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irina [24]
3 years ago
5

A corporation uses the perpetual inventory system. On May 1, it sells merchandise on account for $10,000 with terms 2/10, n/30 t

o a customer. The corporation had paid $6,000 to acquire the merchandise. On May 7, the customer returns merchandise with an invoice price of $1,000 to the corporation. The merchandise returned to the corporation had cost the corporation $600. On May 10, the corporation receives payment for the merchandise retained by the customer. The journal entry that the corporation records when it receives the payment from the customer on May 10 includes a
a) credit to cash for $8,820.
b) No answer text provided.
c) credit to cash for $9,000.
d) debit to cash for $8,820.
e) debit to cash for $9,000.
f) debit to cash for $8,816.
Business
1 answer:
Elza [17]3 years ago
3 0

Answer:

d) debit to cash for $8,820

Explanation:

The Journal entry is shown below:-

Cash Dr, $8,820 ($9,000 - 2% × $9,000)

            To Accounts Receivable $8,820

(Being is recorded)

Here we debited the cash as increases the assets and credited the accounts receivable as it decreases the assets.

Working note:

Net sales = Sales - Sales returns

= 10,000 - $1,000

= $9,000

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Jill filed her taxes and found out that she owes an additional $1,500.
ICE Princess25 [194]

Answer:

Take out a loan from a bank don't borrow from family it could ruin your relationship with them

Explanation:

If you take a loan you might have to pay interest depends on the bank and the time you take to pay it back.

If you take a loan from a family member it depends on their financial situation if they have loads of money they might be patient but if they have not lots of money but still some money they might be annoyed on how long you take so my conclusion is take money from the bank.  

4 0
3 years ago
What kind of tectonic boundary is currently responsible for creating the himalayas?
natta225 [31]
The answer to this question is <span>Continent Convergent Boundary
</span><span>Continent Convergent Boundary refers to the boundary where two tectonic plates experiencing active deformation.
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6 0
3 years ago
The general term for the payments for the use of resources is ______?
Zielflug [23.3K]
A. Wages is the general term for the payments for the use of resources
6 0
2 years ago
Cochrane Associate's net sales last year were $525 million. If sales grow at 7.5% per year, how large (in millions) will they be
Serhud [2]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Cochrane Associate's net sales last year were $525 million. If sales grow at 7.5% per year, how large (in millions) will they be 8 years later?

We need to use the following formula:

FV= PV*(1+i)^n

FV= 525*(1+0.075)^8

FV= $936.33

3 0
2 years ago
A store has been selling 100 DVD burners a week at $450 each. A market survey indicates that for each $30 rebate offered to buye
Ivanshal [37]

Answer:

a rebate of 200 dollars will generate 500 sales

with a revenue of 125,000

Explanation:

We need to maximize the total revenue which is:

TR = Price x Quantity. First we define each of these:

P = (450 - 30X)

Q = (100 + 60X)

Being X the cash rebate

We now replace this into the TR formula:

TR = P x Q = (450 -30X) (100 + 60X)

TR = -1800x2 +27,000x -3,000x + 45,000

TR = -1800x2 +24,000x + 45,000

as this is a quadratic function: a: -1,800 b = 24,000 c = 45,000

the maximum revenue will be at the vertex: -b/2a

-24,000/2(-1,800) = 6.67

now we multiply by 30: 6.67 x30 = 200 dollars

which bring 60 x 6.67 = 400 new customers

250 x (100 +400) = 250 x 500 = 125,000

7 0
3 years ago
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