Answer:
Rice Co.
Journal Entries:
April 5:
Debit Inventory $28,000
Credit Accounts Payable (Jax Company) $28,000
To record the purchase of goods, terms 2/10, n/30.
April 6:
Debit Freight-in Expense $700
Credit Cash Account $700
To record the payment of freight costs for goods purchased from Jax Company.
April 7:
Debit Equipment $30,000
Credit Accounts Payable $30,000
To record the purchase of equipment on account.
April 8:
Debit Accounts Payable (Jax Company) $3,600
Credit Inventory $3,600
To record the return of goods to Jax Company.
April 15:
Debit Accounts Payable (Jax Company) $24,400
Credit Cash Discount $488
Credit Cash Account 23,912
To record the full settlement on account.
Explanation:
Rice Co's journal entries are made on a daily basis as transactions occur. They show the accounts to be debited and the ones to be credited in the general ledger. Journal entries are the initial records of transactions made by the company in its accounting system.
Answer:
Yes, she made an effort to come to the store and give information that was for the store's use.
Explanation:
In our case, it was mandatory for the people if they want to participate in the drawing then they have to be present at the store by noon and complete a form by writing personal information in it. So, as Joy has won the drawing so she went to the store and gave the required personal information to the store.
- Other options like A is not valid here as it states that she has given no consideration for prize if she didn't then how she won it?
- Option B is not valid as it was not mandatory to purchase an item from one of the "fashion consultants" to win the prize.
- Option D is not valid here as only visiting the store was not enough to win the prize as we have to give our personal information also by filling a form.
Answer:
<u>Prize is $22,071.39 worth today</u>
Explanation:
Present value of Annuity = A*[(1-(1+r)^-n)/r]
A - Annuity payment = 500
r - rate per period = 6/12 = .5%
n - no. of periods = 50
Present value of Annuity = 500*[(1-(1.005)^-50)/.005]
= 500*[(1-0.77928606825)/.005]
= 500*44.14278635
= $22,071.39
Five tasks are carried out by the Federal Reserve System to advance the efficient running of the American economy and, more generally, to satisfy the needs of the general public,the Board of Governors, the 12 Federal Reserve Banks, and the Federal Open Market Committee are its three main constituents.
<h3>Overview of the Federal Reserve System</h3>
In order to advance the soundness of the American economy and the stability of the American financial system, the Federal Reserve undertakes five essential tasks.
<h3>The Three Key System Entities</h3>
In order to advance the strength of the American economy and the stability of the American financial system, the Board of Governors, the Federal Reserve Banks, and the Federal Open Market Committee collaborate.
<h3>Conducting Monetary Policy</h3>
In order to encourage maximum employment and stable pricing in the American economy, the Federal Reserve determines the country's monetary policy.
Learn more about Federal Reserve System:
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