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Anastasy [175]
3 years ago
12

Prepare the journal entries to record these transactions on Blossom Company’s books using a periodic inventory system. (If no en

try is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Blossom Company purchased $860,500 of merchandise from Kingbird Company, terms 2/10, n/30. (b) On March 6, Blossom C
Business
1 answer:
slava [35]3 years ago
8 0

Answer:

(a) Purchase (Dr.) $860,000

Accounts Payable (Cr.) $860,000

Explanation:

Credit discounts are offered by suppliers to realized receivables early than the credit period by offering customers some discount. The terms of payment are decided at the time of sell. The Blossom Company has purchased from Kingbird Company on terms of 2/10, n/30. This means 2% discount will be offered on invoice price if the payment is made within 10 days. The journal entry at the time of purchase will be recorded as accounts payable for complete invoice amount and discount is not incorporated in the entry because it is not realized.

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salantis [7]

Answer:

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Explanation:

5 0
2 years ago
Read 2 more answers
"A municipality has a tax rate of 18 mills. A piece of real property in the municipality is assessed at $180,000 and has a fair
White raven [17]

Answer:

$3,240

Explanation:

Calculation for the annual tax liability on the property

Using this formula

Annual tax liability= (Tax rate× Real property )

Where= Tax rate =18 million

Real property=180,000

Let plug in the formula

Annual tax liability=( .018x180000)

Annual tax liability=$3,240

Therefore the annual tax liability on the property is $3,240

5 0
2 years ago
On September 1, Capitol Maintenance Company contracted to provide monthly maintenance services for the next seven months at a ra
Aleonysh [2.5K]

Answer:

Debit Unearned Revenue, Credit Service Revenue for $9,200

Explanation:

Date      Account Titles                      Debit     Credit

Sept 1    Cash                                     $16,100

                   Unearned service revenue           $16,100

Dec 31    Unearned service revenue $9,200

                     Service Revenue                          $9,200

                     ($2300 * 4 months)

5 0
2 years ago
Your company introduced a new product one month ago. Since then, the Website has processed so many orders that the shipping and
blondinia [14]

Answer: The web team can create a FAQ page.

Explanation: FAQ is an abbreviation for Frequently Asked Questions. A FAQ page is a page on an c ecommerce store, where answers to important questions about a company or its products and services have been stored. This is done to clarify the uncertainties of customers and show them how the company or its products and services work.

This will greatly help the company reduce questions directed to sales team, as customers can easily find answer to their questions in the FAQ page

3 0
3 years ago
Data concerning three of the activity cost pools of Salcido LLC, a legal firm, have been provided below: Activity Cost Pool Tota
igor_vitrenko [27]

Answer:

Estimated manufacturing overhead rate (Meeting with clients)= $170 per hour

Explanation:

Giving the following information:

Activity Cost Pool -  Total Cost -  Total Activity

Researching legal issues $ 22,130 and 750 research hours

Meeting with clients $ 1,270,410 and 7,473 meeting hours

Preparing documents $ 93,490 and 5,850 documents

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate (Meeting with clients)= 1,270,410/7,473= $170 per hour

3 0
3 years ago
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