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mestny [16]
3 years ago
7

Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,600 price, invoice dated April 2, credit terms of 2

/15, n/60, and FOB shipping point. 3 Paid $300 for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased merchandise from Frist Corp. under the following terms: $8,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. 21 After negotiations, received from Frist a $1,100 allowance on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the discount and allowance. Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.
Business
1 answer:
ehidna [41]3 years ago
5 0

Answer:

April 2

Inventory 4,600 debit

Account Payable 4,600 credit

April 3

freight-in 300 debit

cash 300 credit

April 4

account payable 600debit

Inventory 600credit

April 17

Account Payable 4,000debit (4,600 - 600)

Discount 80debit (4000 * 2%)

Cash 3,820credit

April 18

Inventory 8,500 debit

Account Payable 8,500 credit

April 21

Account Payable 1,100debit

Allowance Inventory 1,100

April 28

Account Payable 7400debit (8,500 - 1,100)

Discount 148debit (7400 * 2%)

Cash 7252credit

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The only expenses that can be reduced in order to produce more savings are ""Non-essential Expenses"" and ""Essential (Variable)
Y_Kistochka [10]

Answer:

The statement is false

Explanation:

Non- essential expense is the expense which is spent on the extra things, which means it is not essential to meet the needs. Whereas the essential expense are those expenses which are spend on consuming the things required for living. For example food, cloth.

So, both the expenses are those expense which are necessary for an individual or person and therefore, cannot be reduced in order to produce the more savings.

8 0
3 years ago
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Moates Corporation has provided the following data concerning an investment project that it is considering:
Vlad1618 [11]

Answer:

$144,128

Explanation:

The net present value is the present value of after tax cash flows from an investment less the amount invested.

NPV can be calculated using a financial calculator:

Cash flow in year 0 = $-250,000

Cash flow each year from year 1 to 4 = $119,000

I = 8%

NPV = $144,143

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

5 0
3 years ago
All of the following are TRUE about child abuse EXCEPT:
Simora [160]

A.

They don't need child abuse!!

5 0
3 years ago
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You are considering the purchase of a condominium to use as a rental property. You estimate that you can rent the condominium fo
Nastasia [14]

Answer:

It can take a mortgage up to 90,819 dollars

Explanation:

1,300 per month

-300 maintenance and other cost

1,000 per month

What is the PV of an annuity of 1,000 dollars

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 1000        (proceeds from the rent)

time  240         (20 year x 12 month per year)

rate 0.01          ( 12% / 12 months = 1%)

1000 \times \frac{1-(1+0.01)^{-240} }{0.01} = PV\\

PV $90,819.4163

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3 0
3 years ago
Thom Georges wants to open a store where he sells nothing but antique architectural features that he can salvage from old houses
MrRissso [65]

Answer: limited partnership

Explanation:

A limited partnership simply means a form of partnership whereby some of the partners only contribute financially nd thus will be liable and only to the extent of the amount that they contribute to the partnership m.

In case the company goes into bankruptcy, their personal assets and properties won't be affected. Since Thom invited his parents to invest $40,000 in the enterprise and told them that if they do invest, they would have liabilities in the firm equal to but no greater than their investment, then this is a limited partnership.

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