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
Dahasolnce [82]
3 years ago
12

Jon’s company purchased $1,500 of inventory on account from Sartol Industries on January 9th. The terms were 3/15, n/45. Jon’s c

ompany also paid freight charges of $120 on January 10th and returned $500 of the inventory on January 14th. Journalize the entry to record the payment of the invoice on February 6th.
Business
1 answer:
kozerog [31]3 years ago
6 0

Answer:

February 6, invoice is paid:

Dr Accounts payable 1,000

    Cr Cash 1,000

Explanation:

January 9, merchandise is purchased on account:

Dr Merchandise inventory 1,500

    Cr Accounts payable 1,500

January 10, freight charges are paid:

Dr Merchandise inventory 120

    Cr Cash 120

January 14, partial return of merchandise:

Dr Accounts payable 500

    Cr Merchandise inventory 500

February 6, invoice is paid:

Dr Accounts payable 1,000

    Cr Cash 1,000

You might be interested in
On jan. 2, callie company received a $700 payment from a customer previously billed for services performed. the journal entry to
svp [43]

To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

<h3>What is Journal entry?</h3>

A journal entry exists as an act of keeping or creating records of any transactions either economic or non-economic. Transactions exist listed in an accounting journal that indicates a company's debit and credit balances. The journal entry can consist of several recordings, each of which exists either a debit or a credit.

A journal entry exists as a record of the business transactions in the accounting books of a business. A properly recorded journal entry consists of the correct date, amounts to be debited and credited, an explanation of the transaction, and a unique reference number. A journal entry exists as the first step in the accounting cycle.

Hence, To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

To learn more about Journal entry refer to:

brainly.com/question/14279491

#SPJ4

7 0
2 years ago
XYZ Company makes 400 widgets. The variable costs are $35.60 per unit and fixed costs are $30.00 per unit; however, $21.40 in fi
Anuta_ua [19.1K]

Answer:

increase in income  of $80

Explanation:

Prepare an Analysis of Costs and Savings if the Company buys from Outside Supplier.

Note : The  fixed costs per unit at are unavoidable are irrelevant and disregarded in this decision.

<u>Analysis of Costs and Savings</u>

Purchase Price (400 widgets × $44.00)  =    ($17,600)

Savings :

Variable Costs ($35.60 × 400 widgets)   =     $14,240

Fixed Cost ( $8.60 × 400 widgets)           =      $3,440

Net Income effect                                      =           $80

Conclusion :

The effect on net income if the company instead buys the widgets is an increase in  income  of $80

3 0
3 years ago
Consider the market for mobile applications, smartphones, and conventional phones. Each pair are they complements or substitutes
madam [21]

Explanation:

Complements and Substitutes are basically the goods or services. Complements are the goods which are used with one another, and with the increase of price of one good, the demand of other good falls. On the other hand, substitutes are the goods which are used in place of other goods and with the increase in the price of one good, the demand of other product increases.

In this question, Mobile Applications and Smart Phones are Complements, and Smart Phones and Conventional Phones are Substitutes, and Mobile Applications and Conventional Phones are substitutes.

5 0
3 years ago
Cozy Nights Industries manufactures down-filled comforters and uses activity-based costing. The following information is provide
yuradex [85]

Answer:

the total manufacturing cost per comforter is $120.4

Explanation:

The computation of the total manufacturig cost per comfortor is as follows:

= Cost × activity consumed ÷ Total activity

For material handling

= $12,600 × 4 ÷ 4,200

= $12

For Assembly

= $55,440 × 4 ÷ 4,200

= $52.8

For packaging

= $10,920 × 4 ÷ 1,050

= $41.6

And, the direct material cost is $14

So, the total manufacturing cost per comforter is

= $12 + $52.8 + $41.6 + $14

= $120.4

Hence, the total manufacturing cost per comforter is $120.4

This is the answer but the same is not provided in the given options

3 0
3 years ago
Christy enjoys baking pies from fresh fruit, especially blueberries, blackberries, and strawberries. When she goes to the market
Bess [88]

Answer:

Christy's demand for blackberries is elastic.

Explanation:

Christy purchases blueberries, blackberries, and strawberries. When the price of blackberries rises to a small extent, Christy will instead purchase strawberries or blueberries.  

This shows that the demand for blackberries is elastic. Elastic demand refers to the situation when a small change in price causes the quantity demanded to change to a great extent.

6 0
3 years ago
Other questions:
  • Ricardo buys a coffee maker as a gift for his sister. The product turns out to be defective. Ricardo knows that he can complain
    12·1 answer
  • Ajax, a pharmaceutical company, has designed a new medicine for morning sickness among pregnant women. testing at their r&amp;d
    8·1 answer
  • Kathy has found out everything she can about a newly qualified lead. She has practiced making her sales presentation and has det
    10·2 answers
  • A company needs to locate three departments (X, Y, and Z) in the three areas (I, II, and III) of a new facility. They want to mi
    14·1 answer
  • July 1 Sold $21,200 of computers to Company with terms 3/15, n/60. Riverbed uses the gross method to record cash discounts. Rive
    8·1 answer
  • You are a senior manager at a large consumer goods company. The company president has noticed that recent college graduates and
    12·1 answer
  • At a price of $4 per unit, Gadgets Inc. is willing to supply 20,000 gadgets, while United Gadgets is willing to supply 10,000 ga
    11·1 answer
  • Magnus Industries has the following data:
    13·1 answer
  • Rooftop International, Inc. buys insurance against host government takeover when investing in foreign countries. This is an exam
    13·1 answer
  • PandemicsPlus just paid a dividend of $1.00 per share and they consistently grown dividends at 4% annually. Investors require a
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!