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]
3 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]3 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]3 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
describes demand when a given change in price causes a relatively larger change in the quantity demanded
kakasveta [241]
Answer:




Explain: Demand is elastic when a change in price causes a relatively larger change in quantity demanded. Demand is inelastic when a change in price causes a relatively smaller change in quantity demanded. Demand is unit elastic when a change in price causes a proportional change in quantity demanded.
4 0
2 years ago
How will the Senator's plan spur economic growth? A) The business community will support the plan. B) Using tax breaks will allo
Mademuasel [1]
Business will be able to save the money they will recieve back from taxes.
5 0
3 years ago
Read 2 more answers
3. Imagine that you are working at a clothing or grocery store, and answer the questions
Deffense [45]

B. To help determine how much inventory to keep in stock of each item in the outlet, I would consider two factors. The first one is the <u>certain amount of each item type </u>in the first week - determining the number of each items input in the stock to be the original data to compare. The second is the <u>number of items sold and still on stock</u>. This would help determine invetory to keep in stock.

B. If I was running a store, I would prefer to use the pick up at store buying method. There would be cashier at the register to check the products and bills as well as receive money from the customers. This is the traditional and still always the most common methods. As the fact that people nowadays still like shopping in physical store, this is definitely the most effective method.

C. The inventory control method I would use when operating a store is to adopt modern technology like bar code to control the inventory stock. By using this technology, I would need to consider the <u>bar code</u> for each type and establishing <u>software</u> to automatically input the information about the number of items sold and in stock. With inputting the number of total items at the beginning and giving each item its corresponding bar code, the sales or number of stock would be tracked by the software.

D. An example of two commodities to be displayed together at store is <u>pencil and rubber</u>. Pencil and rubber undoubtedly are complementary products of each other. Complementary products are made to be used together. Each item requires the other for their complete uses. This is also the case of Rubber and Pencil and each item would not be fully used without the presence of the other.

4 0
3 years ago
Lee worked 22 hours this week and made $132. if she works 15 hours next week at the same pay rate, how much will she make?
Bogdan [553]
You do:

132 divided by 22 to calculate the daily wage. The answer is 6. Next you do 15x6 which equals 90. Therefore, the answer is $90
6 0
3 years ago
You're an agency that needs to know the technical specifications to build and implement your upcoming video campaign. Where can
8_murik_8 [283]

Answer:

D is the correct option

Explanation:

Google display specification site is to be used if you want to find how ad format works, creative submission timeline, technical specifications, reporting and third party tracking. It is a part of google ad sense. Ad sense is a program by google through which the website publisher in the Google Network of content site serve the text, images and other interactive media advertisements targeted at specific contents.

6 0
2 years ago
Other questions:
  • Use the following information.
    12·1 answer
  • The management department at a local university began posting all assignments and other class materials to a course management w
    7·1 answer
  • A marketing manager has discovered that relevant, internal secondary data don't exist to support a decision process. The next st
    14·1 answer
  • You are taking a crash course in e-business in order to compete for a plum job opening in the field. However, you missed the cla
    7·2 answers
  • On January 1, the $3,000,000 par value bonds of Spitz Company with a carrying value of $3,000,000 are converted to 1,000,000 sha
    12·1 answer
  • In its 2016 annual report, Caterpillar Inc. reported the following (in millions): 2016 2015 Sales $38,537 $47,011 Cost of goods
    13·1 answer
  • When Maria, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton,
    6·1 answer
  • When reviewing the balance sheet for Portable Pet Care, Inc., a mobile small animal care business, Ricky noted the following inf
    7·2 answers
  • A wholesale distributor of cleaning products is thinking about buying 200 more cases of a floor cleaning compound than she norma
    12·1 answer
  • How does communication take place in the United States?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!