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3 years ago

Journalize the following transactions assuming a perpetual inventory system:

Business

1 answer:

natulia [17]3 years ago

5 0

Answer:

May 5

Merchandise Inventory $6,000 (debit)

Freight Charges $100 (debit)

Accounts Payable : Archie Co. $6,000 (credit)

Cash $100 (credit)

May 12

Accounts Payable : Archie Co. $2,500 (debit)

Merchandise Inventory $2,500 (credit))

May 14

Accounts Payable : Archie Co. $3,500 (debit)

Discount Received $70 (credit)

Cash $3,430 (credit)

Explanation:

May 5

Recognize the Assets of Merchandise and a Liability : Accounts Payable : Archie Co. as a result of purchase.

Also Recognize the Freight Expenses since this is a F.O.B delivery

May 12

De-recognize the Liability : Accounts Payable - Archie Co. and the Merchandise Inventory asset to the extend of Merchandise returned to Archie Co.

May 14

De-recognize the Liability : Accounts Payable : Archie Co. of $3,500 and the Cash assets to the extend of Payment made to Archie Co less cash discount of $3,430 .

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3 years ago

Stephanie and Mallory are working to identify the work performed and the working conditions for each job within Acme Global. The

malfutka [58]

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3 years ago

Read 2 more answers

Why is operations management relevant to managers in other organization functions? Base your discussion on your experience of op

Mars2501 [29]

Answer:

Operations management is relevant to improve the overall productivity in an organization as it involves working with all departments in the organization.

Explanation:

Operations management involves <u>planning, organizing and controlling the production processes by which raw materials are converted into valuable goods and services to be distributed to customers.</u>

An operations manager works with managers in other organizational functions to <u>improve the overall productivity in the organization.</u>

He or she maintains contact with; the financial manager to agree on the budget needed for production, the purchasing manager to determine what raw materials will be purchased for production, the personnel manager to sort out the human resources required for the production process, and the marketing manager to ensure that customer needs are taken into consideration when producing goods and services.

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3 years ago

Depletion glacier mining co. acquired mineral rights for $494,000,000. the mineral deposit is estimated at 475,000,000 tons. dur

Snezhnost [94]

Answer:

1.04 per ton

$32,760,000

Dr. Depletion Expense $32,760,000

Cr. Accumulated Depletion $32,760,000

Explanation:

Depletion is an estimated cost of a natural resource that is extracted. This resource is expensed as the extraction is made.

As per given data

Value of Rights = $494,000,000

Estimated resources = 475,000,000 tons

Resources extracted in the period = 31,500,000 tons

Depletion expense is based on ratio of the amount of extraction in period to the total expected resource.

Depletion Rate = $494,000,000 / 475,000,000 tons = $1.04 per ton

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Depletion Expense is recorded by the debit entry because the expenses has the debit nature and accumulated depletion is credited because it is an contra asset account which have credit nature.

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