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Mumz [18]
3 years ago
11

Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When re

cording the sales transaction in its sales journal, Maxie's would enter: Multiple Choice $1,700 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Cost of Goods Sold Dr./Inventory Cr. column. $2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Accounts Payable Dr./Purchases Cr. column. $2,600 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Cash Cr. column. $2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column. $1,700 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Other Accounts Dr. column.
Business
1 answer:
aleksandrvk [35]3 years ago
7 0

Answer:

$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.

Explanation:

If we assume that Maxie's Game World uses a perpetual inventory system, the appropriate journal entries should be:

Date XXX, merchandise sold on credit to client YYY, terms 1/10, n/30

Dr Accounts receivable 2,600

    Cr Sales revenue 2,600

Dr Cost of goods sold 1,700

    Cr Merchandise inventory 1,700

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fredd [130]

Answer:

Money owing to bank, Motor Van, Stock of goods

Explanation:

7 0
2 years ago
Consider a firm with a 2013 net income of $20 million, revenue of $60 million, and cost of goods sold of $25 million. If the bal
Nostrana [21]

Answer:

Weeks of supply = 4.16 weeks

Explanation:

given data

net income = $20 million

revenue = $60 million

cost of goods sold = $25 million

inventory = $2 million

property, plant, and equipment = $500,000

to find out

how many weeks of supply does the firm hold

solution

we know here that Weeks of supply will be express as

Weeks of supply = \frac{average inventory}{cost of goods sold} × 52 weeks          ....................................1

so put here value we get weeks of supply

Weeks of supply =  \frac{2}{25} × 52 weeks

Weeks of supply = 4.16 weeks

3 0
3 years ago
Chiquita produces bananas for an average explicit cost of $0.25 per banana and sells 1 million bananas per week for a price of $
Sergio039 [100]

Answer:

Option (A) is correct.

Explanation:

Given that,

Implicit costs per week = $200,000

Average explicit cost per banana = $0.25 per banana

Per week bananas sold = 1 million

Explicit cost = Average explicit cost per banana × No. of banana sold

                    = $0.25 × 1,000,000

                    = $250,000

Total revenue = No. of banana sold × Selling price of each banana

                        = 1,000,000 × $0.50

                        = $500,000

Accounting profit = Total revenue - Explicit cost

                             = $500,000 - $250,000

                             = $250,000

Economic profit:

= Total revenue - Explicit cost - Implicit costs

= $500,000 - $250,000 - $200,000

= $50,000

5 0
3 years ago
Under Life Solicitation Rule, the definition that applies to a consumer that is most concerned about death benefit proceeds to b
Fiesta28 [93]

Answer:

life insurance net payment cost index

Explanation:

The accidental death benefit is referred to as a payment due to the sole beneficiary of an accidental death insurance policy. The accidental death benefit mostly is an amount paid which adds to the standard benefit payable if

and only if the insured died of natural causes e.g old age, earthquake or tsunami etc.

Depending on the issuer of the policy, the accidental death benefit may extend up to a year after the initial accident occurred, so long as the accident led to the insured's death.

6 0
3 years ago
The decision-making process has five steps. After collecting relevant information and evaluating each alternative, the next step
Otrada [13]

Answer:

Select the course of action

Explanation:

Because it’s the next step after collecting relevant information and evaluating each alternatives

7 0
2 years ago
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