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
EleoNora [17]
3 years ago
13

Bingerton Industries uses a perpetual inventory system. The company began the year with inventory of $77,000. Purchases of inven

tory on account during the year totaled $302,000. Inventory costing $327,000 was sold on account for $504,000. Required: Record transactions for the purchase and sale of inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
SVETLANKA909090 [29]3 years ago
3 0

Answer:

Refer explanation

Explanation:

1. Purchase of Inventory ($302000)

This transaction has occurred on account which means that payment was not made immediately but would be made at a future date, thus a creditor to the business.

Debit : Purchases account : $302000

Credit : Accounts Payables account : $302000

2. Sale of inventory ($504000)

The sale of inventory requires two separate transactions. The sale is accounted and along with this, the amount of inventory sold would also have to be accounted as an asset reduction.

A. To reduce inventory:

Debit : Cost of Sales account : $327000

Credit : Inventory account : $327000

B. Record the sale:

Debit : Accounts Receivables account : $504000

Credit : Sales account : $504000

This too is a sale on account which means that a debtor has been incurred who will pay for the sale at a later date.

You might be interested in
Shelli manages a small boutique in Israel. Her intern just approached her with a new design for her Web site. Shelli likes the d
balu736 [363]

Answer:D. Property

Explanation:

The intellectual property is known as the non-material assets of a company that involves knowledge and company identity; it may include image, know-how, brands, patents, company name, etc. When Shelli rejects to use a design found on the internet, she respects the intellectual property of another company and protect her small boutique from a possible legal infringement.

8 0
3 years ago
If a salesperson persuades a customer to purchase a higher-priced item than the customer initially intended, the salesperson has
Ray Of Light [21]

The correct answer would be option C, Traded up.

If a salesperson persuades a customers to purchase a higher priced item than the customer initially intended, the salesperson has Traded up the customer.

Explanation:

Salespersons usually help customers in buying the products of their needs and desires. Success of a salesperson depends upon how beautifully he grabs the customer and closes a sale.

When a salesperson trades something to a customer which is more expensive than the product which customer was previously intended to buy, it means that the salesperson has traded up the customer.

For example, if a salesperson persuades a customer to buy an automobile worth $20,000 rather than an automobile of worth $10000, it means, the salesperson has traded up the customer.

Learn more about Selling Strategies at:

brainly.com/question/12607810

#LearnWithBrainly

3 0
3 years ago
A company has $1,500,000 in current assets and $500,000 in current liabilities. The company's current inventory level is $250,00
GalinKa [24]

Answer:

Sorry I didn't know plsssss

3 0
2 years ago
Ruiz Co. provides the following sales forecast for the next four months. Sales (units) April 560 May 640 June 590 July 680 The c
kherson [118]

Answer:

<u>Details                                             April       May       June </u>

Unit to be produced                        576        630        608

Explanation:

The production budget For April, May, and June can be prepared as follows:

                                                 Ruiz Co.

                                         Production Budget

                                   For April, May, and June

<u>Details                                                                April       May       June   </u>

Next month's budgeted sales (A)                     640       590         680

Ratio of inventory to future sales (B)                20%      20%         20%

Budgeted ending inventory (C = A * B)             128        118          136

Budgeted unit sales for month (D)                    560       640        590

Req'd units of avail. production (E = C + D)      688        758        726

Budgeted beginning inventory (F)                     112        128          118

Unit to be produced (G = E - F)                        576        630        608

5 0
3 years ago
The process of conducting business on an international scale is a part of _____. globalization Communism mercantilism Socialism
Vlad [161]

The answer is globalization.  This is when you are now bringing your economy from domestic to international level where you are now engaging in business transactions with other countries overseas. There will be many hurdles but these are necessary when competing in the global market.

7 0
3 years ago
Read 2 more answers
Other questions:
  • Change agentry may be an especially useful technique for
    11·1 answer
  • Coleman Manufacturing Co.'s static budget at 10,000 units of production includes $40,000 for direct labor and $6,000 for electri
    10·1 answer
  • During the Obama administration, the development of low-cost batteries for electric cars received large amounts of federal fundi
    9·1 answer
  • Potter’s accountant believes the financial statements will be misleading if the probable loss contingency is not disclosed. How
    15·1 answer
  • Matthew bakes apple pies that he sells at the local farmer’s market. If the price of apples increases, the a. supply curve for M
    11·1 answer
  • In ascertaining whether a borrower has the ability to pay off his loan over time, a mortgage bank may rely on calculating a tota
    7·1 answer
  • An international calling plan charges a rate per minute plus a flat fee. a 10-minute call to france costs $3.19. a 15-minute cal
    7·1 answer
  • Farmer Company issues $25,000,000 of 10-year, 9% bonds on March 1, 2017 at 97 plus accrued interest. The bonds are dated January
    9·1 answer
  • Belkin co provides medical care and insurance benefits to its retireees in the current year belkin agrees to contribute 5% of th
    6·1 answer
  • The risk premium for common stocks
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!