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
Ivanshal [37]
3 years ago
5

merchandise costing 1200 is sold for 2200 on term 2/30,n/60. If the customer pays within the discount period. Prepare the journa

l entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the gross method of recording sales discounts.
Business
1 answer:
spin [16.1K]3 years ago
3 0

Answer:

The journal entries are as follows:

(a) Accounts receivables [$2,200 - 2%] A/c Dr. $2,156

             To Sales revenue                                              $2,156

(To record the sale)

(b) Cost of Goods Sold A/c Dr. $1,200

          To inventory                                $1,200

(To record the cost of goods sold)

(c) Cash A/c Dr. $2,156

       To Accounts receivables  $2,156

(To record payment within discount term)

You might be interested in
What is one way the government tries to attain positive externalities?
Jlenok [28]

One way of representing attaining the positive externality by the government is through the promotion of education.

Option D is the correct answer.

<h3>What is an externality?</h3>

When the cost or advantage is received by a third party that is not related to the economic activity, then it is considered an externality.  

A positive externality is the arousal of a positive effect on either production or consumption. The act of penalizing a company for pollution, imposing taxes on citizens earning more than $250,000 and the reduction in rates of interest would all be classified as negative externalities.

Therefore, the encouragement of education by the government is regarded as a positive externality.

Learn more about the externality in the related link:

brainly.com/question/24233609

#SPJ1

4 0
3 years ago
Victor is calling on Meridian Cabinetworks. His goal is to close a deal for a customized profile sander valued at about $3,500.
shutvik [7]

Answer:

minimum call objective

Explanation:

For Victor, the sale of the less expensive ready-made profile sander is his minimum call objective.  This term refers to the first basic business purpose that the sales-person has to accomplish in order for their sales pitch to be considered a success. Therefore since Victor is willing to accept selling the less expensive sander when making the call then that is his minimum call objective.

8 0
3 years ago
Heather's interest and gains on investments for the current year are as follows: Interest on Madison County school bonds $600 In
Dmitry_Shevchenko [17]

Answer: $1400

Explanation:

The amount of gross income that Heather must report will be the addition of the interest on the US government bonds, the interest on the federal income tax refund and the gain on the sale of Madison company school bonds. This will be:

= $700 + $200 + $500

= $1400

Therefore, Heather must report gross income in the amount of $1400. The correct option is D.

4 0
3 years ago
MacKenzie Company sold $680 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% serv
Nostrana [21]

Answer:

Total Sales value = $680

Service charge percentage = 4%

Credit card expenses = Total Sales Value * Service Charge percentage = $680 * 4% = $27.20

Net amount received from credit card company = Total sales value - Credit card expenses = $680 - $27.20 = $652.80

The Journal entry to record sale transaction would be will be as follows:

Date    Particulars                       Debit       Credit

           Cash or Bank                 $652.80

           Credit card expenses    $27.20  

                      Sales                                       $680

            (Being sales made through card)

3 0
3 years ago
The accounting measure of a firm's equity value generated by applying accounting principles to asset and liability acquisitions
cupoosta [38]

Answer:

A) book value

Explanation:

Assets at book value is the value of company's asset as recorded in its boos(balance sheet).  

4 0
3 years ago
Other questions:
  • Why do investors need to determine their investment objective before they invest?
    12·1 answer
  • If the demand for clothing increases by 8% when income increases by 10%, the income elasticity of clothing, using one decimal pl
    5·1 answer
  • Suppose that Ms. Thomson is currently exhausting her money income by purchasing 10 units of A and 8 units of B at prices of $2 a
    6·1 answer
  • A company wants to forecast demand using the simple moving average. The company uses four positive prior yearly (2013,2014,2105
    5·1 answer
  • The power of a labor union weakens when the company introduces technologies that replace the need for the union's members. techn
    15·1 answer
  • Real data vs nominal data what is the difference
    10·1 answer
  • All the occupation are equally important how and why .<br><br><br><br><br> ​
    12·1 answer
  • Your level of expectancy as a marketing manager​
    13·1 answer
  • Under the ________ framework, producer surplus is important in the quest for competitive advantage because this is the profit th
    11·1 answer
  • Increasing the batch size on a resource with setups always increases the capacity of the resource. True or false?.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!