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kkurt [141]
3 years ago
9

A buyer uses a periodic inventory system, and on December 5, it purchases $4,000 of merchandise on credit terms of 2/10, n/30. C

omplete the journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
Aloiza [94]3 years ago
4 0

Answer:

The journal entry is shown below:

Explanation:

The journal entry for the following will be as:

Accounts Payable A/c.......................Dr   $4,000

       Merchandise Inventory A/c..........Cr   $80

       Cash A/c..............................................Cr  $3,920

As the buyer purchases merchandise worth $4,000, so the accounts payable account is debited and the buyer will be applied a discount of 2%, so merchandise inventory is credited and against the cash is paid, so the cash account is credited.

Working Note:

Discount = Amount × 2%

= $4,000  × 2%

= $80

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3 years ago
Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $100,000 in sales during the seco
nydimaria [60]

Answer:

c) $20,000.

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And, the

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$100,000 - $100,000 × 30% = Cost of goods sold

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Now the ending inventory would be

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3 years ago
Marie has saved $35. on wednesday, she spent $7 of her savings. what ratio represents her current savings with her previous bala
chubhunter [2.5K]
Savings: 35 <span>$ 
now she has: 35 - 7 = 28 </span><span>$

35 -> 100 %
28 -> x%

35 * x = 28 * 100
35x = 2800
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her current savings </span>equals 80% of her <span>previous balance.</span>
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3 years ago
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