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
3241004551 [841]
3 years ago
15

Journalize the following transactions for Griffin Company. Assume a perpetual inventory system. Also, assume a constant gross pr

ofit ratio for all items sold.
Make sure to enter the day for each separate transaction.

1) October 1: Sold goods costing $3,600 to Barnes Company for cash, $6,000.

2) October 7: Barnes Company returned undamaged merchandise, purchased on October 1, for a cash refund, $670.
Business
1 answer:
joja [24]3 years ago
5 0

Answer:

1) October 1:

1.1

Debit Cost of Goods sold $3,600

Credit Merchandise $3,600

1.2

Debit Cash $6,000

Credit Revenue $6,000

2) October 7

2.1.

Debit Revenue $670

Credit Cash $670

2.2.

Debit Merchandise $402

Credit Cost of Goods sold $402

Explanation:

1. October 1: when sold goods, the company recorded Cost of Goods sold and revenue:

1.1

Debit Cost of Goods sold $3,600

Credit Merchandise $3,600

1.2

Debit Cash $6,000

Credit Revenue $6,000

2. October 7

The percentage of revenue that merchandise returned = $670/$6,000 = 11.17%

Assume a constant gross profit ratio for all items sold.

Cost of returned merchandise = $3,600 x 11.17% = $402

2.1.

Debit Revenue $670

Credit Cash $670

2.2.

Debit Merchandise $402

Credit Cost of Goods sold $402

You might be interested in
What factors are not important in determining exchange rate fluctuations in the long​ run?
Ratling [72]
<span>speculating in currency markets</span>
8 0
3 years ago
If a central bank wishes to reduce inflation, it should announce its intentions and follow through with them, thereby using ____
Mice21 [21]

Answer:

C. credible

Explanation:

A credible monetary policy is the policy where the problem of inconsistency of time can be avoided also the biasness of the inflation also it keeps the inflation under a control.

Therefore in the case when the central bank wants to decrease the inflation so they are using the credible monetary policy

Hence, the correct option is C.

8 0
2 years ago
jorge has a new job in an office.Which of the following safety procedures will he most likely need to learn
igomit [66]

APEX-

A. What safety equipment to wear

B. How to use ladders safely

C. how to handle blood safely

D. How to exit safely in the event of a Fire


If this is correct then D would make the most sense, I remember doing computer applications too <3 hopefully this helps


5 0
2 years ago
Read 2 more answers
The date of record for cash dividends is
Sedbober [7]
<span>Date of record is the date the corporation records which stockholders get dividend checks.
</span>
So the answer is B
<span />
5 0
3 years ago
In order to satisfy as many wants as possible, it is necessary to achieve productive efficiency:
charle [14.2K]

Answer:

(i) since otherwise resources are idle.

(ii) since it would be impossible to produce more of one thing without producing less of another.

Explanation:

When an economy has reached productive efficiency, all resources are being fully utilized such that if the country wants to produce more of one good, they would have to produce less of another.

It is important that a country achieves this level because it would mean that no resource is being left idle and there is no under-performance in the economy.

8 0
3 years ago
Other questions:
  • Assume that the full-employment level of output is $2,000 and the price level associated with full-employment output is 100. Als
    11·1 answer
  • if you take an assessment that me sure your behavioral characteristics in certain situations which inventory are you taking ?
    15·1 answer
  • _____ do much of the actual work to prepare for cases and are heavily relied upon by lawyers and law firms.
    6·1 answer
  • Why do lenders use your utilities payment history to approve credit?
    5·1 answer
  • Balance of trade summarizes
    11·2 answers
  • Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15,000,000 of 20-year, 9
    12·1 answer
  • What is the expected dollar rate of return on dollar deposits with today's exchange rate at $1.10 per euro, next year's expected
    12·1 answer
  • What are the five elements in the management​ process? A. ​organize, plan,​ control, staff, and manage B. ​accounting, finance,​
    15·1 answer
  • What is it like to be a criminal in a mixed economy
    8·1 answer
  • Mark is a software tester. He runs through the same types of programs day after day looking for bugs and reporting them. He is t
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!