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
faust18 [17]
3 years ago
9

On August 1, Greene Company purchased merchandise inventory on account with a list price of $25,000 and credit terms of 2/10, n/

30. What is the correct journal entry to record the August 1 purchase?
Business
1 answer:
Alekssandra [29.7K]3 years ago
5 0

Answer:

August 1, merchandise purchased on account 2/10, n/30

Dr Merchandise inventory 25,000

    Cr Accounts payable 25,000

Explanation:

If Greene paid within the discount period, the journal entry to record the payment would be:

August 2-11, payment of accounts payable

Dr Accounts payable 25,000

    Cr Cash 24,500

    Cr Purchase discounts 500

If Greene didn't paid within the discount period, the journal entry to record the payment would be:

August 20, payment of accounts payable

Dr Accounts payable 25,000

    Cr Cash 25,000

You might be interested in
For some reason, the seller of a home at 123 Mulberry Lane decided not to close on a sale transaction on closing day. The seller
Mumz [18]

Answer:

The buyer can sue for specific performance of the contract. In real estate, in order for the buyer to be able to sue for specific performance, he/she must have all the money (or mortgage) ready to finish the transaction. It is very difficult for someone to sue for damages for not wanting to complete the sale of a house because houses are unique in a way that similar houses in different neighborhoods or even streets might be worth a lot more or less.

When you sue for specific performance, the non-breaching party will request that the other party performs their side of the contract.

3 0
3 years ago
Webster, Inc. is considering an eightminusyear project that has an initial afterminustax outlay or afterminustax cost of​ $180,0
Basile [38]

Answer:

No

Explanation:

The estimation of the net present value is shown below:

= Present value of all yearly cash inflows after applying discount factor - initial investment  

where,  

The Initial investment is $180,000

All yearly cash flows would be

= Annual cost savings × PVIFA for 8 years at 12%  

= $35,000 × 4.9676

= $173,886

Refer to the PVIFA table

Now set these values to the formula above

So, the value would equal to

= $173,886 - $180,000

= -$6,134

Since the net present value is negative, so the project should not be accepted

4 0
3 years ago
Under process model, organizational effectiveness is portrayed by having internal conflict where information flows easily both h
andreev551 [17]

Answer:

True

Explanation:

The process model is a model that represents the work flow for achieving the company goals and objectives

In the process model, the effectiveness of an organization would be portrayed by the conflict that occurs internally. It could be the situation when the flow of the information is in a horizontal way and in a vertical way and the functioning of the operations internally is quite smooth and works with trust towards individuals

Therefore the given statement is true

8 0
3 years ago
What are corporate travel managers how do they compare to travel agents
Harrizon [31]

they own businesses while traveling to make sure the stores and work places are good

5 0
3 years ago
Production activities are done as needed in order to satisfy a specific demand.
worty [1.4K]

Hi there!

Usually, this is the case.  However, just like when hoverboards first came out, there was a shortage of hoverboards and production activities had to ramp up production.  However, after a few months, production activities were at a high level, but demand petered out.  

-AwesomeRepublic  :)

7 0
3 years ago
Other questions:
  • Suppose a museum charges different entrance fees for children, students, adults and seniors, but these groups all pay the same a
    5·1 answer
  • Observational data refer to facts and figures newly collected for the project at hand. facts and figures obtained by asking peop
    10·1 answer
  • Lars, a shoe salesman, is paid every two weeks, whereas Tom receives a commission for each pair of shoes he sells. Evidently, La
    6·1 answer
  • John purchases a blender from juicemart. a crack in the plastic casing causes the blade to swing out of control and fly at john'
    10·1 answer
  • Danielle, a graduate in fashion technology, always found it tough to find clothes for her as she belonged to the category of plu
    6·1 answer
  • In the global arena, the use of corporate codes of conduct to address labor issues is a lot like the use of ____________________
    5·1 answer
  • Clark manufactured housing company charges $500 for deliveries within 50 miles and $800 for deliveries 51 to 100 miles away from
    5·1 answer
  • Consider a $6500 piece of machinery, with a 5-year depreciable life and an estimated $1200 salvage value. The projected utilizat
    13·1 answer
  • Question 9 Suppose money invested in a hedge fund earns 1% per trading day. There are 250 trading days per year. What will be yo
    11·1 answer
  • 1.1.<br>State 8 business functions and explain their roles​
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!