Answer:
Journal 1 ;
Account Receivable - Cullumber Co. $ 492200 (debit), Revenue $ 492200
Journal 2;
Cost of Sales $325000 (debit) , Merchandise $325000
Journal 3
Discount Allowed $22900 (debit), Accounts Receivable - Cullumber Co $22900 (credit)
Journal 4
Bank or Cash $469300 (debit), Account Receivable - Cullumber Co (credit)
Explanation:
Journal 1
Revenue is being recognized on sale of Merchandise to Cullumber Co.Since this is not a credit transaction ( the merchandise was sold on credit 2/10, n/30), we recognize an Asset in the Account Receivable - Cullumber for future economic benefits expected to flow to Oriole.
Journal 2
Company uses perpetual inventory system. Which means cost of merchandise is recorded at each sale and not after a certain period (periodic).Thus cost of merchandise is matched to the revenue.Note that Merchandise Account is decreasing (Credit) while the Cost od Sale is increasing (Debit)
Journal 3
The Asset element in the Account Receivable - Cullumber is decreasing due to allowance granted to them.Therefore Culumber is credited.An expense account - Discount Allowed has been created to reflect a decrease in future economic benefit due to grant of the allowance.
Journal 4
The Recognition of Payment through Bank or Cash. Asset of Cash or Bank are increasing as a result of the payment while assets of Accounts Receivable are decreasing due to Cullumber Co. settling their debt. The settled amount is net of allowance granted to them $469300 (492200-22900)
Answer:
A.
Explanation:
In the context of business, Drum buffers are Extra safety that is applied to a project immediately before the use of the constrained resource. This term is a planning and scheduling solution that is taken from the Theory of Constraints, which revolved around the idea that there is a limited number of scarce resources that control the overall output that can be obtained and planning accordingly is needed for safety.
This statement is False.
What is Lifecycle of business ?
A product's life cycle is the series of events that start when it is first created, follow it as it develops into a mature product, reaches critical mass, and then begins to decrease. A product's life cycle typically includes the following stages: product creation, market launch, growth, maturity, and decline/stability.
- In business, a product's life cycle tracks its development, maturation, and decline.
- The business, economic, and inventory cycles are other business cycle categories that have a life cycle-like trajectory.
- In the early stages of product development, seed money is frequently used.
- It is beneficial to research a competitor's product's life cycle.
To know more lifecycle of business
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Answer: Option <u>" C. Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise. "</u> is generally true of all bonds.
Explanation: The negotiation of bonds in the open market can lead to a negative return on the bonds if the price of the bonds is negotiated with a sufficient premium. Remember that bond prices change inversely with the yield of a bond, the higher the price of a bond, the lower the yield. At some point, the price of a bond may increase enough to imply a negative return for the buyer.
The correct option is C, RETAIL SALES.
The income taxes, the GDP and the stock market can be used to gauge the economic status of a particular country, they are economic tools which are used to monitor the economy.
Retail sales refers to the activity of using cash register to monitor the financial transactions that are happening in a company, this is not an indication for what is happening in an economy.<span />
