Answer:
Shankar Company
Perpetual System
Date Particulars Debit Credit
Feb 2 Merchandise Inventory $ 20,400
Accounts Payable $ 20,000
Cash $ 400
Explanation:
In perpetual no separate account is used for recording of freight charges. The amount is debited to merchandise inventory and credited to cash.
In the periodic system the temporary Purchase Return and Allowances Accounts accumulates the cost of all returns and allowances during a period.In periodic system each purchase, purchase returns, discounts, transportation in, transactions are recorded in separate temporary accounts.
Explanation:
The Journal Entry for 3 May is as shown below:-
Allowance for Doubtful Accounts Dr, $2,000
To Accounts Receivable A. Hopkins $2,000
(Being the write off is recorded)
Therefore for passing the journal entry we simply debited allowance for doubtful account and credited the accounts receivable)
Answer:
For X-Men, the Sales Discount should be recorded at the estimated discount amount that will be taken by the X-Men's customers, which is calculated as: $1,000 * 2% = $20.
The adjusting for sales discount X-Men should be recorded as followed:
Dr Sales Discount 20
Cr Allowance for Sales Discount 20
( to record the estimated sales discount taken)
in which, Sales Discount is a contra-revenue account which helps to record the Net Sales amount from the Gross Sales amount.
Explanation:
Answer:
The term "utilization" denotes the fraction of time a resource is busy. Let's say your workload gradually increases, from you not being busy at all, to the point where you are now busy just less than half the time, meaning your utilization is now approaching 50%. Let's further say that your workload will continue to increase from here. If your workload quadruples from its current level, how many extra people should you hire to be able to handle all the work (assume that any person you hire will be exactly as productive as you)?
4 people
Explanation:
Since the utilization at 50% means half work done then if its quadruples, it means the work rate will increase to 200%. Only 4 people would be able to match same strength as the initial self.