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Mariulka [41]
3 years ago
10

Crane Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $52,200 with terms 3/15, n/45.

On June 12, 2017, Crane received full payment for the June 1 sale.
1. Prepare the required journal entries for Crane Co.
Business
2 answers:
Artist 52 [7]3 years ago
8 0

Answer:

Explanation:

Crane Co

June 1. Credit: Sales $52,200

Debit: Acc receivable $52,200

Being sales on account

June 12 Debit: Bank. $ 50,634

Debit: Discount Allowed $1,566

Credit: Acc receivable. $52,200

Being payment received on sales

Andrews [41]3 years ago
7 0

Journal entries for Crane Co.

June 1

Dr Accounts Receivable 52,200

Cr Sales Revenue 52,200

June 12

Dr Cash 50,634

Dr Sale Discounts1,566

Cr Accounts Receivable 52,200

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Actual budget performance report compares actual performance and budgeted performance based on actual activity level.

<h3>What is a budget?</h3>

A budget serves as a term that describes how to place our needs on our income, it is a way to balance our expenses and income.

Actual budget performance report gives room to

compares actual performance and budgeted performance based on actual activity level.

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3 0
2 years ago
Another bank is also offering favorable terms, so Rahul decides to take a loan of $18,000 from this bank. He signs the loan cont
Sphinxa [80]

Answer:

final loan amount = $18,455.86

so correct option is c. $18,455.86

Explanation:

given data

loan = $18000

rate =  10%

time = 3 months

to find out

total amount that Rahul owes the bank at the end of the loan

solution

we know that number of day in 3 months is

number of day = 3 × \frac{365}{12}

number of day = 91.25 days

loan rate = \frac{0.10}{365}

loan load = 0.00027397

now final loan amount will be

final loan amount = loan amount × (1+r)^{t}      

final loan amount = $18000  × (1+0.00027397)^{91.25}  

final loan amount = $18,455.86

so correct option is c. $18,455.86

7 0
3 years ago
1. Give a brief description of the Business and Industry Endorsement.
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Answer:

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3 0
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E-commerce offers entrepreneurs an opportunity to _____
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7 0
2 years ago
The liabilities of Berber Company are $120,000 and the owner's equity is $230,000. What is the amount of Berber Company's total
svetlana [45]

Answer:

$350,000

Explanation:

The relationship between assets, liabilities, and equity is expressed in the accounting equation.  According to the equation, Assets = Equity plus Liabilities.

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Assets = $350,000

6 0
3 years ago
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