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
geniusboy [140]
3 years ago
10

Prepare the journal entries to record the following transactions on McLeena Company's books using a perpetual inventory system.(

a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account, terms 2/10, n/30. The cost of the merchandise sold was $540,000. (b) On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000. (c) On March 12, Borst Company received the balance due from McLeena Company.
Business
1 answer:
DedPeter [7]3 years ago
8 0

Answer:

Journal Entry are given below

Explanation:

solution

Journal Entry are as

PERPETUAL INVENTORY SYSTEM

                                                                         debit                  credit

(1) March 2, Merchandise inventory               $800,000                      

                   Borst Company                                                       $800,000

               ( record Inventory purchase )

(2)  March 6,

                    Borst Company                             $140,000

                    Merchandise inventory                                           $140,000

                   ( record goods return )

(3) March 12,

                 Borst Company (800000-140000)     $660,000

                Cash  (800000-140000) ×98%                                 $646,800

                 Merchandise inventory                                               $13,200

                 (800000-140000)× 2%

                 ( record goods return )

You might be interested in
On October 1, year 1, Kirby Corp. purchased equipment for $100,000. The equipment has a useful life of 5 years with no residual
NNADVOKAT [17]

Answer:

5000 partial depreciation

Explanation:

straight line formula is = <u>cost  - scrape value</u>

                                          useful life in years

since there is no residual value (scrape value) therefore, we divide <u>100,000 </u>

                                                                                                                     5        

the answer we get 20000 per year depreciation. but the equipment is bought on 1st oct, and if assume that the year ends on Dec, 31 so  it is measure for 3 month depreciation which is 5000.                                                                                                                                                                                                                                                                                            

4 0
3 years ago
Suppose that $ 5 000 is invested at 3.9 % annual interest​ rate, compounded monthly. How much money will be in the account in​ (
BlackZzzverrR [31]

Answer:

(A) $5,131.5

(B) $12,729.5

Explanation:

The interest earned on the value of interest earned before is the compounded interest. Compounding is the reinvestment of the amount earned before and take return over it too.

As per given data

Invested amount = $5,000

Interest rate = 3.9%

Interest is compounded monthly

Monthly rate = 3.9% / 12 = 0.325%

Formula for the accumulated amount of investment

A = P ( 1 + r )^n

Accumulated Money when $5,000 is

(A) Invested for 8 months

A =  $5,000 ( 1 + 0.325% ) ^8

A = $5,131.5

(b) Invested for 24 years or 288 months (24 x 12)

A =  $5,000 ( 1 + 0.325% ) ^288

A = $12,729.5

4 0
3 years ago
Read 2 more answers
In thinking about the Motivating Potential Score (MPS), if jobs score high on motivating potential, the model predicts that moti
RideAnS [48]

Answer:

Absence and turnover

Explanation:

In thinking about the Motivating Potential Score (MPS), if jobs score high on motivating potential, the model predicts that motivation, performance, and satisfaction will improve, while __turnover_ and ___Absence _____ will be reduced. This means that When the five core characteristics of a job is on the high side, it will lead to or generate three psychological states,often leading to positive index of work outcomes, such as high motivation, high satisfaction of work, high quality work performance With low Turnover and Absence. Also it is found that

Motivation theories for the MPS score can be culturally sensitive and it is necessary for owners of companies to be aware and sensitive to national differences.

8 0
3 years ago
Does the business able to make the most out of the fixed asset?
Ede4ka [16]

Answer: Fixed assets are long-term items that add value to your business. They are tangible assets that you do not expect to convert into cash in less ... asset because you want to convert it into cash as fast as possible. ... You must keep up with maintenance schedules to get the longest life out of your fixed assets.

Explanation: PLEASE GIVE BRAINLIST

7 0
3 years ago
The first person that answers ill give u 40 brainlist points hearts and stars
andrew-mc [135]

Answer:

Do you need help?

Explanation:

??

8 0
2 years ago
Read 2 more answers
Other questions:
  • Suppose that the equilibrium wage for teachers in Michigan is $15/hour. Also suppose that Michigan raises its minimum wage to $1
    13·1 answer
  • An entrepreneur has purchased a gym franchise and been very disappointed in the results. The franchise has not earned what the e
    9·1 answer
  • Ron Landscaping's income statement reports net income of $73,300, which includes deductions for interest expense of $10,500 and
    11·1 answer
  • Each of the following people bought a watch that costs $300. Which of the following people will pay the most for their purchase?
    7·1 answer
  • Carlos and Devon both accepted new jobs at different companies. Carlos's starting salary is $42,000 and Devon's starting salary
    12·1 answer
  • Which one of the following parties can sell shares of ABC stock in the primary market?-ABC company-Any corporation, other than t
    12·1 answer
  • Cypress Exports would like to establish retail outlets in​ Mongrovia, a​ quasi-democratic African country with a growing middle
    12·1 answer
  • A mother notices that when she divides brownies equally between her two children and gives each child her share on a separate pl
    8·2 answers
  • Soprano Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and anticipated long-run
    12·1 answer
  • What is the most important thing that a venture capitalist is looking for in a company to invest in? discuss your response.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!