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3 years ago

1/1/2019 sally miller purchased $500 of merchandise on account; the cost of the item is $310

Business

1 answer:

timofeeve [1]3 years ago

3 0

<u>Solution and Explanation:</u>

date Particulars Debit Credit

1st january, 2019 Account receivable 500

Sales revenue 500

(To record sales on account)

Cost of goods sold 310

Merchandise inventory 310

(To record cost of goods sold)

31st january, 2019 Notes receivable 500

Accounts receivable 500

(To record notes receivable for the 60 days at the rate of 6 percent)

1st April, 2019 Allowances for Doubtfull accounts 500

Notes receivable 500

(In order to write off Sally Millers account, no interest revenue is to be recognised)

2nd May, 2019 Notes receivable 500

Allowances for doubtful debts 500

( in order to record re-instatement)

2nd May, 2019 Cash 507.50

Notes receivable 500

Interest revenue 7.5

( In order to record the payment received)

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Answer:

C. Job specialization

Explanation:

Employees boredom is one of the disadvantages of job specialization

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2 years ago

Which phrase best describes a capital gain? an increase in the amount of capital a firm uses in production an increase in the va

rewona [7]

Answer:

An increase in the value of an asset

A portion of profits paid back to shareholders

Explanation:

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2 years ago

Olivia bought a $1,874 sprinkler system with her credit card. Her credit card has an APR of 10.31%, compounded monthly. She made

Radda [10]

Answer:

Percentage of the total lifetime cost of the system that the original price made up = 59.07%

Explanation:

The monthly payments for the sprinkler system can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value or original price of the sprinkler = $1,874

P = Monthly payment = ?

r = Monthly interest rate = APR / 12 = 10.31% / 12 = 0.1031 / 12 = 0.00859166666666667

n = number of months = number of years of payment * 12 = 4 * 12 = 48

Substitute the values into equation (1) and solve P, we have:

$1,874 = P * ((1 - (1 / (1 + 0.00859166666666667))^48) / 0.00859166666666667)

$1,874 = P * 39.1976732321759

P = $1,874 / 39.1976732321759

P = $47.81

Therefore, we have:

Total payment for the sprinkler = Monthly payments * Number of months = P * n = $47.81 * 48 = $2,294.88

Total cost in water = Cost in water per week * Number of weeks in a year * Number of years that Olivia kept the sprinkler system = $2.11 * 52 * 8 = $877.76

Total lifetime cost of the system = Total payment for the sprinkler + Total cost in water = $2,294.88 + $877.76 = $3,172.64

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2 years ago

margo borrows $800, agreeing to pay it back with 5% annual interest after 7 months. how much interest will she pay?

Gala2k [10]

Answer:

Explanation:

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dividing 7 by 12 coz there r 12 months in a year and she is paying for 7.

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11 months ago

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F) The use of nuclear power decreased. Affect the increase of the demand and the price increases.

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