Answer:
it shouldn't violate historic cost principal because it is not going to shut down it's business so therefore it should value the assets on the market price not on the cost of purchase price
Explanation:
above is the explanation,you should think of the answers and so doing your hw from this app.
Answer: the bank promises to pay on the importer’s behalf
Explanation:
The accounting entries for Rippen Corporation is recorded as follows:
December 3,
DR Accounts Receivable (Burnen Corp.) $480,000
CR Sales $480,000
DR Cost of Goods Sold $320,000
CR Inventory $320,000
December 8,
DR Sales Return $30,000
CR Accounts Receivable $30,000
DR Inventory $20,000
CR Cost of Goods Sold $20,000
December 12,
DR Cash $441,000
DR Credit Discount $9,000
CR Accounts Receivable $450,000
<h3>What is Journal Entry?</h3>
A journal entry is recorded for the transactions of a company in the relevant period, the entry that is recorded is also known as the double entry. These journal entries are then used to prepare T-Accounts, an then trial balance is made and ultimately income statement and balance sheet are made.
The transaction includes a discount of 2% as credit discount for the payment being made within 10 days.
Learn more about Journal Entries at brainly.com/question/27076717
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Answer:
B. Cash in Bank account (debit) Interest on Loan account credit)
Answer:
Detailed step wise solution is given below:
