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Liono4ka [1.6K]
3 years ago
11

Gummy Co. purchased merchandise on June 10 at a $9,000 invoice price with terms of 2/10,n/30 and paid for the merchandise on Jun

e 30. Illustrate the required entries to record and pay for this purchase under the gross method and net methods by matching the action on the left with the method on the right. (Assume a periodic inventory system is used.)
Business
1 answer:
Olenka [21]3 years ago
6 0

Answer:

June 10

Debit Purchases for $9,000: Gross method

June 30

Debit Discounts lost for $180: Net method

June 30

Credit Cash for $9,000 : Both methods

Explanation:

To Illustrate the required journal entries to record and pay for this purchase under the GROSS METHOD and NET METHODS by matching the action on the left with the method on the right using a PERIODIC INVENTORY SYSTEM.

June 10

Debit Purchases for $9,000: Gross method

June 30

Debit Discounts lost for $180: Net method

(2%*$9,000)

June 30

Credit Cash for $9,000 : Both methods

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Which of these conditions signals that it is likely time to update or eliminate a
Nadya [2.5K]

Answer:

D

Explanation:

when the record is updated,

5 0
3 years ago
Larry, the owner of small hotel resort, would like to advertise his hotel in major American newspapers and magazines as a part o
timama [110]

Answer:

Serendipity

Explanation:

From the question we are informed about Larry, who is the owner of small hotel resort, would like to advertise his hotel in major American newspapers and magazines as a part of his larger strategy. However, he doesn't have enough money to do so. One day, he meets Todd, the owner of a group of newspapers and magazines, who offers him advertising space in his publications on the condition that Larry provides him with a free stay at the hotel. This is an example of Serendipity.

Serendipity can be regarded as unplanned fortunate discovery, which is a common occurrence that could take place throughout the history of a particular product invention as well as scientific discovery. It can be explained as the luck that comes to some people way as they are finding or creation of interesting things as well as valuable things by chance

5 0
3 years ago
At year end, CurlZ, Inc.'s inventory consists of 370 bottles of CleanZ at $3 per bottle and 270 boxes of DyeZ at $10 per box. Ma
sasho [114]

Answer:

$3,270

Explanation:

Inventory should be value at lower of cost and market value.

Bottles of CleanZ:

Cost of inventory = Bottles of CleanZ × Price per bottle

                             = 370 × $3

                             = $1,110

Market value of inventory:

= Bottles of CleanZ × Market value per bottle

= 370 × $3.20 per bottle

= $1,184

Lowest of cost and market value of inventory is $1,110.

Boxes of DyeZ:

Cost of inventory = Boxes of DyeZ × Price per box

                             = 270 × $10

                             = $2,700

Market value of inventory:

= Boxes of DyeZ × Market value per box

= 270 × $8 per box

= $2,160

Lowest of cost and market value of inventory is $2,160.

Therefore, the DyeZ. CurlZ should report its inventory at:

= Lowest of cost and market value of inventor for (CleanZ + DyeZ)

= $1,110 + $2,160

= $3,270

3 0
3 years ago
The rate of return required by investors in the market for owning a bond is called the:_______
VashaNatasha [74]

The rate of return required by investors in the market for owning a bond is called the <u>Yield to </u><u>maturity</u>

A bond's coupon rate is the rate it pays each year, and yield is the return it makes. A bond's coupon is expressed as a percentage of its face value. Face value is simply the face value of the bond or the value of the bond as quoted by the issuer.

A bond's current yield is the annual income from the investment, including interest and dividend payments, divided by the security's current price. Yield to maturity (YTM) is the expected total return from holding a bond to maturity.

The current yield is the annual rate of return on investment (interest or dividend) divided by the security's current price. This indicator looks at the current price of a bond rather than its face value.

Learn more about maturity here brainly.com/question/26376004

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6 0
2 years ago
April 2 Invested $34,620 cash and equipment valued at $15,500 in the business.
Tems11 [23]

Answer:

General Journal:

April 2:

Debit Cash $34,620

Debit Equipment $15,500

Credit Common Stock $50,120

To record the investment of capital in the business.

April 2: N/A

April 3:

Debit Supplies $771

Credit Accounts Payable $771

To record the purchase of supplies on account.

April 7:

Debit Rent Expense $663

Credit Cash $663

To record the payment of rent for the month.

April 11:

Debit Accounts Receivable $1,202

Credit Service Revenue $1,202

To record services rendered to a client.

April 12:

Debit Cash $2,679

Credit Unearned Service Revenue $2,679

To record the receipt in advance for management consulting.

April 17:

Debit Cash $2,580

Credit Service Revenue $2,580

To record the services rendered to Ferengi Co.

April 21:

Debit Insurance Expense $118

Credit Cash $118

To record the payment of insurance expense.

April 30:

Debit Salaries $1,196

Credit Cash $1,196

To record the payment of salaries for the month.

April 30:

Debit Supplies Expense $131

Credit Supplies $131

To record supplies used.

April 30:

Debit Office Computer $6,293

Credit Common Stock $6,293

To record the purchase of a new computer for office use with personal funds.

Explanation:

General journals are used to record all kinds of business transactions as they occur on a daily basis.  They show the accounts to be debited and the ones to be credited.  They are used to initially record transactions before they are posted to the general ledger.

8 0
3 years ago
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