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taurus [48]
3 years ago
15

Jones Co. returned merchandise purchased from Smith Co. The journal entry to record the return of the merchandise by Jones under

a perpetual inventory system is a debit to _____ and a credit to _____.
a. Accounts Payable—Smith Co.; Merchandise Inventory
b. Accounts Receivable— Smith Co.; Merchandise Inventory
c. Sales Returns and Allowances; Merchandise Inventory
d. None of these choices are correct.
Business
1 answer:
Sati [7]3 years ago
7 0

Answer:

a. Accounts Payable—Smith Co.; Merchandise Inventory

Explanation:

We assume that Jones Co. purchased merchandise on account.

In order to record the purchase returns we do the following,

Smith Co, debit, since this is a payable account and credit by nature, we debit it to reduce the balance payable amount by the amount of inventory returned.

We also credit out merchandise inventory, since it is reduced and no longer has the returns accumulated.

Option A is the right answer.

Hope that helps.

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Wyatt's effective interest rate would be greater than his nominal interest rate include option D: 0. 71 percentage points.

<h3>How much greater is Wyatt’s effective interest rate than his nominal interest rate?</h3>

Given Information:

Nominal interest rate =13. 62%

Effective rate of return=(1+\frac{i}{m} )m-1\\\\Effective rate of return= (1+\frac{0.1362}{4})4}-1\\Effective rate of return=0.1433

Here, the value of the effective rate of interest is 0.1433 that is multiplied with 100 to get the percentage value of 14.33%.

Hence, the difference between effective and nominal interest rates would be:

=14.33-13.62

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Therefore, correct option is D.

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The Curve shows that it is best that a country produces those goods that is good at producing so that it can produce more of it and then trade with the rest of the world for the goods it isn't too efficient at producing. If both countries involved in the trade are able to grow beyond (above) their pre-trade production possibilities curve then the trade would have promoted economic growth.

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An example of a leadership experience where I positively influenced others was when I inspired my friends to have better grades.

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alukav5142 [94]

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