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3 years ago

Company sell goods to customer who will pay full amount in 30 days; how to record the sale

Business

1 answer:

sp2606 [1]3 years ago

6 0

Answer:

<h2>How to record a credit sale:</h2>

The General Journal or Sales Journal (a subsidiary journal) if the volume of credit sales is on the high side can be used.

i) Using the General Journal:

Date Description Debit Credit

xxx Accounts Receivable (Marjorie Customer) $$$

Sales Revenue $$$

To record the sale of goods on credit, terms n/30.

ii) Alternatively, the Sales Journal is used:

Date Description Amount

xxx Marjorie Customer $$$

other customers $$$

Total (Accounts Receivable) $$$

Explanation:

The General Journal is an all-purpose journal, which can be used to initiate the recording of business transactions. It shows the accounts to be debited and the ones to be credited in the General Ledger.

The use of a subsidiary journal, e.g. a Sales Journal, helps to summarize the particular type of transaction for a period before the total is posted to the control account in the general ledger and the individual customer accounts in the Subsidiary Ledger.

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Effects of the launching of Sputnik included:________

Genrish500 [490]

Answer:

Option D

Calls for more funding for science education in America the growth of the antiwar movement

Explanation:

Due to the cold war, the need for superiority in science and technology was created, and the U.S and Russia were the two countries running the arms race to gain superiority. When Russia launched the first rocket into space, The US responded by channeling funds into research and development. This was done in order to launch their own satellite into space as well. This was achieved a few years later with the launching of the Explorer 1

3 0

3 years ago

g Last year Thomson Inc's earnings per share (EPS) were $3.50, and its growth rate during the prior 5 years was 6.6% per year. I

mariarad [96]

Answer:

17.19 years

Explanation:

The triple value of the earnings per share=$3.50*3=$10.50

The growth rate is 6.6%

Using the nper formula in excel, we can determine the number of years earnings per share would triple

=nper(rate,pmt,-pv,fv)

rate is 6.6%

pmt is not applicable to the scenario ,hence it is zero

pv is the current earnings per share

fv is the future earnings per share

=nper(6.6%,0,-3.5,10.5)= 17.19

8 0

3 years ago

You are saving for a Porsche Carrera Cabriolet, which currently sells for nearly half a million dollars. Your plan is to deposit

nordsb [41]

Answer:

a.) $217,298.44

b.) $253,514.84.

c.) $239,061.37 .

Explanation:

<u>a. Determine how much you will have saved after 10 years</u>

This is an ordinary annuity question and you are required to find the Future value (FV) at year 10. Using a financial calculator, key in the following inputs;

Total duration of investment; N = 10

Recurring payment; PMT = -15,000

Interest rate ; I/Y = 8%

PV = 0

then compute Future value; CPT FV = 217,298.437

Therefore, in 10 years, you will have saved $217,298.44 which does not meet your goal of half a million dollars.

<u>b. Determine the amount saved if you were able to deposit $17, 500 each year.</u>

With the recurring payment increasing to 17,500 per year and the interest rate remaining at 8%, find the new Future value by keying in the following inputs;

Recurring payment; PMT = - 17,500

Interest rate ; I/Y = 8%

Total duration of investment; N = 10

PV = 0

then compute Future value; CPT FV = 253,514.843

Therefore, in 10 years, you will have saved $253,514.84.

<u>c. Determine the amount saved if you deposit $15,000 each year, but with 10 percent interest.</u>

It is still an ordinary annuity question , however, the recurring payment(PMT) will be 15,000 as before but with an annual interest rate(I/Y) of 10%. Using a financial calculator, key in the following inputs;

Total duration of investment; N = 10

Recurring payment; PMT = -15,000

Interest rate ; I/Y = 10%

PV = 0

then compute Future value; CPT FV = 239,061.369

Therefore, in 10 years, you will have saved $239,061.37 .

7 0

3 years ago

Which is the correct order of the following steps in the accounting cycle? Prepare financial statements, journalize and post adj

murzikaleks [220]

Answer:

Explanation:

Prepare a post-closing trial balance.Step 9

Prepare an adjusted trial balance.Step 6

Analyze business transactions.Step 1

Prepare a trial balance.Step 4

Journalize the transactions.Step 2

Journalize and post closing entries.Step 8

Prepare financial statements.Step 7

Journalize and post adjusting entries.Step 5

Post to ledger accounts.Step 3

3 0

3 years ago

An extremely important use of reports of actual results versus budget projections is:

Irina18 [472]

The answer is<u> "Identifying potentially troublesome areas so that corrective action can be taken".</u>

A budget report is an inward report utilized by the board to think about the assessed, planned projections with the real performance number accomplished amid a period.

Budgeting and financial forecasting are devices or tools that organizations use to build up an arrangement of where the executives needs to take the organization and whether it's going the correct way. Albeit budgetary determining and planning are frequently utilized together, there are particular contrasts between the two.

8 0

3 years ago