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4 years ago

When a vendor credit is recorded by a Quick Books Online user, what are 2 ways to use the vendor credit?

Business

1 answer:

labwork [276]4 years ago

8 0

Answer:

Explanation:

These are the 2 ways to use provider credit:

1. Through linking reimbursement checks in bank deposit. These checks are from the vendor and will be used to create a vendor credit.

2. Making payment of supplier invoices, is another way to use credit, to carry out this, I have to create the invoice.

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Comment with your agreement or disagreement (and why) on the following quote; include in your answer a discussion of what the CE

shusha [124]

Answer:

agreed

Explanation:

In simple words, the modern business environment is such that an unethical firm will not survive for long in the market. Thus, it is mandatory for firms to be ethical in every way. A CEO of a company represents the company and can considerations the face of the entity, thus, his or her authority obliges him or her to act and make others act in an ethical manner.

The value statements and code of ethics should be considered as must for the operative activities as it serves as a code of conduct for followers.

8 0

3 years ago

The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts ex

kati45 [8]

Answer:

Bad debt expense A/c Dr $7,480

To Allowance for doubtful A/c $7,480

Explanation:

According to the scenario, the given data are as follows:

Accounts receivable = $438,000 debit

Allowance for doubtful Accounts = $1,280 credit

Net sales = $2,130,000 credit

Uncollectible percentage = 2%

So, Uncollectible amount = $438,000 × 2% = $8,760

As Allowance for doubtful accounts is in credit, so, it get subtracted.

So, Bad debt expense = $8,760 - $1,280 = $7,480

So, The adjusting entry are as follows:

Bad debt expense A/c Dr $7,480

To Allowance for doubtful A/c $7,480

(Being the bad debt expense is recorded)

6 0

4 years ago

The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are re

riadik2000 [5.3K]

Answer:

Year 1

Jan. 8. Purchased a used delivery truck for $24,000, paying cash.

Dr Truck 24,000
Cr Cash 24,000

Mar. 7. Paid garage $900 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck.

Dr Maintenance expenses - Truck 900
Cr Cash 900

Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is four years, with a residual value of $4,000 for the truck.

Depreciation expense = 2 x 0.25 x $24,000 = $12,000

Dr Depreciation expense 12,000
Cr Accumulated depreciation - truck 12,000

Year 2

Jan. 9. Purchased a new truck for $50,000, paying cash.

Dr Truck new 50,000
Cr Cash 50,000

Feb. 28. Paid garage $250 to tune the engine and make other minor repairs on the used truck.

Dr Maintenance expenses - Truck 250
Cr Cash 250

Apr. 30. Sold the used truck for $9,500. (Record depreciation to date in Year 2 for the truck.)

depreciation expense = 2 x 0.25 x 4/12 x $12,000 = $2,000

Dr Depreciation expense 2,000
Cr Accumulated depreciation - truck 2,000

truck sold at $9,500 - $10,000 (carrying value) = -$500 loss on sale

Dr Cash 9,500
Dr Accumulated depreciation 14,000
Dr Loss on sale - truck 500
Cr Truck 24,000

Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $12,000 and an estimated life of eight years.

Depreciation expense = 2 x 0.125 x $50,000 = $12,500

Dr Depreciation expense 12,500
Cr Accumulated depreciation - truck new 12,500

Year 3

Sept. 1. Purchased a new truck for $58,500, paying cash.

Dr Truck three 58,500
Cr Cash 58,500

Sept. 4. Sold the truck purchased January 9, Year 2, for $36,000. (Record depreciation to date for Year 3 for the truck.)

Depreciation expense = 2 x 0.125 x 8/12 x $37,500 = $6,250

Dr Depreciation expense 6,250
Cr Accumulated depreciation - truck new 6,250

truck sold at $36,000 - $31,250 (carrying value) = $4,750 gain on sale

Dr Cash 36,000
Dr Accumulated depreciation 18,750
Cr Truck new 50,000
Cr Gain on sale - truck new 4,750

Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $16,000 and an estimated useful life of 10 years.

Depreciation expense = 2 x 0.1 x 4/12 x $58,500 = $3,900

Dr Depreciation expense 3,900
Cr Accumulated depreciation - truck three 3,900

5 0

3 years ago

The Stagnant Growth Corporation has paid a constant dividend of $2.50 per year for the past 3 years and is expected to continue

AleksAgata [21]

Answer:

20.83%

Explanation:

Data provided

Dividend = $2.50

Required rate of return = 12%

The computation of the current price of the stock is shown below:-

The current price of stock = Dividend ÷ Required rate of return

= $2.50 ÷ 12%

= 20.83%

So, for computing the current price of the stock we simply divide the dividend by required rate

6 0

3 years ago

Peacock is debating decreasing the price of its rooms to $325 per night. Under the initial demand conditions, you can see that t

musickatia [10]

Answer:

Decrease in price would have increasing effect on total revenue, when demand is elastic (upper portion of demand curve)

Decrease in price would have decreasing impact on total revenue, when demand is inelastic (lower portion of demand curve)

Explanation:

Elasticity is the responsive change in demand, due to change in price. P.Ed = % change in demand / % change in price = %ΔQ / %ΔP. Geometrically P.ed [on demand curve point] : (Lower portion on curve from the point) / (Upper portion on curve from the point)

Total Revenue is the total value of sale = Price x Quantity = P x Q

Elastic Demand : Demand responds more to price change. P.Ed > 1, %ΔQ > %ΔP. So, Price & total revenue are inversely related - price rise implies TR fall & price fall implies TR rise. Demand is elastic in upper portion of demand curve, as lower portion > upper portion at these points.

Inelastic Demand : Demand responds less to price change. P.Ed < 1, %ΔQ < %ΔP. So, Price & total revenue are directly related - price rise implies TR rise & price fall implies TR fall. Demand is inelastic in the lower portion of demand curve, as lower portion < upper portion at these points.

7 0

3 years ago