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Basile [38]
3 years ago
12

Piper Company sells merchandise on account for $1,800 to Morton Company with credit terms of 2/10, n/30. Morton Company returns

$600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Piper Company make upon receipt of the check?
Business
1 answer:
NNADVOKAT [17]3 years ago
3 0

Answer:

The journal entry is as follows:

Cash A/c Dr. $1,176

Sales returns and allowances A/c Dr. $600

Sales discounts A/c Dr. $24

       To accounts receivable                $1,800

(To record the receipt of the check)

Workings:

Sales discount = 2% of ($1,800 - $600)

                        = 0.02 × $1,200

                        = $24

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Sales have decreased for two consecutive quarters at your business. You have been instructed to inform your sales team that thei
Ira Lisetskai [31]

Answer:

To: The Sales Team

From: Henry Cavill, Vice President, Employee Relations

Date: 13 July 2021

Subject: Revisions in Compensation Structure of Sales Department

Dear All,

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The management hopes that the workers will understand the company’s perspective during this hard time. We hope things will become better and brighter quite soon. don't hesitate to follow up with me just in case of any doubts or clarifications.

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4 0
3 years ago
The demand curve for the new computer game, Rock and Roll Trivia, is given as follows: Q = 200 - 5P - .1Pc - .5Pd + .2A - I Wher
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Answer:

Income elasticity of demand = - 0.56

Explanation:

Given,

P=10, Pc=100, Pd=2, A=5, and I=50.

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ΔQ / ΔI = -1

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