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
elena-s [515]
3 years ago
5

Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February

2 for $40,000. In addition to the cost of inventory, the company also pays $600 for freight charges associated with the purchase on the same day. Record the purchase of inventory on February 2, including the freight charges. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
OverLord2011 [107]3 years ago
6 0

Answer:

Debit Inventory $40,600

Credit Cash account $40,600

Being entries to recognize the cost of inventory

Explanation:

The initial recognition of inventory is to be done including all the cost incurred in bring inventory to the place of use or storage. These includes freight and the cost of the item. When inventory is purchased on account, entries required are Debit Inventory, credit account payable. Where cash is paid, the debit is same but the credit entry is posted to the cash account.

Hence total cost incurred (which is the cost of inventory)

= $40,000 + $600

= $40,600

You might be interested in
Refer to Exhibit 7.4, which shows short-run average cost curves. Average cost is lowest for a medium plant when output is _____
MatroZZZ [7]

Answer: c) between Qa and Qb

Explanation:

From the exhibit, the lowest cost will be recorded when output is between Qa and Qb because these points represent the lowest costs per unit for Curves A and C and the lowest points where output can be produced. Output being produced at costs lower than this is therefore the lowest for the medium plant.

3 0
3 years ago
What is Advertising , according to the American Marketing Association​
Alexus [3.1K]

American Marketing Association recognizes the term advertising as – any paid form of non- personal presentation and promotion of ideas, goods and services by an identified sponsor. ... Advertising is a non-personal form of communication because it uses mass media forms.

5 0
2 years ago
"The average monthly rent for a two-bedroom apartment in City A is $820 with a standard deviation of $86. The average monthly re
notsponge [240]

Answer:

Explanation:

 We shall apply the concept of coefficient of variation to know the consistency of data

coefficient of variation

= standard deviation / mean or average

In case of City A

coefficient of variation  = 86 / 820

= .1048

In case of City B

coefficient of variation  = 75 / 790

= .0949

Since it is less for city B , rent for this city is more consistence or with less of variation

So the conclusion  is false.

5 0
3 years ago
Match the following statements to the appropriate terms. An entry that involves three or more accounts. Transferring journal ent
Evgen [1.6K]

Answer: The answers are given below

Explanation:

• An entry that involves three or more accounts. = Compound entry.

A compound entry is when two or more journal entries are combined together on order to save time.

• Transferring journal entries to ledger accounts. = Posting

• The side which increases an account. = Normal account balance.

• A list of all the accounts used by a company. = Chart of an account.

A chart of accounts (COA) consists of all the financial accounts that are in the company's general ledger. It gives the the details of the financial transactions that is being conducted by a company for a particular accounting period.

• A record of increases and decreases in specific assets, liabilities, and stockholdersl items. = Account

• Left side of an account. = Debit

The debit is an entry used to record the amount that the entity owe and it is always listed on left-hand side of an account.

• An entry that involves only two accounts. = Simple entry

A simple entry is made up of two accounts while a compound entry is made up of more.

• A book of original entry. = Journal

A journal is a record of every financial transactions that a business takes part in.

• A list of accounts and their balances at a given time. = Trial balance

The trial balance consists of a list of all the general ledger accounts that is, both the revenue and capital that are contained in a business ledger.

• Has a credit normal balance = Revenue account

3 0
3 years ago
How much goodwill did usa advertising purchase as part of the acquisition of thrifty nickel?
Angelina_Jolie [31]
What are you trying to say?
8 0
1 year ago
Other questions:
  • Serene City enacts an ordinance that bans the use of "sound amplifying systems" on public streets. Tyler wants to campaign for a
    7·1 answer
  • The product development team of a company conducts a meeting to discuss the worthiness of launching a new product in the market.
    13·1 answer
  • Cash flows from investing activities do not include cash flows from:a. Lending.b. The sale of equipment.c. Borrowing.d. The purc
    12·1 answer
  • If the price of Pepsi decreases, all else held constant, then we’d expect to see a consequent shift of the demand curve for: Mul
    14·1 answer
  • Give a minimum of three reasons why a cover letter is important
    9·2 answers
  • What are the types of model risk
    14·1 answer
  • A common advantage of a promotion is that
    14·2 answers
  • A project is chartered to determine new ways to extend the product life of one of the company's medium-producing products. The p
    5·1 answer
  • It is possible to observe a positive nominal interest rate together with a negative real interest rate. a. True b. False
    9·1 answer
  • What is the difference between an absorption spectrum and a standard curve?.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!