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slavikrds [6]
3 years ago
14

Juniper Company uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30

. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the payment on August 16 is:_________
a) Debit Merchandise Inventory $8,250; credit Cash $8,250.
b) Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8,167.50.
c) Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50; credit Cash $9,652.50.
d) Debit Accounts Payable $8,167.50; credit Cash $8,167.50.
Business
1 answer:
MatroZZZ [7]3 years ago
3 0

Answer:

b) Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8,167.50

Explanation:

Preparation of correct journal entry to record the payment on August 16

Based on the information given we were told that the company made a purchased of the amount of $9,750 of merchandise with terms of 1/10 and as well made returned of the amount of $1,500 worth of the merchandise while the full amount due was paid on August 16 which means that the journal entry to record the payment on August 16 will be :

Debit Accounts Payable $8,250

($9,500-$1,500)

Credit Merchandise Inventory $82.50

(1%×$8,250)

Credit Cash $8,167.50

[(100%-1%)×$8,250)]

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Answer:

d. $429,000

Explanation:

This can be obtained by preparing an income statement under variable costing. The income statement under variable costing deduct variable costs from the sales revenue to obtain contribution margin firs before deducting fixed costs in order to obtain net income. The income statement under variable costing can therefore be prepared as follows:

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                  Income Statement (Variable Costing)

                                For the Year End

<u>Particulars                                                                      $        </u>

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Direct labor ($3 * 23,000)                                       (69,000)

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Selling $ admin exp (60% * $115,000)               <u>    (69,000)  </u>

Contribution margin                                                575,000

Fixed cost:

Fixed overhead ($5 * 20,000)                               (100,000)

Selling $ admin exp (40% * $115,000)                 <u>   (46,000)  </u>

Net income                                                            <u>  429,000 </u>

Note:

1. The variable cost is computed using the 23,000 units sold because the variable cost of the opening 3,000 units from the previous year has to be added to the variable cost of the 20,000 units produced this year. This is to obtain the total variable costs for the 23,000 units sold since variable cost varies with units.

2. The Fixed overhead is computed using the 20,000 units produced this year. This is because the total fixed cost does not change as units of production changes. The Fixed overhead of $5 per unit was actually arrived at by dividing $100,000 by 20,000 units. This Fixed overhead was also $100,000 previous year as it remains constant every year.

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Brrunno [24]

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