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bulgar [2K]
3 years ago
13

Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of merchandise sold was $1,850. Global Company

refunded Montana Industries $900 for returned merchandise. The cost of merchandise sold was $600. Which of the following will be recorded by Global Company in the journal entry for the refund from the cost of the sale?
Business
1 answer:
postnew [5]3 years ago
7 0

Explanation:

The journal entry is as follows:

Sales A/c Dr $900

    To Customer refund payable A/c $900

(Being the refund is recorded)

For recording this given entry, we debited the sales account and credited the customer refund payable account so that the proper positing could be done. Both the accounts are recorded at $900

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A company pays its employees $3,850 each Friday, which amounts to $770 per day for the five-day workweek that begins on Monday.
liq [111]

Answer:

$3080

Explanation:

Calculation to determine what the amount of salaries earned but unpaid at the end of the accounting period is:

Salaries earned but unpaid at the end of the accounting period =3850-$770

Salaries earned but unpaid at the end of the accounting period =$3080

3 0
3 years ago
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts
sineoko [7]

The amount of the bad debts expense adjusting entry is:$7665.

<h3>Bad debt expenses</h3>

Using this formula

Bad debt expenses=Sales×Estimated sales percentage

Where:

Sales=$1,095,000

Estimated sales percentage=0.7%

Let plug in the formula

Bad debt expenses=$1,095,000×0.7%

Bad debt expenses= $7,665

Therefore the amount of the bad debts expense adjusting entry is:$7665.

Learn more about bad debt expenses here:brainly.com/question/18568784

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5 0
2 years ago
If Lorenzo stands up at a concert he can see the performance better. He therefore concludes if everyone stood up, everyone could
Lemur [1.5K]

Answer:

The correct answer is letter "B": The statement presents the fallacy of composition.

Explanation:

The Fallacy of composition refers to a fallacy by which an individual believes that something is true just because part of the whole is true. Typically, this type of belief leads to mistaken conclusions because what might be right for one person does not necessarily is right for others.

6 0
3 years ago
Using the midpoints method, calculate the price elasticity of demand of Good X using the following information: When the price o
grin007 [14]

Answer:

Explanation:

In response to the price rise from $50 to $60, the quantity demanded of product X  drops from 400 to 300 units. We know that price elasticity of demand is a measure of the responsiveness of changes in demand as a result of a price change. Thus,

% change in price = \frac{Change in price}{Average of the prices}

          = \frac{60-55}{55} = 0.1818

% Change in Quantity demanded

=\frac{Change in quantity demanded}{Average quantity demanded}

= \frac{300-400}{350}

= -0.2857

Thus,

Price elasticity of demand = \frac{percentage change in quantity demanded}{percentage change in price}

= \frac{-0.2857}{0.1818}

= -1.5715

Therefore, the price elasticity of demand = -1.5715

4 0
3 years ago
Darren has developed a better type of medication vial for travelers. He is not sure how to develop a marketing program for his p
harina [27]

Answer:

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3 years ago
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