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zhenek [66]
4 years ago
5

Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general jou

rnal. The November transactions are given below:
Nov. 2 The company purchased $2,600 of merchandise on credit from the Midland Co., terms 2/10, n/30.
12
The owner, T. Biloxi, contributed an automobile worth $17,000 to the company.

16 The company sold $1,200 of merchandise (cost is $800) on credit to K. Myer, terms n/30.
19
K. Myer returned $175 of (worthless) merchandise to the company originally purchased on November 16 (assume the cost of this merchandise is left in cost of goods sold).

Journalize November transactions that should be recorded in the general journal. (If the transaction is not recorded in the general journal, select "Not recorded in general journal" in the first account field.)
Business
1 answer:
SpyIntel [72]4 years ago
3 0

<u>Solution and Explanation:</u>

<u>The following journal entries are passed in the books of accounts.</u>

Purchase of merchandise on credit - no entry is to be passed

Contribution of automobile to the company:

Date           Details                      debit                 credit

12- nov     Automobiles          17000

                      TB Capital                                      17000

( To record contribution of automobile to the company)

Sale of merchandise on credit:

Not recorded in gernal journal

Return of merchandise sold:

Date           Details                                            debit                 credit

19- Nov       Sales return and allowances      175

                     accounts receivable - KM                                 175

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Answer:

Differential pricing

Explanation:

Differential pricing , also known as discriminatory pricing is a pricing strategy in which the same product are sold to different customers at different prices.It enables companies to take advantage of unique customers valuation.

Even though is mostly seen as a legal way of pricing just like the other pricing methods , but in a situation where it is biased towards a category of people because of their tribes , gender  religion other discriminatory factors , it becomes an illegal act.

4 0
3 years ago
Select all that apply Job cost sheets can be used to: (Check all that apply.) Multiple select question. provide a subsidiary led
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Answer:

provide a subsidiary ledger for the finished goods inventory account

monitor costs incurred to date and to predict and control costs for each job

provide a permanent record for the cost of goods sold account

Explanation:

job cost sheet is a recording of all expenses that should be related to the job segment or an individual job.

Also it give the subsidiary ledger for the finished goods. It checks the cost that should be incurred till date and to predict and control the cost. Moreover, it gives the permanenet record for the cost of goods sold

These 3 above statements should be considered

6 0
3 years ago
All three of the $5000 billion GDP figures (Production, Income and Spending) are in ____________ dollars.a. Unadjusted, seasonal
Nataliya [291]

Answer:

The correct answer is letter "D": Inflation adjusted, real.

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The five competitive forces model suggests the bargaining power of buyers may affect industry competition. Which of the followin
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A company currently has two product lines and is considering dropping
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Answer:

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Explanation:

<u>Calculating the Profit Contribution of Product XYZ</u>

Sales revenue                                                                           $60,000

Less Cost of Goods Sold                                                        ($40,000)

Contribution Margin                                                                 $20,000

Less Traceable Fixed Costs  ($30,000 - $15,000)                ($15,000)

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