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iogann1982 [59]
3 years ago
7

Journalize the following transactions for the buyer, Morgan Company, using the net method to account for purchase discounts. Ass

ume a perpetual inventory system. January 3 Purchased goods from Grieg Company on account, $15,000, terms 5/10, n/30. January 9 Returned defective merchandise to Grieg Company that was previously purchased on account, $2,100. January 13 Paid the amount due to Grieg Company.
Business
1 answer:
Vikentia [17]3 years ago
5 0

Answer:

Morgan Company

Journal Entries:

January 3:

Debit Inventory $15,000

Credit Purchase Discount $750

Credit Accounts Payable (Grieg Company) $14,250

To record the purchase of goods on account, terms 5/10, n/30.

January 9:

Debit Accounts Payable (Grieg Company) $1,995

Debit Purchase Discount (Lost) $105

Credit Inventory $2,100

To record the return of defective merchandise.

January 13:

Debit Accounts Payable (Grieg Company) $12,255

Credit Cash Account $12,255

To record the payment of amount due.

Explanation:

Using the perpetual inventory system, the purchase and return of merchandise are recorded in the Inventory account and not in the Purchases account (periodic inventory system).  The cost of goods sold is also credited to the Inventory account.  The perpetual inventory system operates on the use of technology which is able to record inventory transactions as they occur, instead of waiting till the end of a period.  This means that perpetual inventory is being taken every time a transaction occurs.

Using the net method to account for purchased cash discount, it is assumed that the retailer always takes advantage of the discounted cash price and records the purchased inventory at the discounted price. The net method is a way to record purchases of inventory with a cash discount.

Under the net method, the company will credit Accounts Payable for the invoice amount minus any early payment discount that is offered.  Under the gross method, purchases are recorded at the full invoice price without deduction of any cash discounts.

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Herzberg's motivational factors and Maslow's esteem and self-actualization needs are similar. Explain how organizations can meet
Taya2010 [7]

Answer:

Organizations can meet the human needs identified by Maslow by studying and implementing the motivational factors specified by Herzberg.

The similarity of Herzberg's motivational factors and Maslow's esteem and self-actualization needs is addressed by the following questions: "What do people really want from their work?"  "How do organizations go about meeting these needs or ensuring that the needs are met?"

The answer is in the awareness of what workers want from the work they carry out for organizations.  As Maslow stated, people generally have five human needs: physiological needs, safety needs, social belonging, self-esteem, and self-actualization (later described as  transcendence).   It is only when the basic needs (physiological needs, safety needs, and social belonging and love needs) are satisfied  in that order, that workers would seek self-esteem and self-actualization or transcendence.  It is also at this level of seeking self-esteem and self-actualization that organizations would derive the greatest benefits from their workers.  It then behoves organizations to ensure that the basic needs are not denied, but to push forward to help their workers attain self-esteem and self-actualization.

Herzberg's motivational factors show that it is the responsibility of organizations to ensure that their workers achieve a sense of achievement in the work they do.  They should also be recognized for doing good jobs.  The nature of the work should be such that it does not demean the worker.  There should be dignity of labor.  Workers achieve more when they are made responsible for the outcome of their work.   Being assigned responsibilities help them to advance and and grow.  Organizations also need to manage well the extrinsic job elements that Herzberg identified as "hygiene factors," which concentrate on the work environment.

Explanation:

a) Frederick Herzberg identified certain job factors that bring about employee job satisfaction whereas others can create job dissatisfaction. According to Herzberg, "motivating factors (also called satisfiers) are primarily intrinsic job elements that lead to satisfaction, such as achievement, recognition, the (nature of) work itself, responsibility, advancement, and growth."  The dissatisfiers, on the other hand, he called "hygiene factors."   They are "extrinsic elements of the work environment such as company policy, relationships with supervisors, working conditions, relationships with peers and subordinates, salary and benefits, and job security, which can result in job dissatisfaction if not well managed."  An interesting result of Herzberg’s studies was that "the opposite of satisfaction is not dissatisfaction."  Herzberg's studies established that proper management of hygiene factors could prevent employee dissatisfaction, but that these factors could not serve as a source of satisfaction or motivation.  The summary is that motivational factors are quite distinct from hygiene factors.

b) Maslow identified the following hierarchy of human needs: physiological needs, safety needs, social belonging, self-esteem, and self-actualization (later described as  transcendence).  The hierarchy of needs, according to Maslow, show how humans essentially partake in behavioral motivation.   The summary of Maslow's hierarchy of human needs is that "people are motivated to fulfill basic needs before moving on to other, more advanced needs."

8 0
3 years ago
John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of
gulaghasi [49]

Answer:

No, he doesn't show diminishing marginal utility. Yes, he shows increasing marginal utility for Coke.

Explanation:

The law of diminishing returns states that the marginal or addition satisfaction or utility derived from the consumption of a product increase until a pint and then starts to  decrease.

Units         Total utility       Marginal utility

1                    10                          10        

2                   25                         15                    

3                   50                         25

After 3 bottles, John does not show diminishing marginal utility as the marginal utility (as shown above) continues to increase with each additional bottle of coke consumed.              

8 0
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Answer the question on the assumption that the legal reserve ratio is 20 percent. Suppose that the Fed sells $500 of government
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Answer:

The cost of units transferred out during the month was:$ 99980

Explanation:

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The Costs of units transferred out is $ 99980

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