The Journal entry which Nicholson company will prepare on June 2 will be like when goods are returned the reverse entry is made which is
Accounts Payable A/c Dr. $480
Purchase Return / Inventory A/c Cr. $480
A journal entry is an act of recording any transaction, whether it is economic or not. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
Accounting journal entries are transferred from the journals and posted to the general ledger in order to record financial transactions in the accounting system. Modern accounting software handles the majority of this process automatically, but it's crucial to understand what's going on since there are instances when manual entries will need to be made to adjust or correct account balances at the conclusion of an accounting month.
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Answer:
See below
Explanation:
Per the above information,
Ending account receivable balance = Beginning account receivable + Credit sales - Collections - Written off amount
$93,000 = Beginning account receivable + $108,000 - $142,000 - $130
$93,000 = Beginning accounts receivable - $34,130
Beginning accounts receivable = $93,000 + $34,130 = $127,130
So, the beginning account receivable would be;
The ending accounts receivable is computed as;
= $930 ÷ 1%
= $93,000
Answer:
The correct answer is option A.
Explanation:
High inflation will cause an adverse effect on the exchange rate. However, the low inflation rate does not have a positive effect on the value of currency and exchange.
Inflation rate affects the rate of interest which has an effect on the exchange rate. The relationship between the interest rate and inflation is complex and difficult to manage.
Lower interest rates are likely to lower the cost of borrowing. As a result, there is an increase in investment and production. This increases aggregate demand and thus price level.
But lower interest discourages foreign investment, the demand for domestic currency falls.This shift the currency demand curve to left decreasing the interest rate.
Answer:
Seybert purchased the Wang investment for $173,000
Explanation:
Since there is a credit balance. It means the stock is increased in value by $27,000. So that the stock was purchased at $173,000 ($200,000-$27,000).
