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lana [24]
3 years ago
11

Travis Company purchased merchandise on account from a supplier for $5,700, terms 2/10, net 30. Travis Company paid for the merc

handise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. a. b.
Business
1 answer:
almond37 [142]3 years ago
7 0

Answer:

Dr. Account Payable  $5,700

Cr. Discount Income  $114

Cr. Cash                      $5,586

Explanation:

Term 2/10, net/30 means there is a discount of 2% is available on payment of due amount within discount period of 10 days after purchase and net credit period of 30 days.

According to given data

Purchases = $5,700

As the payment is made within discount period, so discount will be availed

Discount  = $5,700 x 2% = $114

Amount to be paid = $5,700 - $114 = $5,586

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Allura’s Little Robotics Company sells Good S in a perfectly competitive market with a downward-sloping demand curve and an upward-sloping supply curve. The market price is $62 per unit.

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The goal of operations management is to produce a good or service at the highest possible cost while maintaining the lowest poss
Sophie [7]
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3 years ago
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Jebali Corporation, a calendar year taxpayer utilizing the completed contract method of accounting, constructed a building for S
melamori03 [73]

Answer:

Jabeli must include = $2,220,000

Explanation:

As per the data given in the question,

Gross Income in 2019 = $2,300,000 - $80,000

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In completed contact method of accounting :

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7 0
3 years ago
After you open your new business is not the best time to
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The Mason Corporation budgeted overhead at $240,000 for the period for Department A based on a budgeted volume of 60,000 direct
IgorC [24]

Answer:

$8000

Explanation:

Given: Budgeted Overhead $240,000

          Budgeted Labor Hrs 60,000

          Actual Labor Hrs for Job B25 200

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Standard/ Budgeted overhead absorption rate = Budgeted Overheads/ Budgeted labor hours = $240,000/60,000 = $4 per labor hours

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Labor cost and material cost incurred for Job B25 = $2200 + $5000 = $7200

Add: Budgeted overhead cost for 200 labor hours = $800

Cost of Job B25 = $7200 + $800 = $8000

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