Answer: The journal entry for this returned purchase is as follows;
Dr. Sales Returns and Allowances $500
Dr. Merchandise Inventory $150
Cr. Accounts Receivable $500
Cr. COGS $150
Explanation:
The sales account is the revenue of the good/item purchased. The merchandise inventory is a type of an assets. The journal entry is important to a business so that they can track expenses incurred for the returned item. A new entry will need to be made when a new sale is made.
Answer:
John D. Rockefeller and Standard Oil
Explanation:
He controlled about 80% of the entire oil industry at one point.
Answer:
Option (b) is correct.
Explanation:
When the economy of a particular nation slows down, then as a result this will decreases the sales of the firms. Due to the economy slow down, the income of the consumers falls and as a result they won't be able to buy as much quantity of the goods as they want. Hence, the firms are left with large amount of output or we can say that inventories, as firms are not be able to sell all of their output to the potential buyers.
Durable and nondurable goods are included in the GDP calculation of consumption. Option D
This is further explained below.
<h3>What is included in the
GDP calculation of consumption?</h3>
The value of all the goods and services produced inside the borders of a country over the course of a specific period of time is typically referred to as that nation's gross domestic product (GDP).
The term "gross domestic product" (GDP) refers to the total amount of money or market value that is represented by all of the finished goods and services that are produced within the borders of a country over a given period of time.
It is a measure encompassing all domestic production, which allows it to operate as an all-encompassing scorecard of the economic health of a specific country.
In conclusion, it functions as an all-encompassing barometer of the economic well-being of a country by acting as a measure of the overall industrial output of that country.
Read more about GDP
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Homeowners insurance- helps protect the home and possessions of a person
Life insurance- help support the funeral expenses of a person while also leaving money for living family members
Car insurance- insurance that helps afford a car and finance potential driver accidents
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