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expeople1 [14]
3 years ago
7

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 1/10, n/30. Flores uses

the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10
Business
1 answer:
Rasek [7]3 years ago
8 0

Answer:

Nov 10,

DR Accounts Receivable .........................$8,000

CR Sales ......................................................................$8,000

(To record credit sale)

Explanation:

On the day that Flores Mills sold the carpet, they are to record this as a credit sales as cash was not paid. The correct entry would be to debit Accounts receivable and credit Sales.

The discount will only be applied if/when the customer settles the account.

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Kuzma​ Foods, Inc. has budgeted sales for June and July at $ 680 comma 000.00 and $ 720 comma 000.00​, respectively. Sales are 8
atroni [7]

Answer:

The budgeted Accounts Receivable balance on July​ 31 is $ 244,800.

Explanation:

Since the company sells 85% credit of which 60% is collected in the month of sale and 40% in the following month. This implies that where the sales for the month of June is $ 680,000, all of the credit sales for the month of June would have been collected by 31 July. Hence no receivables will be budgeted for considering June sales by 31 July.

For sales to be made in July budgeted at $ 720,000, 85% will be credit sales

This amounts to

Credit sales for July = 85% of 720000

                                  = \frac{85 * 720000}{100}

                                  = $ 612,000

60% of the credit sales in the month of July will be collected by 31 July while 40% will be collected in the following month hence,

Accounts Receivable balance on July​ 31

= 40% of 612000

= \frac{40 * 612000}{100}

= $ 244,800

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This type of pay is defined as added pay for employees that have reached the maximum of a pay grade and are unlikely to move int
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The answer is <span>longevity pay.</span>
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Frederick is a student at Central Fictional State University (CFSU), and he has a great idea for a new business invention. Frede
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Answer: He should should File a suit.

Explanation:

He should should File a suit.

The new innovation was Frederick's brain child, I believe God gave him this innovative Idea he could change people's lives professionally and even personally. Frederick should only sue the Professors for the use of his innovative idea and the Patents for this innovation to be transferred back to the rightful owner of innovation (Frederick) and not to sue them for everything they have the aim here is to teach/show professors that stealing is wrong and  not to punish.

We should not let evil doers prevail, suing Professors will teach them a lesson that stealing a person's idea is wrong and they should not do it again, if Frederick doesnot sue the professors would probably do it to another student. Frederick's law suit will not only help him but it will actually save a lot of students coming after him which is what Christianity is teach us to do good for other people.

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A bank reconciliation revealed cash per the bank statement of $1,484, cash per company records of $1,681, bank charges of $11, d
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Answer:

Correct cash balance is $  1,580

Explanation:

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Less: Bank charges                                                               $ (    11)  

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Less; Outstanding checks                                                      <u>$ (  221)</u>

Adjusted balance per bank statement                                <u>$ 1,580</u>

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