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Alexxandr [17]
3 years ago
9

A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On

July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the merchandise return on July 7 is: Multiple Choice Debit Merchandise Inventory $1,600; credit Cash $1,600. Debit Merchandise Inventory $200; credit Accounts Payable $200. Debit Merchandise Inventory $200; credit Sales Returns $200. Debit Accounts Payable $200; credit Merchandise Inventory $200. Debit Accounts Payable $1,800; credit Purchase Returns $200; credit Merchandise Inventory $1,600.
Business
1 answer:
V125BC [204]3 years ago
3 0

Answer:

Debit Accounts Payable $200; credit Merchandise Inventory $200

Explanation:

The journal entry is shown below:

Account payable A/c Dr $200

          To Merchandise Inventory A/c $200

(Being the returned inventory is recorded)    

For recording this journal entry we debited the account payable as it reduced the liabilities and at the same time it also reduced the asset so that the proper  posting could be done

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Answer:

E. Cultural pollution.

Explanation:

In marketing terminologies, cultural pollution implies pertaining to customs, beliefs, art and all the other products of human thought made by a particular group of people at a particular time. Culture provides a sense of identity; it defines who you are and maintains a sense of belonging. It validates our reason for being in this world, defining where we are headed in our lives. Cultural rules influence people to behave similarly, making it easier for them to identify with each other. It shapes attitudes, thinking, behavior and values. It is also normative, defining the standard for judging values and behavior.

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3 years ago
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Mouse Inc. uses the alternative method of accounting for prepayments and purchased a $1,200, 6-month insurance policy. The compa
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Explanation:

The adjusting journal entry to record the given adjustment is shown below:

At the year-end

Insurance expense A/c Dr. A/c $800

       To Prepaid Insurance A/c $800

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The computation is given below:

= Prepayment done for 6 months insurance policy - expired insurance

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3 years ago
What do you know about the company/organization you wish to work for?
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Explanation:

Financial health of the company.

Company's brand value.

Work culture and environment.

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4 0
2 years ago
Simon owns stock that has declined in value since acquired. He has decided either to give the stock to his nephew, Fred, or to s
Rudiy27

Answer:

It appears on the surface that Simon must give the stock to Fred and let Fred sell it, because Fred is in the higher tax bracket (i.e., 22% compared to Simons 12%). But for gift property, the basis of loss to the donee is the lower of (1) the adjusted basis of the donor, or (2) the amount of fair market value (FMV) on the date of the gift. Thus as Fred cannot take benefit of the loss, Simon must sell the stock, deduct the realized loss, and sales proceeds should be given to Fred.

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Answer:

Option D: Counterfeit activity

Explanation:

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<em>The other options are not correct. They mean the following:</em>

Royalties refer to the sum of money that is paid to patent holders over the use f their products.

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