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3 years ago

When a purchase on account is made the invoice becomes a debit memo?

1 answer:

6 0

When a purchase on account is made, the invoice becomes a debit memo. The account receivable is normally documented through invoice which is issued to the customer who is buying on credit. When purchasing on an account, the balance of the invoice becomes a payable, that is, a debt.

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What types of information does the company currently maintain on markets, the marketing environment, and marketing activities?

Reil [10]

Information related to economic conditions , technology changes as well as political activity.

Explanation:

Marketing Environment is referred to as the combination of both internal and external factor which also affect the customers as well as its ability of the company. The internal environment includes various factors they are the money, people, materials as well as the markets. The internal market is under the marketers and the market changes when the external market changes.

The external factor includes those factors which are external in nature and the marketer cannot influence the external market neither it can be controlled by the marketer.

Every company whether small or big should have a marketing environment. A company's profit , position and image depends on the external and internal environment . A marketing environment is dynamic in nature. In order to hold the market we need to analyse the market.

5 0

3 years ago

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory

arsen [322]

Answer and Explanation:

The Preparation of the table that shows the balances from a to d points is shown below:-

Particulars Inventory Cost of goods sold

For the year ended Reported

on December 31 $85,000 $450,000

a. Less: Lenses held on

consignment ($13,000)

b. Less: Office supplies ($6,500)

c. Add: Lenses in the

warehouse $9,500 ($9,500)

d. Less: Inventory which is damaged with

no scrap value ($3,750)

Balance $71,250 $440,500

Therefore to reach the balance of inventory we simply added the reported ended on Dec 31 and lenses which is in warehouse and deduct the lenses held on consignment, office supplies and inventory which is damaged with no scrap value on the other hand to reach the cost of good sold we simply deduct the lenses in the warehouse from the year ended which is reported on Dec 31.

Also the explanation from a to d is shown below:-

a. Goods kept on consignment shall form part of the inventory of consignors until such time as they are sold. And when recording it should be removed from the inventory of consignees.

b. Office supplies are not part of an inventory firm

c. Sold items that are in the seller's hands and yet to be supplied (risk is still with the seller) are exempt from revenue and included in the inventory of companies.

d. Damaged, non-returnable items should be eliminated from inventory and reported as loss.

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3 years ago

Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 2

STALIN [3.7K]

Answer:

Credit to cash for $3,000

Explanation:

Based on the information given the appropiate the journal entry to record payment of this invoice after the discount period has expired is: CREDIT TO CASH FOR $3,000 which is calculated as (1/2*$6,000).

Credit to cash for $3,000

(To record payment of invoice after the discount period has expired)

6 0

3 years ago

QS 20-26A Merchandising: Cash payments for merchandise LO P4 Garda purchased $610,000 of merchandise in August and expects to pu

SVETLANKA909090 [29]

Answer:

The cash payments for September are $646000

Explanation:

The cash payments for merchandise are divided into to parts. The previous month's 70% payments and this month's 30% payments. Thus, the cash payments for the month of september will be 70% for AAugust purchases and 30% for september's purchases.

Thus the cash payments for merchandise will be,

Cash Payments = 0.7 * 610000 + 0.3 * 730000 = $646000

6 0

3 years ago

Read 2 more answers

Which of the following processes is responsible for releasing the energy captured during photosynthesis? Select one: a. Eliminat

almond37 [142]

Answer: The correct answer is Option b.

Explanation:

Photosynthesis reaction is defined as the process in which plants make their own food with the help of carbon dioxide and water in the presence of sunlight. The energy is captured in the form of ATP during this process.

For the given options:

Option a: Elimination

Elimination reactions are defined as the reactions in which a kind of atoms or groups of atoms leave the molecule. This process is not seen in photosynthesis reaction.

Option b: Cellular respiration

Chemical energy stored in food is the source of the energy that is required to regenerate ATP. The process in which energy is released from food by a series of enzyme-controlled reactions is called cellular respiration.

Option c: Absorption

Absorption is defined as the process which involves a reaction between the substance being absorbed and the absorbing medium.

Option d: Digestion

Digestion is defined as the process by which complex food molecules are broken down into simple molecules that can be absorbed by the body for nutrition.

Option e: Transpiration

Transpiration is defined as the process where plants absorb water through their roots and then give off water vapor through the pores from their leaves.

From the above information, the correct answer is Option b.

5 0

3 years ago