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levacccp [35]
2 years ago
11

Journalizing sales transactions-periodic inventory system Journalize the following sales transactions for Straight Shot Archery

using the perodic inventory system. Explanations are not required. The company estimates sales returns and allowances at the end of each month. Sold $6,500 of equipment on account, credit terms are 1/10, n/30. Straight Shot received payment from the customer on the amount due from August 1, less the discount. Sold $3,100 of equipment on account, credit terms are n/45, FOB destination Aug. 1 8 15 15 Straight Shot paid $90 on freight out 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15. Received payment from the customer on the amount due from August 15, less the allowance 24 FESB-31 Jou arnalizing purchase and sales transactions-perindic imento y systenm

Business
1 answer:
yanalaym [24]2 years ago
4 0

Answer:

the following journal entries will be prepared.

Explanation:

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On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware
Ray Of Light [21]

Answer:

2021

Dr Research and development expense $3,600,000

Cr Cash $3,600,000

2022

Dr Research and development expense 1,500,000

Dr Software and development costs 594, 000

Cr Cash 2,094,000

B. $148,500

Explanation:

1. Preparation of the journals entry

2021

Dr Research and development expense $3,600,000

Cr Cash $3,600,000

(To record the expenses incurred on research and development)

2022

Dr Research and development expense 1,500,000

Dr Software and development costs 594, 000

Cr Cash 2,094,000

(1,500,000+594,000)

(To record the software development costs incurred)

2.Calculatation for the amortization for 2022

Using percentage of revenues method

Amortization= Current revenue/Total revenue* Software development costs

Amortization=$1,560,000/$7, 800,000*$594,000

Amortization=0.2*$594,000

Amortization=$118,800

Using straight line method

Amortization =1/Useful life* Software devel opment costs

Amortization=1/4*$594,000

Amortization=$148,500

Based on the above calculation Tmte expense amounts under straight-line method is higher . Which means that , the amortization is $148,500.

7 0
2 years ago
The most common definition that monetary policymakers use for price stability is
jeka57 [31]

Answer:

A central feature of monetary policy strategies in all countries is the use of a nominal variable that monetary policymakers use as an intermediate target to achieve an ultimate goal such as price stability. Such a variable is called a nominal

Explanation:

PA BRAINLIEST

8 0
2 years ago
A Coase solution to a problem of externality ensures that a socially efficient outcome is to internalize the externality through
ANEK [815]

Answer: Maximize joint welfare in respective or the right owner.

Explanation: A coase solution to a problem of externality insures that a socially efficient outcome is to maximize the joint welfare, irrespective of the right of ownership.

The Coase theorem states that when transaction cost are low, two parties will be able to bargain and reach an efficient outcome in the presence of an externality.

8 0
3 years ago
Swifty Corporation is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product i
Bumek [7]

Answer:

See below

Explanation:

Assembled product

Cost = $24 + $20 = $44

Selling price = $69

Profit = $69 - $44 = $25

Unassembled product

Cost = $24

Selling price = $56

Profit = $56 - $24 = $32

Therefore, Swifty corporation should sell before assembly, the company will be better off by $7

5 0
2 years ago
rental apartments and private homes are examples of what? complementary goods, alternativebgoods, neutral goods, simultaneous go
denis-greek [22]

PLATO ANSWER: Alternative Goods

Hope this helps! I got it correct also so I know its correct!

5 0
3 years ago
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