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
marishachu [46]
3 years ago
10

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account

with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment.
Business
1 answer:
AlexFokin [52]3 years ago
6 0

Answer:

The journal entries to record the whole purchase and payment process are:

May 1, purchase of merchandise on account

Dr Merchandise inventory 400

    Cr Accounts payable 400

May 3, defective merchandise returned

Dr Accounts payable 50

    Cr Purchase returns and allowances 50

Dr Purchase returns and allowances 50

    Cr Merchandise inventory 50

May 10? payment of merchandise account

Dr Accounts payable 350

    Cr Cash 343

    Cr Purchases discounts 7

You might be interested in
in a typical balance of payments crisis part 2 a. the interest parity curve shifts out. b. the interest parity curve shifts in.
Wewaii [24]

In a typical balance of payments crisis part the interest parity curve shifts in. Capital exodus results from downward pressure on interest rates, whereas imports rise as income levels rise.

As a result, the exchange rate depreciates, moving the BP curve to the right. The I and Y combinations that result in balance of payments equilibrium are provided by the BP curve. A given domestic price level, a certain currency rate, and a specified net foreign debt are used to build the BP curve. When the capital account deficit equals the current account surplus, equilibrium has been reached. Interest rates between two countries must be equal for interest rate parity to persist in a fixed exchange rate regime.

To learn more about payments, click here.

brainly.com/question/15138283

#SPJ4

6 0
1 year ago
An entrepreneur who needs large amounts of capital to create and distribute a new invention would most likely visit
Lynna [10]

Answer:

The answer is B. Investment banker.

Explanation:

6 0
3 years ago
Sending your boss a christmas card after he had first sent you one would best be seen as an example of
Sidana [21]
Giving back.
Copying.
Returning a favor.
7 0
3 years ago
What does it mean when gylcogen is broken down to glucose molecules?
Makovka662 [10]
It means it has become sugar
3 0
3 years ago
If there are 10 job losers, 12 job leavers, 13 reentrants, and 12 new entrants, then there are __________ unemployed persons.
nika2105 [10]
<span>Each of these categories adds to the overall unemployment total. In this case, we would add all four values to find the total number of unemployed persons. (10+12+13+12) gives a total of 47 unemployed persons in the pool. Re-entrants and new entrants might sound like they are not unemployed, but these terms, per BLS definitions, are not yet employed so they do not leave the "unemployed" ranks.</span>
8 0
3 years ago
Other questions:
  • While on a trip to South Africa, Elena was impressed with colorful woven outdoor placemats, floor mats, chair cushions, and umbr
    10·2 answers
  • How would you analyze three business tenets someone e is considering to invest in company stock? What data would you use? How wo
    7·1 answer
  • How does a country's GDP help you determine if its economy is strong or weak?
    8·2 answers
  • Economics is the social science that tries to explain
    7·1 answer
  • Help
    10·1 answer
  • AI Rubber is one of four suppliers of molded rubber products and has a 45% market share. The market for its products is shrinkin
    8·1 answer
  • Need help pls!!!
    7·1 answer
  • How do you make a resume for getting a job?
    10·1 answer
  • Bond X is a premium bond making semiannual payments. The bond has a coupon rate of 9.7 percent, a YTM of 7.7 percent, and has 14
    9·1 answer
  • _______ is a hybrid ADR in which both parties first submit to mediation for a set period of time (perhaps two business days). If
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!