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seropon [69]
3 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]3 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)

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3 years ago
Debra's manager publicly reprimanded her in the department meeting. during the manager's 10 minute rant, debra sat quietly. afte
pantera1 [17]

Answer:

Tend and befriend strategy

Explanation:

The tend and befriend strategy involves a person reacting to a situation by seeking for support from others (befriend) or supporting others (tend).

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She did not react immediately but rather sought the support of her friend. She complained for two hours with her best friend to relieve the stress.

This is an example of tend and befriend reaction to stress.

6 0
3 years ago
Green Haven is an organization whose earnings are exempt from federal and state income taxes. Individuals who contribute money t
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Answer:

Non-profit organisation

Explanation:

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6 0
3 years ago
What’s dangerous about taking out a payday loan?
vagabundo [1.1K]

Answer:

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8 0
2 years ago
At December 31, 2021, Moonlight Bay Resorts had the following deferred income tax items: Deferred tax asset of $102 million rela
masha68 [24]

Answer:

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Explanation:

The question is to determine whether Moonlight Bay Resorts is to report an asset (current or non-current) or a liability (current or non-current) in its December 31st 2021 Balance Sheet

The step is to determine the classification of the items in the balance sheet

This is done as follows

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Total Deferred Tax liability (168 million + 120 million)        288 million

(Deferred tax liabilities related to

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Total Deferred tax asset (102 million + 60 million)              (162 million)

The net deferred tax liability                                               126 million

Since, under the International Financial Reporting Standards Deferred Tax Liability is a Non-current liability, it means <u>Moonligh Bay Resorts will report a Non-current liability of $126 million</u>

7 0
3 years ago
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