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
omeli [17]
3 years ago
12

The Marchetti Soup Company entered into the following transactions during the month of June:

Business
1 answer:
fiasKO [112]3 years ago
3 0

Answer:

Explanation:

The journal entries are shown below:

1. Merchandise Inventory A/c Dr $200,000

             To Account payable A/c $200,000

(Being the inventory purchased is recorded)

2. Salaries Expense A/c Dr $51,000

                      To Cash A/c $51,000

(Being salaries expenses are paid for cash)

3. Cost of goods sold A/c Dr $142,000

               To Merchandise Inventory $142,000

(Being the merchandise is sold for cost)

Accounts receivable A/c Dr $255,000

                To Sales revenue A/c  $255,00

(Being the merchandise is sold on credit)

4.  Cash A/c Dr $235,000

        To Accounts receivable A/c $235,000

(Being the cash is collected)

5. Accounts payable A/c Dr 180,000

           To Cash A/c 180,000

(Being cash is paid)

You might be interested in
how goods are produced often affects an entire society. natural resources, we have learned, are limited. while some natural reso
vlada-n [284]

While overuse of fossil fuels will cause pollution, world without them is also difficult. A balance is required.

Explanation:

  • Without fossil fuels vehicle transport for conveyance does not happen, food won't be transported, and thus life may come to standstill. It will take sometimes, centuries for the alternative sources to replace fossil fuels.  
  • Overuse will cause pollution to happen and the fossil fuels getting depleted. We already found that if fossil fuels are not there, world will come to standstill. Therefore, cannot deplete them.
  • Balanced usage, usage with caution, and development of alternative sources are the ways to tackle the problem. These are the implications of the statements.
6 0
3 years ago
Read 2 more answers
A storage tank acquired at the beginning of the fiscal year at a cost of $90,000 has an estimated residual value of $12,000 and
MrRa [10]

Answer:

The annual depreciation under straight line method is $3,120

And under double-declining method:

Year 1 = $7,200

Year 2= $6,624

Explanation:

Please find the attached for the calculations

7 0
3 years ago
What is the term that describes what a business has to pay to correct defective products?
vagabundo [1.1K]
I believe the correct answer from the choices listed above is option A. The term <span> that describes what a business has to pay to correct defective products would be the cost of quality. Hope this answers the question. Have a nice day.</span>
7 0
3 years ago
Read 2 more answers
A present value of $2600 is invested in an account with an annual interest rate of 4.1% . Determine the minimum amount of time r
Olin [163]

Answer:

The minimum amount of time required is:

26.82 years.

Explanation:

Present value = $2,600

Future value = $7,800 ($2,600 * 3)

Annual interest rate = 4.1%

Monthly interest rate = 4.1%/12 = 0.342%

$2,600 will need to be invested for 321.781 (26.82 years) periods to reach the future value of $7,800.00.

FV (Future Value) $7,800.00

PV (Present Value) $2,600.00

N (Number of Periods) 321.781

I/Y (Interest Rate) 0.342%

PMT (Periodic Payment) $0.00

Starting Investment $2,600.00

Total Principal $2,600.00

Total Interest $5,200.00

5 0
2 years ago
The inventory costing method that reports the earliest costs in ending inventory is:_______
nikdorinn [45]

Answer:

a. LIFO.

Explanation:

The LIFO method refers to an inventory method that means the item which is last purchased should be sold first during the period of time. So in this inventory method the earliest cost in the closing inventory should be recorded

Therefore the given situation, the correct option is a.

And, the other options are wrong

4 0
3 years ago
Other questions:
  • Wesley is a manager in an organization where a great deal of interaction is required between himself and his workers and new pro
    6·1 answer
  • Hannah purchased 65 shares of Best Buy stock at $36 per share. After 3 years, Hannah sold the stock for $43 per share. During th
    6·1 answer
  • You find a zero coupon bond with a par value of $10,000 and 13 years to maturity. If the yield to maturity on this bond is 4.7 p
    12·1 answer
  • Watson Oil recently reported (in millions) $8,250 of sales, $5,750 of operating costs other than depreciation, and $1,000 of dep
    14·1 answer
  • Assume that the risk-free rate of interest is 3% and the expected rate of return on the market is 15%. A share of stock sells fo
    7·1 answer
  • Marginal benefit is A. the additional benefit from consuming one more unit. B. a legally determined maximum price that sellers m
    7·1 answer
  • A 65-year old widow that is in a low tax bracket and that has a low risk tolerance wishes to make an investment that will provid
    15·1 answer
  • During 2018, its first year of operations, Pave Construction provides services on account of $142,000. By the end of 2018, cash
    8·1 answer
  • What is the expected constant-growth rate of dividends for a stock currently priced at $50, that just paid a dividend of $4, and
    7·1 answer
  • Okay, Daily Question!
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!