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marysya [2.9K]
2 years ago
12

Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the goods so

ld is $152,700. Showcase Co. issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $17,500. a. Journalize Balboa Co.'s entry for the purchase. If an amount box does not require an entry, leave it blank.
Business
2 answers:
Usimov [2.4K]2 years ago
5 0

Answer:

See attached file

Explanation:

Hoochie [10]2 years ago
4 0

Answer:

Journal entry to record the purchase of the goods, term n/30:

Dr Merchandise inventory $254,500

    Cr Accounts payable $254,500

Journal entry to record the return of some merchandise:

Cr Accounts payable 30,000

    Cr Merchandise inventory 30,000

When you purchase merchandise, you should increase the inventory account (asset) be debiting it and increase accounts payable (liability) by crediting it.

When you make a partial or total return, you should reverse the accounts payable by debiting it for the amount of the return and decrease inventory account be crediting it.

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What is the difference between birthrate and death rate
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4 0
3 years ago
Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, th
rodikova [14]

Answer:

More-for-more

Explanation:

A value proposition refers to the value a company promises to deliver to customers if they decide to purchase their product. A value proposition is also a declaration of intent or a statement that introduces a company's brand to consumers by informing the customers what the company stands for, how it is being operated, and why it deserves their patronage.

8 0
3 years ago
By how much does the residual elasticity of demand facing a firm increase as the number of firms increases by one​ firm?
soldi70 [24.7K]

Answer:

Explanation:

By how much does the residual elasticity of demand facing a firm increase, as the number of firms in the market increases by one?

The residual elasticity of demand facing a firm, is the portion of market demand which is not met or supplied by other firms in the market. In other words, this is the demand curve of the firm, given the presence of other firms in the market.

Given that

- all the firms in this market sell identical products,

- have identical marginal costs,

- and produce the same amount of output;

We model the residual elasticity of demand for this firm as:

EDr = EDm - EDa

Where:

EDr = the residual elasticity of demand for this firm

EDm = market elasticity of demand

EDa = total elasticity of demand facing ALL other firms in the market.

If EDa = 4, and a new firm enters the market, it will become 5

Elasticity of demand is the degree of responsiveness of demand, to change in price of a commodity.

7 0
3 years ago
Joel takes out a loan with a stated rate of 11. 85% interest. If the interest is calculated weekly, how much greater is Joel’s
vredina [299]

The effective interest rate is greater by 0.72 percentage points as compared to the nominal interest rates.

Computation:

Given,

(r) Nominal Interest rate =11.85%

(m) compounding period = weekly, that is 52.

The formula of the effective interest rate will be used:

\begin{aligned}\text{Effective Interest Rate}&=(1+\frac{r}{m})^m-1\\&=(1+\frac{0.1185}{52})^{52}-1\\&=(1.00227)^{52}-1\\&=0.1257\;\text{or}\;12.57\%\end{aligned}

Now, the difference of the effective interest rate and nominal interest rate will be determined to know the exceeding percentage:

\begin{aligned}\text{Difference Percentage}&=\text{Effective Interest rate - Nominal Interest rate}\\&=0.1257-0.1185\\&=0.72\end{aligned}

Therefore, option a. 0.72 percentage points is correct.

To know more about the effective interest rates, refer to the link:

brainly.com/question/14270693

8 0
2 years ago
Read 2 more answers
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