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LekaFEV [45]
3 years ago
6

Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and ther

e were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return? Question 3 options: Debit Accounts Payable, and Credit Inventory. Debit Accounts Payable, and Credit Purchase Returns and Allowances. Debit Accounts Payable, and Credit Purchases. Debit Accounts Payable, and Credit Purchase Discounts.
Business
1 answer:
irina [24]3 years ago
5 0

Answer:

Debit Accounts Payable, and Credit Purchase Returns and Allowances

Explanation:

The adjusting entry is shown below:

Account Payable A/c Dr

       To Purchase Returns and Allowances

(Being return of goods is recorded)

Since the goods are purchased on credit, and due to some issues the goods are returned So, the account payable account should be debited and the purchase return and allowances should be credited.

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D. Three years old that is the correct answer
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3 years ago
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Your parents have made you two offers. The first offer includes annual gifts of $4,000, $4,500, and $5,200 at the end of each of
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The minimum amount that you will accept today if you are to select the lump sum offer is $11,324.66.

<h3>What is the present value of the cash flows?</h3>

The minimum amount that you will accept today if you are to select the lump sum offer is known as the present value of the cash flows. Present value is the sum of discounted cash flows.

Present value = ($4000 / 1.097) +  ($4500 / 1.097²) +  ($5200 / 1.097³) = $11,324.66

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5 0
2 years ago
Kelly has decided to start his own business giving sailing lessons. To purchase equipment for the business, Kelly withdrew $1,00
vova2212 [387]

Answer:

The total opportunity cost of investing in the business  is explained below:

Explanation:

Opportunity cost is also known as alternative cost, the cost incurred from giving up one benefit for an alternative. Kelly withdrew 1000$ from his account, which was giving him a 3% profit annually, and the total opportunity cost of withdrawing 1000$ is  30$ annually. Similarly, he withdrew another 2000$ at 7% interest rate that is 140$which he has to pay annually.

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3 0
2 years ago
Today only, a table is being sold for $217 . this is 62% of its regular price. what was the price yesterday?
Troyanec [42]
If yesterday's price was the regular price then the equation $217=62%x can be used to solve for x. so x = $217/0.62=$350. To check the answer, multiply $350 by 0.62 = $217. In other words, x is the unknown regular price so 0.62 times x = $217 and then cross multiplying means dividing $217 by 0.62, to get the answer.
8 0
3 years ago
Marston Manufacturing Company is considering a project that requires an investment in new equipment of $3,600,000, with an addit
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Answer:

a. $3,780,000

Explanation:

According to the scenario, calculation of the given data are as follows

New equipment = $3,600,000

Shipping and installation = $180,000

We can calculate the total cost of Martson's new equipment by using following formula,

Total Cost = New equipment cost + Shipping and Installation cost

By putting the value, we get

Total Cost = $3,600,000 + $180,000

= $3,780,000

6 0
2 years ago
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