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
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

You might be interested in
Jimmy is an employee of Roofing, Inc., which is performing a contract for the federal government. Jimmy learns that Roofing, Inc
Bas_tet [7]

Answer:

An exception based on public policy.

Explanation:

Employment at will according to the United States is a doctrine that permits the employer and employee to work together in an indefinite period of time, whereas they are able to terminate their contract with any necessary fair clause.

In many counties around the world, employers always look for reasons to terminate or stop their employees from working, whereas an exception based on public policy negate this doctrine.

6 0
2 years ago
Ad man Rosser Reeves believed that firms should develop a USP for each brand and stick to it. What does USP stand for?
Kazeer [188]

Answer: d. unique selling proposition

Explanation:

A unique selling proposition is a unique benefit exhibited by product or brand that makes it unique or different from other brands or products.

6 0
3 years ago
Can someone describe Microeconomics and Macroeconomics in their own words?
Vikentia [17]

Answer:

microeconomics: The study of the behavior of individual households and firms in making decisions on the allocation of limited resources. Macroeconomics: The study of the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets.

Explanation:

3 0
3 years ago
Seamus dropped out of school as a 16-year-old and needs to support himself, though he has few skills. He is a part-time employee
Norma-Jean [14]

Answer:

B) physiological needs

Explanation:

According to the Maslow's hierarchy of needs, Physiological Needs are the fundamental needs that deals with the essential maintenance of humans, physically, emotionally and mentally and it include survival needs such as the need for food, reproduction, sleep, and air.

Physiological needs are non-negotiable as we all need them for human survival.

Hence, Seamus is having trouble meeting his physiological needs.

3 0
3 years ago
which type of account typically has very high liquidity, low or no interest, and low minimum balance?
sdas [7]
<span><span>Checking accounts: best for unrestricted access to funds; typically worst for earning interest.
</span><span>
Savings accounts: good for earning some interest with quick access to funds.
</span><span>
Money market accounts: can have higher interest than savings accounts, plus some check-writing and ATM access.
</span><span>
Certificates of deposit (CDs): highest interest rates in exchange for most-limited access to funds</span></span>
6 0
2 years ago
Read 2 more answers
Other questions:
  • Marlow Company purchased a point of sale system on January 1 for $6,300. This system has a useful life of 10 years and a salvage
    12·1 answer
  • 3. Problems and Applications Q3 This chapter discusses companies that are oligopolists in the market for the goods they sell. Ma
    12·1 answer
  • In 2018, Rachel received a $1,900 refund of state income taxes that she paid in 2017. In 2017, Rachel claimed itemized deduction
    7·1 answer
  • The following costs and inventory data were taken from the accounts of Simon Company for 2010:
    6·1 answer
  • Degregorio Corporation makes a product that uses a material with the following direct material standards: Standard quantity 2.5
    12·1 answer
  • Most new jobs in the United States will be in the____.
    7·2 answers
  • Government's unfunded liabilities: a. result in more efficient policies in an attempt to satisfy these liabilities. b. result fr
    7·1 answer
  • LinkedIn targets a specific demographic: working professionals. They tend to be older and better educated. Why might advertisers
    10·1 answer
  • Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting informa
    6·1 answer
  • om may 1st the bank account show a credit balance of $1000. om mayn5th a deposit of $400 is made and on May 10ty a cheque is pai
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!