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faust18 [17]
3 years ago
8

Selling and pledging accounts receivable LO C3 On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of

merchandise (that had cost $5,000) to customers on credit. - 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. - 17 Received $5,859 cash from customers in payment on their accounts. - 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan. Prepare journal entries to record the above selected July transactions. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
irakobra [83]3 years ago
4 0

Answer:

Explanation:

The journal entries are shown below:

On July 4:

Accounts receivable A/c Dr $7,245

          To Service revenue A/c $7,245

(Being service provided is recorded)

Cost of goods sold A/c Dr $5,000

           To Merchandise inventory A/c $5,000

(Being inventory sold at cost)

On July 9:

Cash A/c Dr $19,200

Factory fee expense A/c Dr $800

         To Accounts receivable A/c $20,000

(Being payment is received)

On July 17:

Cash A/c Dr  $5,859

         To Accounts receivable A/c  $5,859

(Being cash is received)

On July 27:

Cash A/c Dr  $10,000

   To Notes payable A/c  $10,000

(Being the amount is borrowed)

No journal entry required

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The flexible strategy is used to avoid the delay in assessing the external constraints.

The following information regarding accessing external constraints:

  • It could be thrust upon an organization.
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  • The example involved national holidays or sick leaves.

If we accessing the external constraints so the delay could be avoided.

So, The other options seem incorrect

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5 0
2 years ago
A company using activity-based costing has the following overhead activities and costs: factory maintenance $50,000; machine set
Elena-2011 [213]

Answer:

$75,000

Explanation:

Given that,

Factory maintenance = $50,000;

Machine setup = $100,000;

Heating and lighting = $25,000

Machine repair = $10,000

Therefore,

Total costs are as follows:

= Factory maintenance + Heating and lighting

= $50,000 + $25,000

= $75,000

Therefore, the total costs in the plant services activity are $75,000.

4 0
3 years ago
Occasionally, _________________ may lead to pure monopoly; in other market conditions, they may limit competition ______________
makvit [3.9K]

Occasionally, barriers to entry may lead to pure monopoly; in other market conditions, they may limit competition to a few oligopoly firms

<h3>Do barriers to entry exist in a pure monopoly?</h3>

Due to entrance restrictions that deter prospective rivals, firms acquire monopolistic power. Barriers to entry, or conditions that make it difficult or impossible for potential competitors to participate in the market, give monopolies their market strength.

The four main elements of monopoly are: (1) a single business controlling the entire output of a market; (2) a distinctive product; (3) barriers to admission and departure from the industry; and, frequently (4) specialised knowledge about production methods that are not available to other potential producers.

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1 year ago
________ include leadership and information technology and will be necessary for success no matter your career path; while _____
Rashid [163]

It should be noted that Core competencies include leadership and information technology necessary for success while soft skills include social and emotional intelligence.

<h3>What is Core competencies?</h3>

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soft skills  on the other hand , encompass level of intelligence to accomplish a goal in the career path of individual.

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8 0
2 years ago
If you have an income of $18 to spend, and if commodity 1 costs $3 per unit and commodity 2
vova2212 [387]

Answer:

c. x1 + 3x2 = 6

Explanation:

Budget Line is the combination of goods that consumer can buy with given prices & Income (spending all).

Equation: p1.x1 + p2.x2 = m  

where p1 & p2 are respective prices ; q1 & q2 are respective quantities ; m is the money income.

Putting p1 = 3 , p2 = 9 as given :

3x1 + 9x2 = 18

Dividing the equation by common factor = 3, we get :

x1 + 3x2 = 6

3 0
2 years ago
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