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3 years ago

Journalize the following merchandise transactions. The company uses the perpetual inventory system.

Business

1 answer:

aliya0001 [1]3 years ago

5 0

Answer:

Accounts Receivable $17,300 (debit)

Cost of Goods Sold $12,600 (debit)

Sales Revenue $17,300 (credit)

Inventory $12,600 (credit)

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Explanation:

The Perpetual Inventory system records the cost of inventory after every sale.

a. Sale of Sold merchandise on account

Recognize the Revenue and Cost of Sale as follows :

Accounts Receivable $17,300 (debit)

Sales Revenue $17,300 (credit)

Cost of Sales $12,600 (debit)

Merchandise $12,600 (credit)

b.Received payment within the discount period

Recognize the Cash receipts to the extend of amount paid less cash discount of 2%

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Cash Receipt = $17,300 × 92% = $15,916

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scoundrel [369]

Answer:

The value of the payments today is $35.00.

Explanation:

The Value of Payments today is known as the Present Value (PV) and is calculated as follows :

Pmt = - $2,500

P/yr = 2

n = 7 × 2 = 14

Fv = 0

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Using a Financial Calculator, the Present Value (PV) of the payments would be $35.00

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4 years ago

_________ is an investing cash flow and ________ is a financing cash flow, as reported in the Statement of Cash Flows.

Effectus [21]

Sale of investment securities is an investing cash flow and transactions involving debt, equity, and dividends is a financing cash flow, as reported in the Statement of Cash Flows.

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Learn more about investing and financing activities here

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2 years ago

On April 1st, Bob the Builder entered into a contract of one-month duration to build a barn for Nolan. Bob is guaranteed to rece

hichkok12 [17]

Answer:

a) What is the expected transaction price with variable consideration estimated as the expected value?

original cost $5,800 if job is finished in one month (15% probability)
bonus price for finishing 2 weeks earlier $5,800 x 1.25 = $7,250 (25% probability)
bonus price for finishing 1 week earlier $5,800 x 1.15 = $6,670 (60% probability)

expected transaction price = ($5,800 x 15%) + ($7,250 x 25%) + ($6,670 x 60%) = $6,684.50

b) What is the expected transaction price with variable consideration as the most likely amount?

$6,670, since it has a 60% probability

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4 years ago

Based upon the following data, what is the cost of the land? Land purchase price $196,981 Broker's commission 18,718 Payment for

dexar [7]

Answer:

$219,084

Explanation:

The cost of the land to be recorded includes the purchase price of the land as well as other cost incurred in the process of making the land available for use.

Any amount received as a result of this purchase in form of rebates and discounts will be deducted from the cost.

Hence the cost of the land

= $196,981 + $18,718 + $3,885 - $500

= $219,084

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3 years ago

________ distribution is a strategy in which producers of convenience prodcuts and raw material stock their products in as many

dem82 [27]

Answer:

Intensive Distribution

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Intensive distribution is a strategy in which producers of convenience products and raw material stock their products in as many outlets as possible.

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Thus the answer for the question is Intensive Distribution.

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4 years ago

Read 2 more answers