The first one is False and the second one is B
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Answer:
Evans Company
General Journal
Part a.
Debit : Cash $645
Debit : Cost of goods sold $375
Credit : Sales Revenue $645
Credit : Merchandise $375
Part b.
Debit : Cash $432
Debit : Cost of goods sold $195
Credit : Sales Revenue $432
Credit : Merchandise $195
Part c.
Debit : Accounts Receivable $670
Debit : Cost of goods sold $438
Credit : Sales Revenue $670
Credit : Merchandise $438
Part d.
Debit : Credit Card fees $85
Credit : Cash $85
Explanation:
The Perpetual inventory system calculates the cost of sale and inventory balance on each and every sale made hence the journals above.
Answer: D
Explanation:
Competing on cost is based on achieving maximum value as perceived by the customer.
The best answers would be "no substitutes", "resources used inefficiently", and "barriers to entry". For no substitutes, if a certain company has a monopoly over a certain product that no one can get anywhere else, then obviously there are no substitutes for that product. Take gas for example, in some countries, gas is monopolized by a big company. Since there are no substitutes, everyone has to buy from the company. Because of the size of the company, other smaller competitors would not dare enter. This is known as a barrier of entry. Also, since monopolies control certain products, they do not maximize their resources to optimize productivity because consumers are at their mercy anyway.