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Wewaii [24]
3 years ago
13

Essence of Skunk Fragrances, Ltd., sells 5,750 units of its perfume collection each year at a price per unit of $445. All sales

are on credit with terms of 1/10, net 40. The discount is taken by 35 percent of the customers.
Required:
What is the amount of the company's accounts receivable?
Business
1 answer:
lukranit [14]3 years ago
8 0

Answer:

The amount of the company's accounts receivable is $2,558,750.

Explanation:

Accounts Receivables are amounts owed to the company. They are measured at amounts that the company expects to be entitled to after a sale.

The sale journal is :

Debit : Accounts Receivables (5,750 units x $445) $2,558,750

Credit : Sales Revenue (5,750 units x $445)  $2,558,750

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What is not part of all contracts?
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​a(n) _____ operation does not start processing or assembling products until it receives a customer order.
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The __________ is the difference between money flowing into a country from exports, and money leaving the country for imports, p
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Answer:

D. balance of trade

Explanation:

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3 years ago
Whispering Winds Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to
k0ka [10]

Answer:

Aug. 1 Issues shares of common stock to investors in exchange for $10,800.

<u>Accounting equation:</u>

Asset + 10,800

Equity +10,800

<u>Journal entry:</u>

cash   18,000 debit

  common stock   18,000 credit

Aug. 4 Pays insurance in advance for 3 months, $1,200.

<u>Accounting equation:</u>

Asset  + 1,200

Assets <u>- 1,200</u>

Net              0

<u>Journal entry:</u>

prepaid rent    1,200 debit

          cash              1,200 credit

Aug. 16 Receives $730 from clients for services rendered.

<u>Accounting equation:</u>

Asset  + 730

Equity +730

<u>Journal entry:</u>

cash       730 debit

  revenues   730 credit

Aug. 27 Pays the secretary $580 salary

<u>Accounting equation:</u>

Asset  - 580

Equity - 580

<u>Journal entry:</u>

salaries expense  580 debit

         cash                    580 credit

Explanation:

We need to disclose how the impact in the accounting equation and the journal entry should be done:

Aug 1st the common stock is an equity account that is increasing

we receive cash that is an asset

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August 16th we recognize earnings through revenues account this increases the equity of the company as well as assets.

August 27th in this case we pay the salaries which are an incurred cost, therefore, expense. This decreases equity.

We also use cash making assets to decrease as well.

6 0
3 years ago
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