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
Georgia [21]
3 years ago
5

The following are selected 2020 transactions of Astin Corporation. Sept. 1 Purchased inventory from Encino Company on account fo

r $50,000. Astin records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $50,000, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. Part 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.)
Business
1 answer:
masya89 [10]3 years ago
5 0

Answer:

inventory  50,000 debit

    accounts payable    50,000 credit

--to record purchase of goods--

accounts payable 50,000 debit

      notes payables      50,000 credit

--to record teh issued promissory note to setle the account--

cash                                  50,000 debit

discount on note payable 4,000 debit

  notes payable                            54,000 credit

--to record the discounted note--

Explanation:

a)  we record the purchase as always.

b) we are trading a liability for another. We do not receive for the note.

c) we discount on the note and we are goind to declare the interest expense at maturity or year-end against this discount.

You might be interested in
A hospital reports the following cost and revenue data: Variable cost per inpatient day of $250 Revenue per inpatient day of $10
REY [17]

Answer:

Expected profit at a volume of 25,000 inpatient days = $3,750,000.00

Explanation:

The expected profit is calculated as follows:

<em>Step 1</em>

<em>Total contribution per inpatient from 25,000 inpatients</em>

contribution = (revenue - variable cost) per patient

= $(1000-250)

= $750 per inpatient day

<em>Total contribution for 25,000 inpatient days</em>

$750 × 25000 =  $18,750,000.00

<em>Step 2</em>

<em>Calculate Profit </em>

Profit = Total contribution - Fixed cost

         =$18,750,000.00 -$15,000,000

        =  $3,750,000.00

Expected profit at a volume of 25,000 inpatient days = $3,750,000.00

4 0
3 years ago
Who are the main stakeholders that the y is attempting to reach with the information it has gained through its market research f
fredd [130]

Y is attempting to reach the following stakeholders through its research information:

Primary stakeholders: Primary stakeholders involve beneficiaries or the target of the efforts. These are the  people who are involved in  or the participants in a particular organization or they can be the residents of a particular geographical area or they can be a particular type of people community.

Secondary stakeholders: these are those people who are not directly involved but they are involved in connection to the primary stakeholders such as doctors, social workers, schools and their employees means those persons whose jobs and works get effected by the process or result of the effort.

To know more about stakeholders here:

brainly.com/question/23842144

#SPJ4

6 0
2 years ago
HURRRYYYYYYYYYY
nasty-shy [4]
A.) How likely you are to pay them back
3 0
3 years ago
Read 2 more answers
Responses such as perspective taking, creating solutions, expressing emotions, and reaching out are considered ______ responses
Anestetic [448]

These are named Active and Constructive responses to conflict.

These responses are called active as from the question portion it's clear talking related to the perspective, creating its solutions related to the issues expressing the emotions and at the end to reaching out the point of solution are denoted as the Active.

It's constrictive because the variation step by step makes you understand the positioning and clear the mindset which illustrates the position and makes it constructive.

On the other side, reflective thinking, delaying responding, and adopting are known as passive and constructive responses.

For more questions like this Active and Constructive responses visit the link below:

brainly.com/question/26009383

#SPJ4

4 0
1 year ago
A business student is preparing for the Graduate Management Admission Test (GMAT) so he can get into a good graduate business sc
gulaghasi [49]

Answer:

d. there is no way for the parties to communicate with one another.

Explanation:

Marketing is the process by which relationships are created and managed on order to satisfy customers.

The business student has heard of the tutor but does not know who he is. Although he is willing to pay for lessons he has not opened any lines of communication with the tutor so marketing cannot occur.

Communication has to be established before a relationship is built (marketing).

5 0
3 years ago
Other questions:
  • How is the profit margin computed? A ) by subtracting ending inventory from the goods available for sale B ) by dividing the amo
    14·1 answer
  • During Year 1, Fox Co. introduced a new product carrying a two-year warranty against defects. The estimated warranty costs relat
    6·1 answer
  • ]the cycle in which money changed hands resulted in profits for businesses and salaries for workers.
    6·1 answer
  • Which of the following groups on the Home tab contain commands to format text as a bulleted or numbered list?
    7·1 answer
  • Net income is $1,000,000 for the year, EBT is $2,500,000, retained earnings in January were $5,000,000, common stock dividends p
    5·1 answer
  • Which of the following would you classify as a true emergency? A. Overdrawing your checking account B. Losing your job C. Wantin
    9·2 answers
  • On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudou
    11·1 answer
  • A product whose EOQ is 40 units experiences a decrease in ordering cost from $90 per order to $10 per order. The revised EOQ is:
    8·1 answer
  • Pharma Company produces various medicines in capsule form. At the beginning of the month of March, it had 5,000 units that were
    14·1 answer
  • Starbucks – a matter of ethics!
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!