Answer: How do you give away points?
Answer:
Accounts Receivable $1,600; credit Cash $1,600
Explanation:
According to the given situation, the Journal entry is shown below:-
Accounts Receivable Dr, $1,600
To Cash $1,600
(Being accounts receivable is recorded)
To record the accounts receivable we debited the accounts receivable and we credited the cash to correct the error.
I know you are LOL.........
Because the amount of the game that the friend bought is half the price it was whereas the tv you bought was just 3.3333 (u get the idea) cheaper.
Answer:
Inventory Cost = $14,500
Explanation:
Using the lower of cost or market method implies firstly valuing the inventory at the purchased cost (historical cost). But as the value of a good can change and if the price at which the inventory can be sold falls below its net realizable value the loss (and new value) must be recorded. It is a method for adjusting asset values in subsequent reporting periods.