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oksian1 [2.3K]
3 years ago
15

Wilcox Electronics uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Ide

ntify the journal in which each transaction should be recorded. a. Sold merchandise on credit. e. Sold merchandise for cash. b. Purchased shop supplies on credit. f. Purchased merchandise on credit. c. Paid an employee’s salary in cash. g. Purchased inventory for cash. d. Borrowed cash from the bank. h. Paid cash to a creditor. (Page 278).
Business
1 answer:
Nookie1986 [14]3 years ago
5 0

Answer and Explanation:

The sales journal records the sales transactions

The purchase journal records the purchase transaction

The cash receipts records that transactions in which cash is received

The cash payment records that transactions in which cash is paid

And, the general journal records the transactions related to adjusting entries, opening stock , etc

Based on this the identifications are as follows

a Sold merchandise on credit   = Sales journal

b. Purchased shop supplies on credit = Purchase journal

c. Paid an employee’s salary in cash = Cash payment journal

d. Borrowed cash from the bank = Cash receipt journal

e. Sold merchandise for cash =  Cash receipts journal

f. Purchase merchandise for cash = Cash payment journal

g. Purchased inventory for cash = Cash payment journal

h. Paid cash to a creditor = Cash payment journal

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Answer:

Case 1: The purchasing power of money will decrease, prices will increase and nominal interest rate will decrease.

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Case 3: The purchasing power of money will increase, prices will decrease and nominal interest rate will increase.

Case 4: The purchasing power of money will decrease, prices will increase and nominal interest rate will decrease.

Explanation:

Case 1: The purchasing power of money will decrease, prices will increase and nominal interest rate will decrease.

Case 2: The purchasing power of money will increase, prices will decrease and nominal interest rate will increase.

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Case 4: The purchasing power of money will decrease, prices will increase and nominal interest rate will decrease.

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2 years ago
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Answer:

Direct material price variance= $2,500 favorable

Explanation:

Giving the following information:

The standards for each cap allow 2.00 yards of soft for $2.00 per yard. During January, the company purchased 25,000 yards of soft fabric at $2.10 per yard, to produce 12,000 caps.

<u>To calculate the direct material price variance, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (2 - 2.1)*25,000

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2 years ago
Joint _____ prepares individuals, joint forces, or joint staffs to respond to strategic, operational, or tactical requirements c
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3 years ago
James Company began the month of October with inventory of $19,000. The following inventory transactions occurred during the mon
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Answer:

<u>1. Entries using periodic inventory system</u>

October 12

J1

Purchases $28,000 (debit)

Trade Payable$28,000 (credit)

j2

Freight Charges $540 (debit)

Cash $540 (credit)

October 31

Trade Payable $28,000 (debit)

Cash $28,000 (credit)

October 31

Trade Receivable $28,800 (debit)

Revenue $28,800 (credit)

October 31

Inventory $28,100 (debit)

Cost of Goods Sold $28,100 (credit)

<u>2. Entries using periodic inventory system</u>

October 12

J1

Merchandise $28,000 (debit)

Trade Payable$28,000 (credit)

j2

Freight Charges $540 (debit)

Cash $540 (credit)

October 31

Trade Payable $28,000 (debit)

Cash $28,000 (credit)

October 31

J1

Trade Receivable $28,800 (debit)

Revenue $28,800 (credit)

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Merchandise $18,600 (credit)

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Cost of Goods Sold $28,100 (credit)

Explanation:

<u>1. Entries using periodic inventory system</u>

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