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attashe74 [19]
3 years ago
14

Journalize the following foregoing transactions of the buyer, assuming that the company uses the perpetual inventory system. Ref

er to the Chart of Accounts for exact wording of account titles.
Dec. 1 Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10, n/30. The seller prepaid freight costs of $100.
3 Prior to payment, $1,600 of the merchandise is returned.
8 The invoice is paid within the discount period.
Business
1 answer:
mariarad [96]3 years ago
8 0

Answer:

Buyer perspective:

Inventory  4700 debit

Accounts Payable  4700 credit

--to record purchase--    

Accounts Payable 1600 debit

Inventory  1600 credit

--to record returned goods--  

Accounts Payable 3100 debit

Inventory  31 credit

Cash     3069 credit

--to record payment within discount--  

Explanation:

The freights are being paid by the seller as the FOB shipping point the goods are in their possesion until arrive at destination thus, it should assume the trasnportation cost

Account balance:

4700 invoice - 1600 return = 3,100

discount 1% of the balance: 31

cash outlay considering the discount

3,100 - 31 = 3,069

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Type the correct answer in the box. Spell all words correctly. In which book of accounts do businesses record their daily financ
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The growth rate is a measure of the rate at which a countrya's population is increasing. Please select the best answer from the
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What should you do to change a value in si units to a value in u.s. customary units?
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Read 2 more answers
Assume you are in the business of producing and selling milkshakes. If you could produce more milkshakes with the same input, wh
poizon [28]

Answer:

Both increases

Explanation:

Suppose a person initially produces and sell some amount of milkshakes with the available resources.

But, if he will be able to produce and sell more quantity of milkshakes with the same level of resources then this will indicates that there is a rise in the productivity of this person and if the number of milkshakes sold increases then as a result profits increases at a same price level.

For Example:

Case 1:

Initially,

Person producing and selling = 20 units of milkshakes at a selling price of $10 each and cost of inputs used in the production = $50

Therefore, Profits = Total revenue - Total cost

                              = (20 units × $10 each) - $50

                              = $200 - $50

                              = $150

Case 2:

Now, we assumed that there is an increase in the productivity of this person. Cost of production and selling price of each milkshake remains the same.

Person producing and selling = 40 units of milkshakes at a selling price of $10 each and cost of inputs used in the production = $50

Therefore, Profits = Total revenue - Total cost

                              = (40 units × $10 each) - $50

                              = $400 - $50

                              = $350

Hence, there is an increase in the profits from $150 to $350.

6 0
3 years ago
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