1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
seropon [69]
4 years ago
5

Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2019. The goods have a sales price of $6

10,000 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,000. Past history indicates that the cash discount will be taken. On January 28, 2019, Danone makes payment to Jupiter for the full sales price. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 2019, and the payment on January 28, 2019. Assume that Jupiter Company records the January 2, 2019, transaction using the gross method
Business
1 answer:
arsen [322]4 years ago
3 0

Answer:

Journal Entry and their narrations is shown below:-

Explanation:

1. Notes receivable Dr,      $610,000

        To Sales revenue              $610,000

(Being Sales revenue is recorded)

2. Cost of goods sold Dr,       $500,000

        To Inventory                         $500,000

(Being cost of goods sold is recorded)

3. Cash Dr,                             $610,000

        To Notes receivable             $610,000

(Being collections of notes receivable is recorded)

You might be interested in
In accounting, emphasis is placed on determining net income in accordance with generally accepted accounting principles. In fina
aksik [14]

Answer: false

                 

Explanation: The first statement in the given case is correct as accounting is based on determining net income. Whereas, the subject matter of finance is related to increase the value of the company and the value of its shareholders wealth.

Finance does not only focus on net income but it also focuses on other aspects like liquidity, future potential etc.

Hence the given statement is false.

7 0
3 years ago
Which of the following is a deductible loss for income tax purposes?
shutvik [7]

Answer:

d. Net long-term capital losses in excess of $3,000.

Explanation:

A net long-term capital losses in excess of $3,000 is a deductible loss for income tax purposes.

For instance, in a tax year, if an individual has up to $3,000 of net long-term capital losses, this would be considered a form of income rather than a capital gain.

Furthermore, if an individual accrues a net long-term capital losses in excess of $3,000, this loss is deductible and are carried over indefinitely to subsequent tax payments in the future.

6 0
3 years ago
If the buyer perceives a buyer-supplier relationship is in the desirable region on the purchaser-supplier satisfaction matrix, b
vfiekz [6]

Answer:

The correct answer is the option D: share information to find a mutual solution.

Explanation:

To begin with, the concept known as "Supplier Satisfaction" has long been a dead term for many companies in all the industries, however very recently the acquisition of this method has been implemeted in order to increase the benefits that it brings to understand better the relationship with the costumer. Moreover, the model itself seeks for the proper creation of a high quality relationship established in communication between the costumer and the supplier who is able to make a confortable sale and create and environment suitable for the buyer. That is why that the correct action will be to share information in order to find a mutual solution in the case where the situation is in that desirable region of the matrix.

4 0
3 years ago
The Akron Slugger Company produces various types of wooden baseball bats. It has calculated the average cost per unit of a produ
timama [110]

Answer:

The variable cost per bat is $10.15

Explanation:

The total cost can be calculated by multiplying the average cost per unit by the number of units. At the production level of 8000 units at $13 per unit, the total cost will be,

Total cost = 13 * 8000 = $104000

The total cost is made up of both fixed and variable costs.

Total variable costs = Total costs - total fixed costs

Total variable costs = 104000 - 22800 = $81200

The variable cost per unit  =  81200 / 8000  =  $10.15 per unit

5 0
3 years ago
The government sector get its income mostly from exports to other countries.
Studentka2010 [4]

Answer:

true we import and export to other countries

Explanation:

7 0
3 years ago
Read 2 more answers
Other questions:
  • The letter of transmittal and the statistical section are classified as
    6·1 answer
  • If consumers are willing to pay a higher price than previously for each level of output, we can say that _______ has occurred. A
    9·1 answer
  • "In connection with a new issue offering of a sought-after tech company issue, the underwriter offers shares to the officers of
    5·1 answer
  • We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow
    6·1 answer
  • Burgess Corp. manufactures a line of heavy construction equipment. The company has announced a contractual relationship with FS
    7·1 answer
  • An economy is created by the interaction between which teo groups of people?
    6·1 answer
  • Which of the following attributes was not cited as an important dimension of an effective measuring system for marketing?
    11·1 answer
  • Flavio, ceo of fabulous frozen custard believes that alternate plans are almost as important as the primary operational plans be
    12·1 answer
  • Jose Consulting paid $540 cash for utilities for the current month. Determine the general journal entry that Jose Consulting wil
    5·1 answer
  • Who is itachi uchiha​
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!