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Korolek [52]
3 years ago
14

Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 2

80 compact discs at an invoice price of $4,600 and terms of 3/10, n/30. Half of these discs had been mislabeled and were returned immediately to the supplier. The journal entry to record payment of this invoice after the discount period has expired will include a:________.
A. Debit to Inventory for $3,200.
B. Credit to Cash for $3,200.
C. Debit to an expense account for $96.
Business
1 answer:
Aneli [31]3 years ago
3 0

Answer:

Dr accounts payable   $2,300

Cr cash                                      $2300

Explanation:

Initially the cost of the purchases=$4600

Returning half of the disc means the left for the discs actually bought is half of the invoice price of $4600 i.e $2,300

By not paying within the discount period implies that the debt stands at $2,300

Without mincing words,payment of $2,300 to the supplier automatically translates to debiting account payable with $2,300 and crediting cash account with the same amount.

The correct answer would :

Dr accounts payable   $2,300

Cr cash                                      $2300

This is missing from the options provided.

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Why do you think average income is an important criterion for development explain.
oee [108]

Average income is important because it tells us the income of an average person and gives an idea about the rising standard of living of people.

Average income is basically income earned per person in a given area in a specific year. More income means more money to fulfill your needs and wants. It is believed that the prosperity of a country depends on it. Money is considered an important factor in the development of a country. If the average income of a country increases there are chances of an increase in the development of that country. If the average income is lower there are fewer chances of development.

A country with high average income is considered rich and low average income country is considered poor. The World Bank also uses the average income to measure the development of any country. Therefore average income is considered a very important criteria for development.

You can learn more about average income at

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7 0
1 year ago
Accounts receivable arising from sales to customers amounted to $84,000 and $74,000 at the beginning and end of the year, respec
solmaris [256]

Answer:

$330,000

Explanation:

Change in WC = Opening receivables - Closing receivables

Change in WC = $84,000 - $74,000

Change in WC = $10,000

The decrease in working capital is $10,000

Cash from operating activities = Net income + Decrease in Working Capital

Cash from operating activities = $320,000 + $10,000

Cash from operating activities = $330,000

Thus, the cash from operating activities is $330,000

4 0
3 years ago
_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.
tensa zangetsu [6.8K]

Answer:financial accounting, managerial accounting

Explanation:

5 0
2 years ago
Stein Co. issued 17-year bonds two years ago at a coupon rate of 9.1 percent. The bonds make semiannual payments. If these bonds
Marizza181 [45]

Answer:

YTM is 7.43%

Explanation:

The yield to maturity of a bond can be computed using the rate formula in excel,which is given below:

=rate(nper,pmt,-pv,fv)

the nper is the number of coupon interest the bond would pay before it is redeemed at maturity starting from ,which is 15 years multiplied by 2=30

the pmt is the semiannual coupon payable by the bond,which is $1000*9.1%/2=$45.5

the pv is the price of the bond which is 115%*$1000=$1150

the fv is the face value of the bond at $1000

=rate(30,45.5,-1150,1000)=3.715%

The rate of 3.715% is a semi annual rate

annual rate 7.43%(3.715%*2)

6 0
3 years ago
When was soccer created?
pychu [463]
Mid 19th centuries. Although China claimed it was played centuries before.
5 0
3 years ago
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