Seasonal discounts
A seasonal discount is a discount which is offered at
particular seasons or on seasonal goods. The seasonal discount being offered on
products and services is being done in order to lure the customers to buy their
offering. For example, there are discounts on products like automobiles,
electronics etc. which are offered during festive seasons like Diwali, New year
etc.
Answer:
The journal entry to record the issuance of the bonds:
Dr January 1, 202x, bonds are issued at a discount
Dr Cash 7,655,303
Dr Discount on bonds payable 1,144,697
Cr Bonds payable 8,800,000
using straight line amortization:
$1,144,697 / 20 coupons = $57,234.85 per coupon
July 1, 202x, first coupon payment
Dr Interest expense 365,234.85
Cr Cash 308,000
Cr Discount on bonds payable 57,234.85
Answer:Manufacturing costs assigned to completed units = $1143192
Explanation:
Material Costs = $600 000 (added at the beginning)
Conversion costs = $642600 incurred uniformly through out the process
Units Started = 100 000
Units on hand = 8000 units 40% complete
Units completed = 100 000 - 8000 = 92000 units
Percentage of units completed = 92000/100 000 = 92%
Material costs = $600 000 x 92% = $552000
Conversion Costs = $642 600 x 92% =$591192
Manufacturing costs assigned to completed = $552000 + $591192
Manufacturing costs assigned to completed units = $1143192
Answer:
Oct. 1, investment of $20,000 in real estate business
Dr Cash 20,000
Cr Common Stock 20,000
Oct. 3, office furniture purchased on account
Dr Office furniture 2,300
Cr Accounts payable - office furniture 2,300
Oct. 6, fees charged for real estate services
Dr Accounts receivable 3,600
Cr Fees earned 3,600
Oct 27, partial payment of accounts payable
Dr Accounts payable 850
Cr Cash 850
Oct. 30, salary paid to administrative assistant
Dr Wages and salaries expense $2,500
Cr Cash 2,500