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
7nadin3 [17]
4 years ago
11

Merchandise with a sales price of $3,500 is sold on account with terms 2/10, n/60. The journal entry to record the sale would in

clude a Group of answer choices debit to Cash for $3,500 debit to Merchandise Inventory for $70 debit to Accounts Receivable for $3,500 credit to Sales for $3,430
Business
2 answers:
alexdok [17]4 years ago
6 0

Answer:

debit to Accounts Receivable for $3,500 credit to Sales for $3,430

Explanation:

Merchandise with a sales price of $3,500 is sold on account with terms 2/10, n/60. The journal entry to record the sale would include a debit to Accounts Receivable for $3,500 credit to Sales for $3,430.

Since the goods were sold on account, it means that it was sold on credit and an entry to cash will be a wrong entry. The right Journal entry will be a debit to accounts receivable for the total amount and a credit to sales for the total amount less the proposed discount amount of 2%

galina1969 [7]4 years ago
4 0

Answer:

The journal entry that records the sale should be:

Dr Accounts receivable 3,500

    Cr Sales revenue 3,500

Explanation:

If the invoice is paid within the discount term, the journal entry should be:

Dr Cash 3,430

Dr Sales discount 70

    Cr Accounts receivable 3,500

The sales discount is recorded only if the customer actually pays within the discount period, if they pay later, you must collect full payment.

You might be interested in
When companies reward employees who report valid claims of corporate unethical conduct, what are they clearly encouraging?
weqwewe [10]
Whistleblowing!!!!!!!!
8 0
3 years ago
Maria, a single mother of three, has been saving to buy the family's first home. Her budget is limited, but there is a home she
levacccp [35]

Answer:

B) Incurable

Explanation:

The convenience store is working legally in front of your house, and unless you have enough money to buy the whole business and close it, then you cannot do anything about it. That is what incurable means in real estate: the costs of improvements or corrections necessary are higher than the value that is added by the improvement or cure.

That is probably the reason why the house is so cheap and Maria can afford it.

7 0
3 years ago
Which option allows you to pool your money and invest in a portfolio with other
Levart [38]

Answer:

a mutul fund

A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt. The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds.

Explanation:

have a great day ahead ":)

6 0
2 years ago
Read 2 more answers
Small businesses have an advantage over large business in international trade in all these ways except: Multiple Choice they can
alexdok [17]

Answer:

their prices are usually lower due to low overhead.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace and enhance international trade.

Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.

Small businesses have an advantage over large business in international trade in all of the aforementioned ways except that, their prices are usually lower due to low overhead cost such as office space, equipment, travel expenses, utilities, etc.,

An overhead cost is simply the cost associated with the smooth running the business.

In international trade, both small businesses and large businesses typically have the same price or amount of money set for the purchase of their goods regardless of the overhead cost.

8 0
3 years ago
Social media can most accurately be described as
Marina CMI [18]
Social media<span> are computer-mediated tools that allow people, companies and other organizations to create, share, or exchange information, career interests, ideas, and pictures/videos in virtual communities and networks.</span>
8 0
3 years ago
Other questions:
  • Crabby Shores stock is expected to return 15.7 percent in a booming economy, 9.8 percent in a normal economy, and 2.3 percent in
    9·1 answer
  • Quinlan has ample E &amp; P to cover any distributions made during the year. One distribution made to a shareholder consists of
    8·1 answer
  • True or False: The State of Florida will revoke your license if you are found guilty of committing a felony for drug possession.
    5·2 answers
  • Steve owns a bike store. His total costs are $1.2 million per year, his variable costs are $750,000, and his fixed costs are $45
    14·2 answers
  • Moss County Bank agrees to lend the Ivanhoe Company $365000 on January 1. Ivanhoe Company signs a $365000, 6%, 9-month note. The
    14·1 answer
  • Your firm needs a computerized line-boring machine that costs $90,000 and requires $16,000 in maintenance costs for each year of
    14·1 answer
  • Year Cash Flow 0 –$ 8,300 1 2,100 2 3,000 3 2,300 4 1,700 What is the payback period for the set of cash flows given above? (Do
    10·1 answer
  • Richard’s annual college expenses are expected to total $17,745. He will receive $5,320 in grants. How much will Richard need to
    10·2 answers
  • Protsky Inc. paid a dividend of $2.20 per share this year. The dividend growth rate for Protsky's dividends is 3 percent per yea
    7·1 answer
  • Sarah started working this year. She is single with no children and hasn't earned much money. Money has been taken out of each p
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!