Answer:
Dr Accounts payable 2,940
Dr Purchase discounts lost 60
Cr Cash 3,000
Explanation:
The original invoice was recorded as:
Dr Merchandise inventory 5,880
Cr Accounts payable 5,880
When half the merchandise was returned:
Dr Accounts payable 2,940
Cr Merchandise inventory 2,940
When the invoice was paid after the discount period had expired:
Dr Accounts payable 2,940
Dr Purchase discounts lost 60
Cr Cash 3,000
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Answer:
a. Lisa's realized and recognized gain or loss is unknown
b. Alfred's recognized gain of $71,340 if he subsequently sells the property for $261,580
Alfred's recognized loss of $35,670 if he subsequently sells the property for $154,570
Explanation:
a. We do not know the amount Lisa costed to buy this business property, thus can't define her gain or loss.
b. Alfred cost $190,240 to buy this property, the he will gain if sell higher or lost if sell lower.
The gain $71,2340 = selling price $261,580 - cost $190,240
The loss $35,670 = selling price $154,570 - cost $190,240
Answer:
C. Collusion
Explanation:
When two or more businesses work together to remove their competition, set prices, and control distribution, it is called "collusion".
Collusion is known to be a secret which os seen as illegal agreement between rivals. These rivals conspire to work together in order to achieve and acquire unfair market advantage.
Any act that's effected by collusion is considered to be "void".
