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bezimeni [28]
3 years ago
10

Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method.

Business
1 answer:
Nadya [2.5K]3 years ago
3 0

Answer:

Purchase  12000 debit

Accounts Payable  12000 credit

--to record purchase--    

Accounts Payable   1200 debit

Returns&Allowance       1200 credit

--to record returned goods--

Purchase  16000 debit

Accounts Payable  16000 credit

--to record purchase--    

Purchase          20000 debit

Accounts Payable  20000 credit

--to record purchase--  

Account Payable    16,000 debit

     Purchase Discount      160 credit

     Cash                        15,840 credit

-to record payment within--

SECOND METHOD:

Purchase  11,760 debit

Accounts Payable  11,760 credit

--to record purchase--    

Accounts Payable   1,176 debit

Returns&Allowance       1,176 credit

--to record returned goods--

Purchase  15,840 debit

Accounts Payable  15,840 credit

--to record purchase--    

Purchase          19,600 debit

Accounts Payable  19,600 credit

--to record purchase--  

Account Payable    16,000 debit

     Cash                        15,840 credit

-to record payment within--

interst expense      216 debit

  account payable         216 credit

--to record interest incurred--

Explanation:

As we use periodic system we calculate the inventory and COGS at the end of the period so we use purchase and returns accounts rather than adjusting inventories in every transactions.

In the second method we use itnerest expense when the discount is loss.

<u><em>interest incurred for the period:</em></u>

(12,000 - 1,200) x 2% = 216

The secodn purchase at the end of the monthcan be paid within discount period therefore, we do not recognize interest expense yet.

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In competitive markets, a surplus or shortage will select one:
Andrej [43]

Answer: c.  

In a  competitive market, there are many producers competing to provide consumers the products they needed and thus they cannot dictate prices.

If a surplus occurs, there is an excess of quantity supplied and since producers won't be able to sell all their products, they tend or are forced to lower their price.

The reverse happens when there is a shortage. When there is less supply in the market, price increases.

Surplus and shortage in a competitive market, therefore, will cause shifts in the demand and supply curves that tend to eliminate the surplus or shortage.

8 0
3 years ago
Difference between Private and public Company company
HACTEHA [7]
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8 0
2 years ago
How do businesses and the society benefit from marketing?
Verdich [7]

Answer:

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HAVE A GOOD DAY!

5 0
3 years ago
Thomas is the owner of a landscaping company that caters to a very wealthy clientele. His company has struggled to differentiate
ankoles [38]

Answer: The correct option is C.

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In order to do this therefore, a SWOT analysis would need to be carried out and utilized in gaining an edge over the competition.

In this case, Thomas would make sure that the expertise of all his team members are brought to bare, the company would analyze the competition to see where it is lacking in customer satisfaction, and then try to gain the upper hand by including features in their product that the competition does not have in theirs.

This strategy will help in achieving a competitive advantage.

5 0
2 years ago
Read 2 more answers
On February 1, a seller paid $1,140 in annual property tax for the current calendar year. He sold the house with the closing set
Vera_Pavlovna [14]

<u>Given:</u>

Annual property tax = $1,140

Number of days = 91

<u>To find:</u>

Seller's credit for property tax

<u>Solution:</u>

The following is the calculation of the seller credit for property taxes,

\text{Seller credit for property taxes} = \text{Total tax}\times \frac{\text{Number of days}}{360}

On plugging-in the values we get,

\text{Seller credit for property taxes} = \$1,140\times\frac{91}{360}

\Rightarrow \$1,140\times0.25278 = \$288

Therefore, the seller's credit for property taxes is $288.

6 0
3 years ago
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