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
ipn [44]
2 years ago
13

On June 10, Concord Corporation purchased $8,050 of merchandise on account from Sarasota Company, FOB shipping point, terms 1/10

, n/30. Concord Corporation pays the freight costs of $510 on June 11. Damaged goods totaling $450 are returned to Sarasota for credit on June 12. The fair value of these goods is $80. On June 19, Concord Corporation pays Sarasota Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Business
1 answer:
mariarad [96]2 years ago
6 0

Explanation:

The journal entries are as follows in the books of Concord Corporation

On June 10

Merchandise inventory A/c Dr $8,050

              To Account payable A/c $8,050

(Being the inventory is purchased on account)                

On June 11

Merchandise inventory A/c Dr $510

             To Cash A/c $510

(Being freight is paid by cash)

On June 12

Accounts payable A/c Dr $450

    To Merchandise Inventory A/c $450

(Being goods returned is recorded)

On June 19

Accounts payable A/c Dr $7,600     ($8,050 - $450)

    To Cash A/c $7,524              ($7,600 × 1%)

    To Merchandise Inventory A/c $76

(Being payment is recorded)

You might be interested in
What are the five conditions that must exist for an exchange to occur?
WARRIOR [948]

Answer:

Please check below for answer.

Explanation:

Exchange can be defined as the process of providing goods and services by an individual or organization, to meet the needs of customers in exchange for an amount of money.

Hence, the five conditions that must exist for an exchange to occur are;

1. There must be at least two parties involved.

2. Each party has something that might be of value to the other party.

3. Each party is capable of communication and delivery.

4. Each party is free to accept or reject the offer.

5. Each party believes it is appropriate or desirable to deal with the other party.

5 0
3 years ago
Program Evaluation Review Technique (PERT) is a _____ technique because it analyzes a large, complex project as a series of indi
babunello [35]

Answer:

scheduling technique

Explanation:

Project Evaluation Review Technique and Critical Path

Method (CPM) are scheduling techniques used to plan, schedule,

budget and control the many activities associated with projects.

Projects are usually very large, complex, custom products that

consist of many interrelated activities to be performed either

concurrently or sequentially.

3 0
3 years ago
A----- is a plan in which an individual balances available resources and expenses.
Simora [160]

A<u> "budget"</u> is a plan in which an individual balances available resources and expenses.


Budgeting is the essential way that you can take control of your accounts. Basically, a budget is a composed arrangement for how you will spend your cash. You can make a month to month or a yearly spending plan. The budget enables you to settle on money related choices early, which makes it less demanding to cover every one of your costs consistently. Budgeting reliably can enable you to turn your accounts around and start to fabricate riches.

3 0
2 years ago
Read 2 more answers
U.S. businesses are known for their technological advances and their ability to implement change true false
Andrej [43]

Answer:

U.S. businesses are known for their technological advances and their ability to implement change;

True

Explanation:

The united States can be described as the pioneer in the free market economy. The free market economy generally means that private businesses control how the market behave with little interference from the government. This allows market forces of supply and demand to take precedence in deciding market prices of goods and services. For example, when the demand for a certain good or service exceeds the supply, the price of that particular good will rise. On the other hand, when the demand for a particular good or service is lower than the supply, the price of the good or service drops. The equilibrium price is the price where the forces of demand and supply balance.

The free market system relies majorly on competition between businesses. Economist like Adam Smith postulated that if a free market runs it's course without interference, the equilibrium price will be ultimately reached. Since in a free market there is a lot of competition, most businesses will have an incentive to improve their technology and also adapt to change faster to gain competitive advantage over it's peers.

7 0
3 years ago
What are equity investments?
snow_tiger [21]

An equity investment generally refers to the buying and holding of shares of stock on a stock market by individuals and firms in anticipation of income from dividends and capital gains. :)

7 0
2 years ago
Read 2 more answers
Other questions:
  • Wang Distributors has an annual demand for an airport metal detector of 1,400 units. The cost of a typical detector to Wang is $
    6·2 answers
  • Patriot Tools, a company that manufactures industrial tools, incurs higher costs because of its refusal to outsource its manufac
    12·1 answer
  • The Executive Director of Operations has assigned Joe Tanney the role of Team Leader for a high priority project. The task is to
    6·1 answer
  • Guys I need HELP!!!<br> What is investing?
    7·1 answer
  • Investors seeking a diversified, professionally managed portfolio of securities can purchase shares of________
    9·1 answer
  • A career will be most productive, comfortable, and enjoyable when it fits well into one’s lifestyle. Which is the best definitio
    11·2 answers
  • Written notice of an Investigative Report must be given within ______ advance notice before the report beings.
    6·1 answer
  • Question 3 of 10
    5·1 answer
  • According to Michael Kremer, large populations: a. require the capital stock to be spread thinly, thereby reducing living standa
    6·1 answer
  • Newtech corporation is offering a 10% stock dividend. The firm currently has 200,000 shares outstanding and after-tax profits of
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!