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olasank [31]
3 years ago
8

Rockefeller consolidated what appeared to be a dying petroleum industry that was given new life by the internal-combustion engin

e used to power the ____________
Business
1 answer:
leva [86]3 years ago
7 0
<span>Used to feed the machine where there is a transformation of chemical energy into mechanical energy. Rockefeller implanted the internal combustion engine that was a type of engine that runs on fuel, it is produced inside an internal combustion chamber inside the machine. This type of engine opened a world of possibilities within the transport industry and raised the oil industry.</span>
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Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions
ioda

Answer:

July 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $960 added to the invoice.

Dr Merchandise inventory 63,435

    Cr Accounts payable 63,435

July 5. Purchased merchandise on account from Kester Co., $47,550, terms FOB destination, 2/10, n/30.

Dr Merchandise inventory 46,599

    Cr Accounts payable 46,599

July 6. Sold merchandise on account to Parsley Co., $16,680, terms n/15. The cost of the goods sold was $9,440.

Dr Accounts receivable 16,680

    Cr Sales revenue 16,680

Dr Cost of goods sold 9,440

    Cr Merchandise inventory 9,440

July 7. Returned merchandise with an invoice amount of $13,500 purchased on July 5 from Kester Co.

Dr Accounts payable 13,230

    Cr Merchandise inventory 13,230

July 13. Paid Hamling Co. on account for purchase of July 3.

Dr Accounts payable 63,435

    Cr Cash 63,435

July 15. Paid Kester Co. on account for purchase of July 5, less return of July 7.

Dr Accounts payable 33,369

    Cr Cash 33,369

July 21. Received cash on account from sale of July 6 to Parsley Co.

Dr Cash 16,680

    Cr Accounts receivable 16,680

July 21. Sold merchandise on MasterCard, $212,670. The cost of the goods sold was $144,350.

Dr Cash (assuming MasterCard pays immediately) 212,670

    Cr Sales revenue 212,670

Dr MasterCard fee expense 3,510

    Cr MasterCard fee payable 3,510

Dr Cost of goods sold 144,350

    Cr Merchandise inventory 144,350

I recorded the transaction this way because on July 31, a payment to MasterCard is recorded. Generally the transaction should have been recorded differently since MasterCard withholds its fee automatically, you do not pay it.

Dr Cash (assuming MasterCard pays immediately) 209,160

Dr MasterCard fee expense 3,510

    Cr Sales revenue 212,670

 

July 22. Sold merchandise on account to Tabor Co., $60,200, terms 2/10, n/30. The cost of the goods sold was $33,820.

Dr Accounts receivable 58,996

    Cr Sales revenue 58,996

Dr Cost of goods sold 33,820

    Cr Merchandise inventory 33,820

July 23. Sold merchandise for cash, $38,610. The cost of the goods sold was $22,180.

Dr Cash 38,610

    Cr Sales revenue 38,610

Dr Cost of goods sold 22,180

    Cr Merchandise inventory 22,180

July 28. Paid Parsley Co. a cash refund of $6,070 for returned merchandise from sale of July 6.  The cost of the returned merchandise was $3,630.

Dr Sales revenue 6,070

    Cr Cash 6,070

Dr Merchandise inventory 3,630

    Cr Cost of goods sold 3,630

July 31.  Paid MasterCard service fee of $3,510.

Dr MasterCard fee payable 3,510

    Cr Cash 3,510

7 0
2 years ago
Match the definition with the term.
RSB [31]

Answer:

a. It is a collection of all accounts with their activity and balances that exist in a business.  - A general ledger

The General Ledger is the central record in an accounting system and contains a record of all financial transactions in the company.

b. It is a book of original entry that includes a chronological record of all transactions that Have occurred within a business during a period occurred. - A Journal

When a transaction takes place in a business, it is recorded first in a Journal. As such, a journal contains a chronological record of all transactions that have occurred within a business during a period occurred.

c. It is a list of each account and its balance at any given time and is used to verify that debits = credits . - Trial Balance

The Trial Balance helps a business balance its debits and credits by listing them so then equating them to verify that indeed the debits match the credits.

d. It is a list of all ledger accounts which exist in a business and includes an identification number assigned to each account . - A chart of accounts

3 0
3 years ago
What is a product item?
Vsevolod [243]

Answer:

Explanation:

A product item is a specific version of a product that can be designated as a distinct offering among an organization's products. A product line is a group of closely related products offered by an organization.

5 0
2 years ago
Who is the son of the actress who played the mother-in-law of the “Sex and the City” character who graduated Harvard?
irinina [24]
Miranda Hobbes is the mother in law who graduated from harvard, she’s now a lawyer
7 0
3 years ago
Barkatorium Pet Supplies established a line of credit with its local bank and used (borrowed) $95,000 against it to purchase its
malfutka [58]

Answer:

True

Explanation:

Since it is given in the question that the $95,000 amount is borrowed from the local bank against the purchase its first year's inventory and the same is to be repaid before the end of its fiscal year.

So if the payment is made within the one year the same is to be classified as  current assets and is to be reported on the balance sheet

6 0
2 years ago
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