An investigator wanted to see whether packaging information affects the way teenagers rate the effectiveness of soap. the same s
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Answer:
Purchases = Number of units × Price per unit
= 1,100 × $50
= $55,000
= $1,650
The journal entries are as follows:
(1) On July 15,
Purchases A/c ($55,000 - $1,650) Dr. $53,350
To Accounts payable $53,350
(To record purchase of inventory on account)
On July 23,
Accounts payable A/c Dr. $53,350
To cash $53,350
(To record the payment of cash against accounts receivable)
(2) On August 15, 2018
Accounts payable A/c Dr. $53,350
Interest expenses A/c Dr. $1,650
To cash $55,000
(To record the payment on accounts payable)
(3) Perpetual inventory system:
(i) On July 15,
Merchandise Inventory A/c Dr. $53,350
To Accounts payable $53,350
(To record purchase of inventory on account)
(ii) On July 23,
Accounts payable A/c Dr. $53,350
To cash $53,350
(To record the payment of cash against accounts receivable)
(iii) On August 15, 2018
Accounts payable A/c Dr. $53,350
Interest expenses A/c Dr. $1,650
To cash $55,000
(To record the payment of cash against accounts payable and to recognize interest expense due lost discount)
Answer:
Money need for one-year's tuition (A) = $11,590 (Approx)
Explanation:
Given:
Initial value (P) = $10,000
Annual rate of inflation (r) = 3% = 0.03
Time taken = 5 years
Find:
Money need for one-year's tuition (A)
Computation:
Money need for one-year's tuition (A) = $11,590 (Approx)