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
LiRa [457]
3 years ago
13

Journalize the following transactions for Powell Company using the gross method of accounting for sales discounts. Assume a perp

etual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.January 7 Sold goods costing $7,860 to Stewart Company on account, $13,100, terms 5/10, n/30.January 13 Stewart Company was granted an allowance of $2,620 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition.January 18 Received the amount due from Stewart Company. required: prepare journal entry.
Business
1 answer:
Marianna [84]3 years ago
3 0

Answer:

Jan 7

Dr Cost of Good Sold     7,860

Cr Inventory                    7,860

(to record the cost of good sold)

Dr Account Receivable          13,100

Cr Revenue                            13,100

( to record revenue and receivable owed from Stewart)

Jan 13

Dr Sales Returns                  2,620

Cr Account Receivable       2,620

(to record sales return from Stewart)

Dr Inventory                      2,620

Cr Cost of good sold       2,620

(to record inventory returns and decrease in cost of good sold due to sales return from Stewart)

Jan 18

Dr Cash                                10,480

Cr Account Receivable      10,480

( to record full collection from Stewart after 11 days)

* further working note on Jan 18 transaction: As Stewart had return $2,620 sales; the Receivable from Stewart is just $10,480 ( 13,100 - 2,620). Also, the term of receivable is 5/10, n/30; the repayment after 10 days received from Steward is not eligible for discount.

Explanation:

You might be interested in
Mandy has perfected the art of glass-blowing. She has made gifts for her friends for years and has always gotten rave reviews. S
OLEGan [10]

Answer: Micropreneur

Explanation: In simple words, micropreneur refers to an individual who is willing to start a business at a very small level. Usually these individuals pursue their hobbies as their business so that they can gain some profit while living a balanced life style.

In the given case, Mandy is willing to start a business out of an art she is perfect in. Also she is going to start it at a very small level o that she can take care of her children at the same time.

Hence from the above we can conclude that Mandy is a micropreneur.

8 0
3 years ago
The section of building plans that would show views of a built-in hot tub would be the
JulsSmile [24]
A. Specifications
Make sure to follow @get.sendy on Instagram.
Tony Hawk follows :)
6 0
2 years ago
The United Kingdom experienced average annual real GDP per capita growth of 2.3% between 1982 and 2009. Which of the following h
Art [367]

Answer:

False, it is not true that France had the highest level of real GDP per capita in 2019. There were other economies which performed better than France.

The correct option is Privatization of previously nationalized industries because Privatization of nationalized bank contributed to UK's growth.

Explanation:

4 0
3 years ago
Using multiple cost drivers on a flexible budget report will generally ______. Multiple choice question.
lutik1710 [3]

Using multiple cost drivers on a flexible budget report will generally make the budget accurate and effective.

<h3>What is flexible budget performance report?</h3>

A flexible budget performance report serves as one that make comparison between actual revenues and costs for a period.

There are some method used in estimating this report, but multiple cost drivers is an effective method to get an accurate report.

Learn more about flexible budget performance report at:

brainly.com/question/27201970

5 0
2 years ago
Shamas famous restaurants expects to pay a common stock dividend of $1.50 per share next year (d1). dividends are expected to gr
Tpy6a [65]

The company's external equity comes from those funds raised from public issuance of shares or rights. The cost of external equity is the minimum rate of return which the shareholders supply new funds <span>by </span>purchasing<span> new shares to prevent the decline of the market value of the shares. To compute the cost of external equity, we should use this formula:</span> 

Ke<span> = (DIV 1 / Po) + g</span> 

Ke<span> = cost of external equity</span> 

DIV 1 = dividend to be paid next year 

Po = market price of share 

g = growth rate 

In the problem, the estimated dividend to be paid next year is $1.50. The market price is $18.50 and the growth rate is 4%. 

<span>Substituting the given to the formulas, we need to divide $1.50 by $18.50 giving us the result of 8.11% plus the growth rate; this would yield to the result of 12.11% cost of external equity.</span>

8 0
2 years ago
Other questions:
  • A company's product sells at $12 per unit and has a $5 per unit variable cost. The company's total fixed costs are $98,000. The
    7·1 answer
  • Stone purchased farm land from Fowler with the idea of developing it. Fowler took part payment in cash and the balance in the fo
    8·1 answer
  • Of the following groups, which benefits most from a government price support program that establishes a floor price for an agric
    14·1 answer
  • Twilight Corporation acquired End-of-the-World Products on January 1, 2020 for $6,200,000, and recorded goodwill of $1,000,000 a
    8·1 answer
  • On January 1, 2018, Solo Inc. issued 1,000 of its 8%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July
    15·1 answer
  • Which of the following indicators provides the clearest indication that an economy is experiencing deflation?
    12·2 answers
  • The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:
    7·1 answer
  • Required:
    6·1 answer
  • Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department had 2,900 liters in beginnin
    11·1 answer
  • The Gorman Group issued $930,000 of 11% bonds on June 30, 2021, for $1,009,794. The bonds were dated on June 30 and mature on Ju
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!