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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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Career In K12 if you get it right I will give brainlist
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#3: Face-to-face jobs in the health-care field can consist of nurses and doctors. They can be considered face-to-face because you interact with patients and various people and your work is hands on. Someone who is behind the scenes could be a receptionist at a doctors office or hospital or a medical biller. This can be considered a behind the scenes type job since it's non clinical and doesn't provide direct treatment, they simply help out the people that do provide direct treatment (face-to-face).

7 0
3 years ago
Which of the following situations is the demand most likely to be reduced
Kay [80]

Answer:

The higher the price, the higher the producer's profits. Your needs and wants are unlimited. If heavy competition for a product keeps its price low, businesses will be very motivated to offer the product for sale.

3 0
3 years ago
Julie is 25 years old and living in an apartment. She is thinking about quitting her job and returning
sergeinik [125]

Answer:

Explanation:

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to college. Consider the following costs: tuition, the cost of books and supplies and rent.

Rent is

A. not a cost associated with college

B. an explicit cost of attending college

C. an implicit cost of attending college

5 0
2 years ago
On May 1, 2021, Ziek Corp. declared and issued a 10% common stock dividend. Prior to this dividend, Ziek had 200000 shares of $1
Alenkinab [10]

Answer:

B) did not change.

Explanation:

Stock dividend is the payment of dividend to stockholder in the form of stock/shares of the company. Stock are issued at the market price and the value of the dividend is transferred from the retained earning to the add-in-capital accounts.

Dividend Value = 200,000 x 10% x 25 = $500,000

Par Value of Stocks = $1 x 20,000 = $20,000

Add-in-capital excess of par common stock = ($25-$1) x 20,000 = $480,000

Following entry will be recorded

Dr. Retained earning                                              $500,000

Cr. Common Stock                                                 $20,000

Cr. Add-in-capital excess of par common stock  $480,000

As all of the accounts are equity accounts and decrease in one equity account and increase in another equity account will not change the total stockholders equity value.

3 0
3 years ago
The supply and demand for copper change constantly. new sources of copper are discovered, mines collapse, workers go on strike,
olasank [31]

If there is an expected shortage of copper, you would expect that the price of copper would go up. The law of supply and demand would say that as a resource becomes more scarce, the price would increase.

In this case, a person would want to buy and store copper for the future.

8 0
3 years ago
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