How is a credit union different from a bank?

Record the following transactions as general journal entries. Use the gross-price method.

steposvetlana [31]

Answer:

General Journal Entries:

Aug. 6 Debit Inventory $830

Credit Accounts Payable (Johnston Co.) $830

To record the purchase of merchandise; Credit terms 2/10, n/30.

Aug. 8 Debit Truck $18,000

Credit Accounts Payable (Pillner Co.) $15,000

Credit Cash $3,000

To record the purchase of truck.

Aug. 13 Debit Inventory $2,611

Credit Cash $2,611

To record the purchase of inventory for cash.

Aug. 15 Debit Accounts Payable (Johnston Co.) $830

Credit Cash $813

Credit Cash Discounts $17

To record the payment on account, including discounts.

Aug. 17 Debit Inventory $1,743

Credit Accounts Payable (Luis Co.) $1,743

To record the purchase of goods; Credit terms 2/10, n/30.

Explanation:

a) Data and Analysis:

Aug. 6 Inventory $830 Accounts Payable (Johnston Co.) $830

Credit terms 2/10, n/30.

Aug. 8 Truck $18,000 Accounts Payable (Pillner Co.) $15,000 Cash $3,000

Aug. 13 Inventory $2,611 Cash $2,611

Aug. 15 Accounts Payable (Johnston Co.) $830 Cash $813 Cash Discounts $17

Aug. 17 Inventory $1,743 Accounts Payable (Luis Co.) $1,743

Credit terms 2/10, n/30.

8 0

3 years ago

Which service department is most likely to use square feet of floor space occupied as the allocation base to assign its costs to

prisoha [69]

Rent and maintenance expenses are the service department that would most likely to use square feet of floor space occupied as the allocation base to assign its costs to operating departments.

<h3>What is cost allocation?</h3>

Cost allocation is a financial term, that is used to share costs that are common among different departments, services or inventory items.

In other words, cost allocation is the method of assigning costs to cost objects.

Learn more about cost allocation here: brainly.com/question/15681457

#SPJ1

4 0

2 years ago

A strategic perspective on project management might ask all of the following questions pertaining to organizational setting prio

ycow [4]

Does this project support the company vision?

Explanation:

Strategic project management aims at the broader picture and the advantages that the project can contribute to the company's overall performance and profitability.

Strategic project management utilizes corporate and project management methods to support the enterprise step ahead.

Ask a concern as to whether the initiative suits the company's mission would be very beneficial as it aims to facilitate the progress of the company's goals.

8 0

3 years ago

by not extending credit through an open account to a potential customer could cause the loss of sale quizlet

ANTONII [103]

It is true that not extending credit through an open account to a potential customer could cause the loss of sale Quizlet.

<h3>What is credit on an open account?</h3>

Open credit is a economic arrangement between a lender and a borrower that permits the latter to access credit frequently up to a specific maximum limitation. Once the borrower starts making repayments to the account, the cash becomes available for departing again since it is a revolving fund.

An open account provides significant benefits to the buyer:

The goods arrive and often can be sold before they have to be paid for.
The buyer has good cash flows. The more he buys, the more cash flow he generates.
It is simple and easy.

To learn more about open account visit the link

brainly.com/question/28174844

#SPJ4

7 0

2 years ago

The Stone Harbor Fund is a closed-end investment company with a portfolio currently worth $300 million. It has liabilities of $5

sveticcg [70]

The answer is 8.48% discount.

Given, portfolio's current worth = $300 million

liabilities = $5 million

shares outstanding = 9 million

Share Price = $30 per share