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Natalka [10]
3 years ago
10

On Jan. 3, Gourmet Cakes sold $15,000 of merchandise on account to Jerry Hines. On Jan. 10, Jerry returned $2,000 of the merchan

dise because they bought too much. Assuming the cost of the returned merchandise to Gourmet Cakes was $500 and they use a perpetual inventory system, the journal entry on Jan. 10, to record the return of the merchandise from Jerry Hines, would be:
Business
1 answer:
Sonja [21]3 years ago
4 0

Answer:

sales returns & allowance     2,000 debit

            accounts receivables              2,000 credit

Inventory                                    500 debit

             COGS                                        500 credit

-to record the return of goods from Jerry Hines--

Explanation:

As the returned goods are not reported as failure or malfunction just; the customer returned as exceeds his needs, we can return them to goods ready to sale thus; inside inventory account.

We will decrease the account receivable, our COGS and increase our inventory

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Susan is a sales representative for a u.s. weapons manufacturer. she makes a $100,000 "grease" payment to a u.s. government offi
Vsevolod [243]

Answer: False

Explanation:

<em>The given statement from the following case/scenario is false</em> because in accordance to the rules of law of United States of America , the payments made to foreign officials are always deductible. Therefore the payments that are made by Susan to the Saudi officials are deductible, unless and until they are illegal .

7 0
3 years ago
A ________ structure is an organizational structure that assigns specialists from different functional departments to work on on
Oksi-84 [34.3K]

A matrix structure is an organizational structure that assigns specialists from different functional departments to work on one or more projects.

<h3>What is a matrix?</h3>
  • Teams in a matrix organization report to several leaders inside the business.
  • The matrix structure promotes open communication between teams and can assist businesses in producing more creative goods and services.
<h3>What is an organizational structure?</h3>
  • An organizational structure outlines how tasks are assigned, coordinated, and overseen in order to achieve organizational objectives.
  • The basis upon which standard operating procedures and routines are built is provided by organizational structure.
  • It decides who gets to take part in what decision-making procedures and how much their opinions influence the organization's activities.
  • The lens or perspective that people use to perceive their organization and its surroundings is known as the organizational structure.

Therefore, a matrix structure is an organizational structure that assigns specialists from different functional departments to work on one or more projects.

Know more about organizational activities here:

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5 0
2 years ago
What role does utility loading... play in the economic model of consumer​ behavior? when modeling consumer​ behavior, utility?
xenn [34]
Reflects the satisfaction a consumer receives from consuming a particular set of goods and services
4 0
3 years ago
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $800 and sold them on credi
Shtirlitz [24]

Answer:

Accounts receivable (Dr.)                          $1,075

                Sales revenue (Cr.)                                          $1,075

Cost of goods sold (Dr.)                                800

                Finished goods (Cr.)                                            800

where

Dr. = Debit

Cr. = Credit

Explanation:

The inventory account of a manufacturing firm has three sub-accounts: Raw materials, Work-in-process, and Finished goods. The goods purchased by the company were sold without any work done. It means that they were purchased in finished form, so, the company will record these goods in its finished goods inventory. When goods are sold, we have to record sales and receivable. AND on the same time, under perpetual inventory system, the cost of goods that are sold and inventory account are also adjusted to reflect the changes.

7 0
3 years ago
Read 2 more answers
Harry's Pepperoni Pizza Parlor produced 10,000 large pepperoni pizzas last year that sold for $10 each. This year Harry's again
Neko [114]

Answer:

a) increased nominal GDP by $20,000, but left real GDP unchanged.

Explanation:

Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.

Nominal GDP is GDP calculated using current year prices.

Real GDP is GDP calculated using base year prices.

Nominal GDP = 1000 × $12 = $12,000

Nominal GDP increased by $12,000 but real GDP remained unchanged because the same amount of pizzas was produced both years.

I hope my answer helps you

4 0
3 years ago
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