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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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Depreciation:
iragen [17]

Answer:

B. Is the process of allocating the cost of a plant asset to expense.

Explanation:

Depreciation is an expense indicating a reduction in the value of the capital assets due to tear and wear, obsolescence, consumption, time span, etc. It's listed on the income statement debit side. It is a non-cash item that has no effect on the cash balance.

Moreover, it is a process in which there is an allocation of the cost of fixed assets to the expense account over their estimated useful life

4 0
2 years ago
Why is saving, spending and investing important? long summary
grandymaker [24]
Saving money is important because of you run in to a problem like your car breaking down you need to have money to fix it. Also saving money is important because you will able to do things like going on vacation. Investing is important because I one thing goes bad you still have other incomes coming in.

Hope this helps
3 0
2 years ago
How does specialization affect an economy more efficient?
Setler [38]
The more they focus on a task the more efficient they become at this task, which means that less time and less money is involved in producing a good.
8 0
3 years ago
Dream Homes is an appliance store. It recently launched its own brand of freezers in order to build customer loyalty. The store
Alex787 [66]

The Pricing strategy which Dream Homes implemented is known as Price lining (Option A) which categorized the prices accordingly with the financial soundness of the customers.

Explanation:

The demand for more goods always plays a vital role in ensuring good sales. The likes of the customers towards particular products depend upon the nature of unique features and its fine quality. By capturing the pulse of the purchasing power of the customers, the business ventures fixed the prices according to the level of economical weaker sections, middle, and high-income groups.

In this case, Dream Homes fix the price of freezers by measuring the ability of customers' to buy them without compromising with the customers requirements. Dream Homes uses the price lining method to gain customers' reputation by selling the products accordingly with their status of income level.      

8 0
2 years ago
Following is partial information for Delamunte Industries for the month of August: Work In Process Balance, August 1 $ 41,000 Di
xeze [42]

1. The calculation of the predetermined overhead rate applied to jobs during August is <u>75% of direct labor costs</u> ($90,000/$120,000).

2. The balance in the Work in Process account at the end of August is $61,000.

3. The amounts of direct material cost and applied overhead recorded for Job 248 as of August 31 are $19,000 and $18,000, respectively.

<h3>Data and Calculations:</h3>

Work In Process Balance, August 1 $ 41,000

Direct materials used       75,000

Direct labor 120,000

Manufacturing overhead applied (based on direct labor cost) 90,000

Total costs incurred = $326,000

<h3>Finished Jobs during August: </h3>

Job #    Cost of Jobs Completed

234               $ 58,000

237                  65,000

231                   74,500

246                  67,500

Total costs of finished jobs = $265,000

Work in process balance = $61,000 ($326,000 - $265,000)

<h3>Job in Process: Job 248:</h3>

Direct labor cost incurred = $24,000

Applied overhead = $18,000 ($24,000 x 0.75)

Direct materials = $19,000 ($61,000 - $24,000 - $18,000)

Thus, the work-in-process balance represents Job 248 (Direct labor $24,000, Direct materials $19,000, and Applied Overhead $18,000).

Learn more about job costing at brainly.com/question/24516871

#SPJ1

7 0
2 years ago
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