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Sedaia [141]
3 years ago
7

Following are the merchandising transactions for Dollar Store:Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2

/5, n/30, FOB shipping point, invoice dated November 1.5 Dollar Store pays cash for the November 1 purchase.7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase.13 Dollar Store sells merchandise for $1,600 with terms n/30. The cost of the merchandise is $800.16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $160 and cost $80: the items were not damaged and were returned to inventory.Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.
Business
1 answer:
Kruka [31]3 years ago
3 0

Answer:

Dollar store Journal entries

Nov 01

Dr Merchandise Inventory 1500

Cr Accounts Payable 1500

Nov 05

Dr Accounts Payable 1500

Cr Merchandise Inventory 30

(1,500*2%)

Cr Cash 1,470

(1500-30)

Nov 07

Dr Cash 196

200*(1-2%)

Cr Merchandise Inventory 196

Nov 10

Dr Merchandise Inventory 90

Cr Cash 90

Nov 13

Dr Accounts Receivable 1,600

Cr Sales 1600

Nov 13

Dr Cost of goods sold 800

Cr Merchandise Inventory 800

Nov 16

Dr Sales returns and allowances 160

Cr Accounts Receivable 160

Nov 16

Dr Merchandise Inventory 80

Cr Cost of goods sold 80

Explanation:

In a merchandising sales transaction the seller tend to sells his or her product and then transfers the legal ownership of the goods to the buyer or the purchaser of the product.

Merchandise inventory can be seen as the the cost of goods which are on hand and are available for sale at any period of time.

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What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
kiruha [24]

Answer:

As assets but separately from other receivables.

Explanation:

When a company lends money to its employees, managers or affiliated companies, or sells goods or services to them, it must report those accounts or notes receivables in a separate account than normal transactions carried out with external customers. This happens because the transactions must be verifiable to check if they were legal and followed the proper procedures, and at what price or interest rate were they carried out. E.g. a corporation that lens $10 million to its CEO at 1% interest rate is not doing things properly and that transaction should be reversed and proper interest rates must be charged.  

5 0
3 years ago
Accomplished computer techs should treat anything said to them as a personal confidence, not to be repeated to co-workers or bos
schepotkina [342]

Answer:

Integrity

Explanation:

Computer Security

The security of computer systems are very important for any organizations. There is the need to secure the physical location of computer technology from outside threats. That is necessary actions are to be taken to preserve computer systems from losses.

CIA Triad

This is known to be the industry standard for computer security since the development of the mainframe. The standard is based on three characteristics that describe the utility of information: they are :

1. Confidentiality

2. Integrity,

3. Availability.

Integrity

This is simply refered to as a quality or an attribute of information that states or explain how data is whole, complete, and uncorrupted.

3 0
2 years ago
Due to the entrance of two firms in 2012, total monthly profits for all firms in the market decreased by $3,000 due to the _____
Lera25 [3.4K]

Complete Question:

Use the following scenario to answer the following questions:

In 2011, three firms were selling cellular phone service for a price of $40 per month in Pittsburgh, Pennsylvania. Each firm serviced 100 cell phone customers; thus, all firms together serviced a total of 300 customers. In 2012, five firms were selling cellular phone service for a price of $30 per month. Each firm serviced 70 cell phone customers; thus, all firms together serviced a total of 350 customers. Assume marginal cost is $0 (zero) for all firms and thus total revenue is equal to total profit.

Due to the entrance of two firms in 2012, total monthly profits for all firms in the market decreased by $3,000 due to the ________ effect and increased by $1,500 due to the ________ effect.

Answer:

Due to the entrance of two firms in 2012, total monthly profits for all firms in the market decreased by $3,000 due to the Price effect and increased by $1,500 due to the Output effect.

Explanation:

The effect of a transition in the value of a products or else in service on consumer spending on the economy. The price effect could also relate to the price impact of an occurrence. The price effect is the impact of replacement and revenue.

The condition where a price hike in one commodity raises the cost of output and decreases the production level of the company thus lowering prices for additional inputs; alternatively, a reduction in the cost of supply

The result is that the price exceeds marginal costs and improve production increases profit. Prices are affected by the price reduction and profit reduction of the increased production.

8 0
3 years ago
The Laramie Company operates a consulting practice. New clients are required to pay the firm in two transactions. First, clients
ch4aika [34]

Answer:E

Explanation:Debit the cash account for $200, Debit the prepaid service account for $1,800 and credit the service Revenue account for $2,000

with the above breakdown, we have been able to account for the 2 payment tranches that comprises the sales/ revenue per client.

3 0
3 years ago
What happens to the peasant who cannot pay his tax in grain?
nataly862011 [7]

The King or Queen that's ruling during the time will choose what they want to do.

A. Kill Him

B. Ban Him

C. Humiliate Him

D. Put Him In Prison

7 0
2 years ago
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