Accountants not only provide financial information to the firm, they:

Discounts taken by a buyer because of early payment are recorded on the seller’s accounting records as Group of answer choices a

alexandr402 [8]

Answer:

B) Sales discount

Explanation:

For example, company A sells $100 in merchandise to company B on account under the following terms 2/10, n/30. The journal entry to record the initial transaction is:

Dr Accounts receivable 100

Cr Sales revenue 100

If the buyer pays within the discount period, the journal entry should be:

Dr Cash 98

Dr Sales discount 2

Cr Accounts receivable 100

Sales discount is a contra revenue account that lowers sales revenue.

8 0

4 years ago

Wei is trying to complete her project by the deadline. At her desk, she hears the muffled but persistent noises of jackhammering

alexandr402 [8]

Answer:

B. False

Explanation:

Remember, the question is whether the ringtone is likely to be more stressful to Wei than the jackhammering.

Obviously she's distracted by the ringtone from her smartphone, however what is more stressful (irritating) to Wei is the sound from the jackhammer.

Therefore, the ringtone is not more stressful than the jackhammering.

4 0

3 years ago

Sundry Credit

charle [14.2K]

Not really sure what your asking for this because there’s no question

8 0

4 years ago

Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can offer competitive price

borishaifa [10]

Answer:

1) sales revenue 61,995.26

2) lease receivables 61,995.26 debit

sales revenue 61,995.26 credit

cost of good sold 56,000 debit

truck inventory 56,000 credit

truck 61,995.26 debit

lease payable 61,995.26 credit

3)

$\left[\begin{array}{cccccc}$Time&$Beg&$Cuota&$Interes&$Amort&$Ending\\0&61995.26&7000&&7000&54995.26\\1&54995.26&7000&1649.86&5350.14&49645.12\\2&49645.12&7000&1489.35&5510.65&44134.47\\3&44134.47&7000&1324.03&5675.97&38458.5\\4&38458.5&7000&1153.76&5846.24&32612.26\\5&32612.26&7000&978.37&6021.63&26590.63\\6&26590.63&7000&797.72&6202.28&20388.35\\7&20388.35&21000&611.65&20388.35&0\end{array}\right]$

For the lessor will be interest revenue while interest expense for the lessee

4)

cash 7,000 debit

interest revenue 1,649.86 credit

lease receivables 5,510.65 credit

--entry for the lessor--

lease payable 5,510.65 debit

interest expense 1,649.86 debit

cash 7,000 credit

--entry for the lessee--

5)

cash 21,000 debit

interest revenue 611.65 credit

lease receivables 20,388.35 credit

--entry for the lessor--

lease payable 20,388.35 debit

interest expense 611.65 debit

cash 21,000 credit

--entry for the lessee--

Explanation:

1) the sales revenue will be the present value of all the lease payments and the residual value of the asset or the bargain-option

Present Value of Annuity-due

$C \times \displaystyle \frac{1-(1+r)^{-time} }{rate}(1+rate) = PV\\$

C 7,000

time 8

rate 0.03

$7000 \times \displaystyle \frac{1-(1+0.03)^{-8} }{0.03}(1+0.03) = PV\\$

PV $50,611.9807

PRESENT VALUE OF LUMP SUM

$\frac{Maturity}{(1 + rate)^{time} } = PV$

Maturity 14,000.00

time 7.00

rate 0.03

$\frac{14000}{(1 + 0.03)^{7} } = PV$

PV 11,383.28

PV of the lease: 50,611.98 + 11,051.73 = 61,995.26

2) the lessor will have a lease receivable while the lessee has a lease payable.

$\left[\begin{array}{cccccc}$Time&$Beg&$Cuota&$Interes&$Amort&$Ending\\0&61995.26&7000&&7000&54995.26\\1&54995.26&7000&1649.86&5350.14&49645.12\\2&49645.12&7000&1489.35&5510.65&44134.47\\3&44134.47&7000&1324.03&5675.97&38458.5\\4&38458.5&7000&1153.76&5846.24&32612.26\\5&32612.26&7000&978.37&6021.63&26590.63\\6&26590.63&7000&797.72&6202.28&20388.35\\7&20388.35&21000&611.65&20388.35&0\end{array}\right]$

3 0

3 years ago

Which resource can be used for electricity, vehicle fuel, and heat?

mario62 [17]

Petroleum is the main resource that can be used for electricity, vehicle fuel, and heat. It is a naturally occurring substance that is processed and added with other ingredients to perform efficient functions of many mechanical activities in society. Petroleum prices all over the world vary when the petroleum market’s values fluctuate through time.

5 0

3 years ago

Read 2 more answers