000 - 750 = 17,885  

Date            Details                            DR ($)               CR ($)

                   Account payable            18,250  

                   Cash                                                          18,250        

                   <em>Being cash paid for the merchandise purchased</em>

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Answer:

Medium of communication

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5 0
3 years ago
The Weber Company purchased a mining site for $1,750,000 on July 1. The company expects to mine ore for the next 10 years and an
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Answer:

The correct solution is "$26,000".

Explanation:

The given values are:

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Salvage value

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First Year Extraction

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Total Extraction

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Now,

⇒ Depletion \ Expense = (Cost - Salvage \ value)\times (\frac{First \ Year \ Extraction}{Total \ extraction} )

On putting the values, we get

⇒                                = (1,750,000 - 150,000)\times (\frac{6,500}{400,000} )

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4 0
3 years ago
The business case for an ethical strategyA) relates to the company's business model and business-level strategy.B) must be artic
UkoKoshka [18]

Answer:

The correct answer is option D.

Explanation:

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There are two schools of ethical principles, namely, ethical universalism and ethical relativism. Universalism believe that the concept of right and wrong are universal. While, on the other hand, relativism school believes that they vary according to local customs.

Though universal ethical principles from different societies form a kind of informal contract that all individuals and organizations have to follow.

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Answer:

1. The likelihood of a payment occurring is probable, and the estimated amount is $1.14 million.

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  •     Cr Law suit liability 1,140,000

2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.94 to $1.14 million.

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US GAAP allows companies to record probable losses at lowest estimated value.

3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.14 million.

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A contingent liability (or loss) that is only possible, but not probable, does not need to be journalized and recorded. It only needs to be disclosed in the footnotes of the financial statements.

4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.14 million.

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6 0
3 years ago
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muminat

Answer:

3. publicity

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