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AlekseyPX
3 years ago
15

Buffalo Corporation purchased warehouse shelving for $96,000, terms 1/10, n/30. At the purchase date, Buffalo intended to take t

he discount. Therefore, it made no entry until it paid for the acquisition. The entry was:
Business
1 answer:
Murrr4er [49]3 years ago
4 0

Answer:

Office Equipment (Debit)                  96,000

Accounts Payable (Credit)                96,000

Explanation:

Buffalo Corporation should have made the above stated entry. As the equipment is supposed to start depreciation from the date of purchase (when the asset is available for use as intended by management). Since the corporation intended to take the discount by paying early within the number of days allowed so upon payment the following entry should be made.

Accounts Payable (Debit)                             96,000

Purchase Discount Income (Credit)                9,600

Cash (Credit)                                                  86,400

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Paci Restaurants accepts credit and debit cards as forms of payment. Assume Paci had $14, 000 of credit and debit card sales on
vivado [14]

Answer:

1) assuming that the credit card company's payments are immediate (1 business day)

April 30,2015, net credit and debit card sales

Dr Cash 13,580

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2) assuming that the credit card company's payments are immediate (1 business day)

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8 0
3 years ago
John Hernandez is 24 years old and has saved enough money to fund an adequate emergency fund. In addition, he has saved $5,600 t
poizon [28]

Answer:

C. Growth

Explanation:

Starting investment early is something that is always encouraged and that is the case of John Hernadez here. By starting early, before he retires, he'd have been able to grow is investment portfolio substantially and even be a millionaire by the time of his retirement. Growth is the most important factor for John, that's why is he's starting his investment early. With the time given for growth, investment value may increase in value and it allows time for appreciation of stock price.

4 0
3 years ago
Read 2 more answers
Which of the following airlines does NOT employ a low-cost provider strategy? Airline 1 offers low prices on short-distance flig
Rainbow [258]

Answer:

Airline 2 offers low prices on long-distance flights and has long service times for its planes between flights.

Explanation:

Low Cost providing strategy is the strategy in which the services are provided at a lower cost and but the quality of service is acceptable, and is in fact good.

Where the price along with quality is decreased the low cost strategy is not followed.

As in the case of Airline 2 the cost is decreased for passengers and at the same time the service is also decreased.

As there is a long gap of time in between the flights.

3 0
3 years ago
The primary responsibility of the board of directors is to __________. Select one: A. oversee the affairs of the organization B.
Paladinen [302]

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Some of the duties of Board Members are:

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  • Another important duty is to Monitor and Manage Financial Resources.
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So we can Say that The primary responsibility of the board of directors is to (D) make daily operational decisions

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3 years ago
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