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nadya68 [22]
3 years ago
13

Sunland Company made a $24700 sale on account with the following terms: 2/10, n/30. If the company uses the gross method to reco

rd sales made on credit, what is/are the debit(s) in the journal entry to record the sale?
Business
1 answer:
nydimaria [60]3 years ago
7 0

Answer:

The debit in the journal entry to record sale is Accounts receivable debit by $24700.

Explanation:

The gross method requires a company to record the sale at the gross value i.e. without deducting the discount allowed. Thus, under Gross method, the sale is recorded at its actual value. The entry to record this sale is:

Accounts Receivable    24700 Dr

       Sales revenue              24700 Cr

Thus, in this entry under gross method, the debit is Accounts receivable by $24700.

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3 years ago
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Prepare a journal entry for the purchase of office equipment on February 19 for $31,700, paying $7,600 cash and the remainder on
Pani-rosa [81]

Answer:

Dr Office equipment 31,700

Cr cash 7,600

Cr Accounts payable 24,100

Explanation:

Preparation of the journal entry for the purchase of office equipment on February 19

Based on the information given the if asset was purchased on February 19 for the amount of $31,700 in which the company paid the amount of $7,600 cash and the remainder on account which means that the journal entry will be:

February 19

Dr Office equipment 31,700

Cr cash 7,600

Cr Accounts payable 24,100

(31,700-7,600)

8 0
3 years ago
What impact did the rise of the middle class in the late nineteenth century have on the demand for consumer goods?
RoseWind [281]

Answer:

The middle class created a high and sustained demand  for consumer goods

Explanation:

Before the advent of the industrial revolution, the social stratification of society is such that either you are in the lower class of the poor or you are  part of the rich in the upper class. The industrial revolution of late 18th and early 19th centuries saw the springing up from the lower class a new set of wealthy and educated individuals which were later termed the middle class

This reach men and women are able to buy goods needed to satisfy their newly found social status which boost demand for new and quality goods produced as a result of industrial revolution.

7 0
3 years ago
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6 0
3 years ago
Sunland Company is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $
nikitadnepr [17]

Answer: Sell before assembly, the company will be better off by $1 per unit.

Explanation:

To solve the above question, we need to calculate the incremental profit or loss first. This will be:

= After assembling sales value - Unassembled unit sales value - Coat if further processing

= $87 - $62 - $26

= -$1

Since there is an incremental loss of $1, then the correct answer is "Sell before assembly, the company will be better off by $1 per unit".

7 0
3 years ago
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