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
Ilya [14]
3 years ago
8

During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as f

ollows:
Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.
6 Purchased goods from Munoz for $900 with terms 2/10, n/30.
14 Paid Green in full.
Feb. 2 Paid Munoz in full.
28 Purchased goods for $350 from Reynolds with terms 2/10, n/45.


Required:
Prepare journal entries to record the transactions, assuming Axe uses a perpetual inventory system.
Business
1 answer:
malfutka [58]3 years ago
5 0

Answer:

Explanation:

journal entries in the books of AXE

jan 6   purchased goods from Green worth $1200 term 2/10 , n/30

                                      Inventory a/c $1200

                               Accounts Payable - green $1200

jan 6    purchased goods from munoz worth $900

                                                          inventory a/c$900

                                         Accounts Payable - munoz $900

jan 14   Payment being made to green. Since payment is made within 8 days so discount will be recieved by Axe( note term 2/10 means if payment is made within 10 days axe will recieve discount @2%)

                                       Accounts payable - green $1200

                                                                         Cash                  $1,176

                                                         discount recieved              $    24

( being discount recieved [email protected]% = $24)

Feb 2 payment made to munoz , since it is paid after 10 days no discount will be recieved

                          Accounts payable- munoz $900

                                                      Cash                $900

feb 28                  purchased goods worth $350 from reynold

                                                   Inventory $350

                                                          Accounts payable - reynold $350

You might be interested in
Cost behavior analysis focuses on a.how costs react to increases in activity levels only. b.how costs react to changes in activi
arsen [322]

Answer:

b.how costs react to changes in activity level

Explanation:

Cost behavior analysis is the study of how operating cost varies with changes in production level. Management uses mathematical functions to understand how costs change relate to activity level. The costs in reference include fixed, variable, and mixed costs incurred in the manufacturing process.

Understanding cost behavior helps management in controlling and planning business costs. The analysis is useful in determining the cost, profit, volume relationship, including break-even points.

7 0
3 years ago
Which is the best answer
Ipatiy [6.2K]
The answer would be between A and D.
3 0
3 years ago
The type of control system that only be succsseful in attining systrms' objective if we know with certinty the events that take
cricket20 [7]

Answer: Management control system

Explanation:

Management control system could be defined as a system that collects and uses information to analyze the performance of different organizational resources like human, physical, financial considering them all together in the light of organizational strategies pursued. It looks at comparing performances with the standards, plans or objective of the organization to determine if they are line with standards.

6 0
2 years ago
How responsible should sport/event organizations, celebrities, and athletes be for keeping their various publics happy? We know
dezoksy [38]

Answer:

I dont really know

Explanation:

5 0
3 years ago
What is the difference between wacc and marginal cost of capital?
kvv77 [185]
<span>Marginal Cost of Capital may involve less calculation than WACC, however marginal cost may be calculated by incorporating tax rates, overhead, insurance or any other cost associated with acquiring the particular capital.</span>
4 0
3 years ago
Other questions:
  • Which of the following is not an advantage of budgeting? a.It forces managers to plan. b.It provides information for decision ma
    14·2 answers
  • The aspect of business ethics that examines business institutions from a social rather than an individual perspective is referre
    12·1 answer
  • Which of the following terms is correct?
    15·1 answer
  • Corning, Inc. transforms a blend of materials to create optical fiber capable of carrying much of the telephone traffic in the U
    6·1 answer
  • Which statement best explains why this passage is an effective use of rhetoric?
    10·2 answers
  • The average variable costs of a company are equal to $20 per unit produced at its current level of output in the short run. Its
    10·1 answer
  • What default information appears on an electronic business card? Check all that apply.
    14·2 answers
  • The break-even point is the sales level at which a company?
    12·1 answer
  • The strength of the economy of singapore is based largely on its lack of corruption and generous government support for new busi
    15·1 answer
  • now that you've delivered the bad news to kenisha that the radio-drm prototype will not be going into production, it's time to g
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!