1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
All of the following statements regarding long-term liabilities are true except?
Jlenok [28]

Answer:

C. Liabilities that do not have a fixed due date, but are payable on demand, are reported as long-term liabilities.

Explanation:

The liabilities are the responsibility with regard to the amount that is borrowed by someone from any other person or financial institution. It is a responsibility of a person to return the borrowed amount within the prescribed time along with the interest. Its time period is more than one year

Based on the given options, the option A, B and D are correct but option D is not correct as they have the specified date

Hence, the option C is correct

6 0
3 years ago
The stock price of Webber Co. is $68. Investors require an 11 percent rate of return on similar stocks.
zheka24 [161]
To get the growth rate, we will follow the Gordon Growth modelP= D/(K-G)whereP= stock value=$68D= Expected dividend=$3.85G= Growth rateK= required rate of returnG =K-(D/P)Substitute the given valuesG= 0.11-(3.85/68)
G= 5.34%The growth rate for stock required is 5.34%
7 0
4 years ago
Warren is a 16-year-old male who recently started to give away important possessions, stopped eating, and demonstrated general d
alexandr1967 [171]
Suspected suicide is what I'd say
6 0
3 years ago
When a consumer purchases a product, a demand is created for this item to be __________ by the merchant?
Anettt [7]
re-stocked was the answer, but there could others like re-fined, re-integrated
5 0
3 years ago
Read 2 more answers
Jessica has been asking questions throughout her sales presentation and received positive signals from her prospect.
zvonat [6]

Answer: expect the final close to be a natural part of the ongoing dialogue. (B)

Explanation:

From the question, Jessica has been asking questions throughout the sales presentation she was having and receiving positive signals as well from her prospect.

Since she has been having a great presentation and the audience has been responding positively to her, when she is almost ending the presentation, she should just expect the ending to be a natural part of the conversation. She doesn't need to work harder or do anything special to pass her message.

8 0
4 years ago
Read 2 more answers
Other questions:
  • Suppose you invest $500 in a stock mutual fund at the end of each month. When you retire at the end of your 35-year career, your
    5·1 answer
  • In the United States, sole proprietorships and partnerships outnumber corporations.a. Trueb. False
    7·1 answer
  • Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base.
    14·2 answers
  • A manufacturing firm is very busy and overtime is being worked. What would the amount of overtime premium contained in direct wa
    9·1 answer
  • Perfect Clean, Inc. provides housekeeping services. The following financial data have been provided.
    8·1 answer
  • Which of the following is NOT an advantage of personal selling?
    5·1 answer
  • A step-by-stepguide Suppose that during the past year, the price of a laptop computer fell from $2,350 to $1,930. During the sam
    7·1 answer
  • Explain how political and international factors pose challenges to businesses.
    6·1 answer
  • You purchased shares of a mutual fund at a price of $20 per share at the beginning of the year and paid a front-end load of 6.0%
    9·1 answer
  • Refer to Exhibit 3-8. A price of $5 will result in a ___________________ in this market which will cause the price of the produc
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!