1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
RoseWind [281]
3 years ago
12

Travis Company purchased merchandise on account from a supplier for $10,000, terms 2/10, net 30. Travis Company paid for the mer

chandise within the discount period. Under a perpetual inventory system, journalize these transactions. If an amount box does not require an entry, leave it blank. a. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
Business
1 answer:
jeyben [28]3 years ago
3 0

Answer:

a. Dr Inventory $10,000

Cr Accounts payable $10,000

b. Dr Accounts payable $10,000

Cr Cash $9,800

Cr Inventory $200

Explanation:

Preparation of the Journal entries Under a perpetual inventory system,

a. Dr Inventory $10,000

Cr Accounts payable $10,000

( To record purchase of merchandise)

b. Dr Accounts payable $10,000

Cr Cash $9,800

($10,000-$200)

Cr Inventory $200

(2%*$10,000)

( To record payment for merchandise)

Discount amount = Amount due x Discount percentage

Discount amount= 10,000 x 2/10

Discount amount= $200

You might be interested in
Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a.
matrenka [14]

Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes 4)Merchandise Inventory.

Product vending is the practice of intentionally promoting, showing, and promoting the goods in your keep. A huge part of this is visual merchandising—the process of making plans, designing, and showing merchandise to focus on their capabilities and advantages.

Merchandising is the exercise and procedure of displaying and selling merchandise to clients. Whether or not digital or in-save, stores use vending to persuade clients' motives and reach their sales goals.

Vending approach selling merchandise to retail customers. Merchandisers, also known as retailers, buy merchandise from wholesalers. Manufacturers, upload a markup or gross earnings quantity and sell the products to customers at a better rate than what they paid.

Disclaimer: The question is incomplete. Please read below to find the missing content.

Question: Under the perpetual inventory system, all purchases of merchandise are debited to the account

1)Cost of Merchandise Available for Sale

2)Cost of Merchandise Sold

3)Purchases

4)Merchandise Inventory

Learn more about merchandise here brainly.com/question/27046371

#SPJ4

3 0
1 year ago
Margin of safety is computed as: a. Actual sales - Break-even sales. b. Contribution margin - Fixed costs. c. Break-even sales -
Vera_Pavlovna [14]

Answer:

A. Actual Sales - Break-even sales

Explanation:

In business studies, Margin of safety (MOS) is the difference between actual/projected/budgeted sales and the level of break even sales. It is calculated by subtracting break even sales from projected or budgeted sales.

It is usually calculated by a company to know the level of percentage by which sales can drop in that company, before they start incurring losses. IT IS A MEASURE OF BUSINESS RISK.

3 0
3 years ago
Black Diamond Company produces snow skis. Each ski requires 2 pounds of carbon fiber. The company’s management predicts that 6,1
frutty [35]

Answer:

Production for the third quarter   159,500

Explanation:

Sales for the period           161,000

Desired ending inventory    4,600

Total production needs     165,600

Beginning Inventory             (6,100)

Production for the third quarter   159,500

The sales for the period and the desired ending inventory are the total units we need for the quarted.

the beginning inventory reduces the production because are units we already have

5 0
4 years ago
Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,90
Alexxx [7]

Answer:

Conversion costs: d. $384,200

Explanation:

Conversion costs are the costs incurred on activities that convert raw material to finished goods. Conversion costs are calculated by using following formula:

Conversion costs = Direct labor + Factory overhead.

In the case: Direct labor  are $196,300; Factory overhead are $187,900

Therefore:

Conversion costs = $196,300 + $187,900 = $384,200

5 0
3 years ago
A product sells for $5, and has unit variable costs of $3. This product accounts for $20,000 in annual sales, out of the firm's
Ronch [10]

Answer:

0.1333

Explanation:

Given that,

Selling price = $5

Variable cost = $3

Annual sales = $20,000

Total sales = $60,000

Contribution margin:

= Selling price - Variable cost

= $5 - $3

= $2

Number of units sold:

= Annual sales ÷ Selling price

= $20,000 ÷ $5

= 4,000 units

Total contribution sales:

= Number of units sold × Contribution margin per unit

= 4,000 units × $2

= $8,000

Weighted contribution:

= Total contribution sales ÷ Total sales

= $8,000 ÷ $60,000

= 0.1333

6 0
3 years ago
Other questions:
  • Based on your observations of connective tissue in Experiment 2, which statement explains the difference between loose and dense
    10·1 answer
  • ​McArthur, Inc. plans to develop a shopping center. In the first​ quarter, the following amounts were​ spent: Acquisition of lan
    8·1 answer
  • Explain question number 1
    8·1 answer
  • For banquets, meals are placed on plates using a "plating belt" that moves plates past staff who place food on each plate. If pl
    11·1 answer
  • The human resource management discipline that covers all of the things that need to happen to get people interested in working f
    11·2 answers
  • During a resuscitation, the team leader assigns team roles and tasks to each member. You recognize that a task has been overlook
    12·1 answer
  • The type of interest earned on a deposit account that is calculated on both the principal deposit
    11·1 answer
  • Jenny would like to know whether she has budgeted enough money per month for groceries while she is in college. She takes a repr
    14·1 answer
  • My brothers name is dookie
    13·2 answers
  • The Chilton Corporation specializes in manufacturing one type of desk lamp. Chilton allocates variable manufacturing overhead co
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!