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rewona [7]
3 years ago
15

VLC Corporation sold merchandise with a cost of $200 on account for $300 to PRT Corporation; credit terms were 2 / 10, n / 30. V

LC paid the outgoing freight charge of $10. PRT paid the invoice within the discount period.The entries in VLC's accounting information system to record all the preceding events will include all of the following except:
A. A debit to cost of goods sold
B. A debit to delivery expense
C. A credit togross profit
D. A credit to inventory
Business
1 answer:
tatyana61 [14]3 years ago
3 0

Answer:

  • The entries in VLC's accounting information system to record all the preceding events will include all of the following except:

C. A credit togross profit

Explanation:

An entry to Gross Profit does not exist because the gross profit it's the result of the total sales minus the Cost of Goods, so the Gross Profit it's a result and not a journal entry.

The other entries are used as follows:

A. A debit to cost of goods sold

D. A credit to inventory

B. A debit to delivery expense

A credit to Cash

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gayaneshka [121]

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8 0
3 years ago
Giselle wants to buy a condo that has a purchase price of $163,000. Giselle earns $2,986 a month and wants to spend no more than
galina1969 [7]

Answer:

<u>Giselle should purchase points</u> to lower the interest rate of the mortage, this will make the cuota decrease.

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163000 x20% = 32,600

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current mortgage cuota:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

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