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
Alexeev081 [22]
3 years ago
15

On March 2, Kingbird, Inc. sold $954,000 of merchandise on account to Ayayai Company, terms 4/10, n/30. The cost of the merchand

ise sold was $590,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
shtirl [24]3 years ago
6 0

Answer:

Following Journal Entries are recorded for Kingbird, Inc

Explanation:

<u>March 02</u>

Debit: Account Receivable = $954,000

Credit: Sale = $954,000

(Credit Sale is Recorded)

Debit: Cost of Good Sold = $590,000

Credit: Inventory = $590,000

(To Record Cost of merchandise Sold)

You might be interested in
As a private limited firm dealing with garment manufacturing, you have little cash in hand but considerable business potential.
Alborosie

Answer:

A private limited firm refers to a corporation. A corporation’s internal sources of financing are mostly limited to its retained profits, and money realized from the sale of its assets. In case of the given example, because the company does not have enough cash on hand, it will have to rely on several external sources of financing. The most important source of procuring financing for the company is a bank loan. Thus, the company can raise money from institutions such as banks or other creditors in the form of loans. The company will need to repay loans in the future, and therefore the company will record this as a liability in its accounts. However, these ways of procuring money would help the company arrange $15,000 in order to purchase the fabric and other accessories.

The sources of financing will remain the same even in the case of a sole proprietorship; that is, retained earnings or loans from external sources such as banks. However, in the case of a public limited company, the answer would change. In the case of a public limited business, it has another option of raising financing through the issue of common or equity shares.

4 0
3 years ago
The cpi is a measure of the overall cost of the goods and services bought by __________. a a typical consumer, and the cpi is co
REY [17]
<span>The CPI is a measure of the overall cost of the goods and services bought by a typical consumer, and the CPI is computed and reported by the Bureau of Labor Statistics. The CPI stands for Consumer Price Index. The consumer price index will measure the weighted average pricing of what a basket of goods or services is priced at. They then calculate and average these prices to see what the price will change to overtime and how consumers will react to the market change in price. </span>
7 0
3 years ago
To the following:
vlabodo [156]
Generous- Selfish
Tremendous- Small
Famous- Unknown
Publicity- Secrecy
Imaginative- Unskillful
Outstanding-Unexceptional
7 0
3 years ago
Through environmental scanning, marketers can learn new ways to reach prospective customers. as they scan the _____________ envi
Alex777 [14]
Technological environment
5 0
2 years ago
According to purchasing power parity, if the domestic inflation rate is ________ than that in the foreign country, the domestic
kondaur [170]

Answer:

lower; stronger

Explanation:

Purchasing power parity (PPP) is a theory where the exchange rates of the states that lies between the currencies should be in equilibrium

Also their purchasing power should be similar in each and every of the two countries

So as per the purchasing power parity when the inflation rate of domestic one should be less as compared to the foreign country so the domestic currency should be stronger as compared to the foreign country

5 0
2 years ago
Other questions:
  • You added an extra $100 to your expense statement and Sara added an extra $1000 to her expense statement. If you believe both of
    15·1 answer
  • Rent of $1,000 per month is paid for the next twelve months on October 1st, 1988. As a result of this transaction:
    12·1 answer
  • Bryan Houlberg expects his C corporation to generate a profit of $200,000. What is Bryan's after-tax cash flow from the corporat
    6·1 answer
  • On the acquisition date, Stryder reported net assets with a book value of $170,000. A total of $10,000 of the acquisition price
    11·1 answer
  • The cost of renting tuxes for the Choral Society’s formal is $20 down plus $88 per tux. Express the cost ???? as a function of x
    15·1 answer
  • Rextacular Manufacturing Company reported the following materials data for the month ending June 30, 2016:
    7·1 answer
  • Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 2018 for $85 during December 2018. These new subscribers will receive
    5·1 answer
  • 17-2. Assume that an average firm in the office supply business has a 6% profit margin, a 40% total liabilities/assets ratio, a
    5·1 answer
  • A nurse who is a chronic complainer comes back from lunch 20 minutes late. When confronted by the manager, the nurse says, "The
    5·1 answer
  • The owner of consigned goods is called the and the one who sells goods for the owner is called the :
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!